The processing department at Nash Corporation evaluated the costs associated with manufacturing paper towels for the past month.Beginning and newly added costs for May are as follows.Costs in beginning WIP Inventory (from last period)Costs added to WIP Inventory this periodTotal costs to account for(a)Your answer is partially correct.Beginning BalanceStep 3: Account for costsNew DMNew Conversion Costs VEnding BalanceTotal costs$2,10013,160$15,260 $11,100Show the T-account for Nash's WIP Inventory reflecting all of the appropriate costs above.WIP Inventory21000DM13160$1,580152609,520Conversion CostsBeginning BalanceNew DMNew Conversion CostsEnding BalanceV$5203.640$4,160131600210015260

Name: The processing department at Nash Corporation evaluated the costs ass
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Description: The processing department at Nash Corporation evaluated the costs associated with manufacturing paper towels for the past month.Beginning and newly added costs for May are as follows.Costs in beginning WIP Inventory (from last period)Costs added to

T-Accounts is the terminology which used to prepare the accounts as per the double entry accounting…

Business

Accounting

inning and newly added costs for May are as follows. Step 3: Account for costs sts in beginning WIP Inventory (from last period) sts added to WIP Inventory this period al costs to account for Total costs DM $2,100 13,160 $15,260 $11,100 $1,580 9,520 Conversion Costs $520 3,640 $4,160

inning and newly added costs for May are as follows. Step 3: Account for costs sts in beginning WIP Inventory (from last period) sts added to WIP Inventory this period al costs to account for Total costs DM $2,100 13,160 $15,260 $11,100 $1,580 9,520 Conversion Costs $520 3,640 $4,160

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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Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. Using FIFO method, the unit cost is: none of the choices 0.0.82 0 0.70 0 0.86
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
value on units in ending inventory: 20,000 per-unit product cost using absorption costing method: 130 units Dollar amount of the value of ending inventory using the absorption costing method: 2,600,000 per-unit product cost using variable costing method: 110 units dollar amount of the value of ending inventory using the variable costing method: 2,200,000 1. If you were advising the accounting department on whcih method to use, which would you recommend?
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ibe corporation has an eup of 248,750 units. beginning inventory units of 22,500, 40% incomplete: ending inventory units of 24,000 60% complete. conversion costs of beginning inventory of 9,800; current period conversion cost of 204,125. using fifo method, the started in process units:
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Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. Using FIFO method, the unit cost is: Group of answer choices 0.86 0.70 none of the choices 0.82
Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. The unit conversion cost using weighted average method is: Onone of the choices .0.82 O 0.86 0.70
Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32