er the following data for November 2012 from McKnight Manufacturing Company, which makes silk pennants and uses a process-costing syste ct materials are added at the beginning of the process, and conversion costs are added evenly during the process. e is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. ght Manufacturing Company uses the FIFO method of process costing. Work in process, (November 1) a Started in November 2012 Good units completed and transferred out during November 2012 Normal spoilage Abnormal spoilage Work in process, (November 30) b Total costs added during November 2012 Physical Units (Pennants) 1,300 ? Flow of Production Work in process, beginning Started during current period To account for 8,700 110 70 1,900 Direct Materials $1,614 $11,376 Conversion Costs $1,928 *Degree of completion: direct materials, 100%; conversion costs, 60%. "Degree of completion: direct materials, 100%; conversion costs, 25%. Enter the physical units in first, then calculate the equivalent units. (Complete all answer boxes.) $27,440 Equivalent Units Physical Direct Conversion Units Materials Costs

er the following data for November 2012 from McKnight Manufacturing Company, which makes silk pennants and uses a process-costing syste ct materials are added at the beginning of the process, and conversion costs are added evenly during the process. e is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. ght Manufacturing Company uses the FIFO method of process costing. Work in process, (November 1) a Started in November 2012 Good units completed and transferred out during November 2012 Normal spoilage Abnormal spoilage Work in process, (November 30) b Total costs added during November 2012 Physical Units (Pennants) 1,300 ? Flow of Production Work in process, beginning Started during current period To account for 8,700 110 70 1,900 Direct Materials $1,614 $11,376 Conversion Costs $1,928 *Degree of completion: direct materials, 100%; conversion costs, 60%. "Degree of completion: direct materials, 100%; conversion costs, 25%. Enter the physical units in first, then calculate the equivalent units. (Complete all answer boxes.) $27,440 Equivalent Units Physical Direct Conversion Units Materials Costs

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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