In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For October 2021, Cruz Company presented the following costs on three processes:What is the total costs of work in process at October 31, 2021 in Department C?P 43,900P 50,980P141,800P 46,920 October Costs incurred:Process AProcess BProcess C319,900273,600218,880812,38070% at the beginning of the 50% at beginning, 50% 40% at beginning,additional 30% at 40%complete, and remaining30% at 80% complete.500,000|295,500236,4001,031,900374,000281,400225,120880,520MaterialsDirect LaborOverheadTotalMaterials are added atprocess; remaining 30% at at 80% conversion.60% conversion.Started/Transferred in (units)100,000??Completed (units)95,0005,000 units at 70% converted.3,000 units at 60%2,000 units at 60% converted.converted.In process, end (units) andstage of completion

Conversion costs are those costs which are required to be incurred in order to convert the materials…

Answered: In using average method, Cruz Company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For October 2021, Cruz Company presented the following costs on three processes: What is the total costs of work in process at October 31, 2021 in Department C? P 43,900 P 50,980 P141,800 P 46,920

October Costs incurred:
Process A
Process B
Process C
319,900
273,600
218,880
812,380
70% at the beginning of the 50% at beginning, 50% 40% at beginning,
additional 30% at 40%
complete, and remaining
30% at 80% complete.
500,000|
295,500
236,400
1,031,900
374,000
281,400
225,120
880,520
Materials
Direct Labor
Overhead
Total
Materials are added at
process; remaining 30% at at 80% conversion.
60% conversion.
Started/Transferred in (units)
100,000
?
?
Completed (units)
95,000
5,000 units at 70% converted.
3,000 units at 60%
2,000 units at 60% converted.
converted.
In process, end (units) and
stage of completion

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions