During Year 3, Anywhere, Inc. (Al) incurred the following product costs. Raw materials Labor Overhead $102,000 134,398 78,000 The Year 2 ending balance in the Work in Process (WIP) account was $46,000. Accordingly, this is the beginning WIF 3. There were 145 units of product in beginning WIP inventory. Al started 2,180 units of product during Year 3. Ending consisted of 110 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank. Equivalent Unit Computations Equivalent Units Units Complete Beginning inventory 145 Units started 2,180 Total units available for completion % 100 % Units in ending inventory (110) Units complete 2,215 Total equivalent units 2,281 Cost per Equivalent Unit + Units Cost per Unit Cost Beginning inventory 46,000 Raw materials Labor Overhead 78,000 Total product cost 2,281 Allocation of Product Cost Cost transferred to finished goods Cost in ending inventory Total product cost $ 360,398

During Year 3, Anywhere, Inc. (Al) incurred the following product costs. Raw materials Labor Overhead $102,000 134,398 78,000 The Year 2 ending balance in the Work in Process (WIP) account was $46,000. Accordingly, this is the beginning WIF 3. There were 145 units of product in beginning WIP inventory. Al started 2,180 units of product during Year 3. Ending consisted of 110 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank. Equivalent Unit Computations Equivalent Units Units Complete Beginning inventory 145 Units started 2,180 Total units available for completion % 100 % Units in ending inventory (110) Units complete 2,215 Total equivalent units 2,281 Cost per Equivalent Unit + Units Cost per Unit Cost Beginning inventory 46,000 Raw materials Labor Overhead 78,000 Total product cost 2,281 Allocation of Product Cost Cost transferred to finished goods Cost in ending inventory Total product cost $ 360,398

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Description: During Year 3, Anywhere, Inc. (AI) incurred the following product costs.$102,000134,398Raw materialsLaborOverhead78,000The Year 2 ending balance in the Work in Process (WIP) account was $46,000. Accordingly, this is the beginning WIP balance for Yea

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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