Krish Company has a Mixing Department and a Refining Department. Its process- costing system in the Mixing Department has two direct materials cost categories (material AA and material BB) and one conversion cost pool. The company uses first- in-first-out cost flow method. The following data pertain to the Mixing Department for October, 2019. Units Work-in-process, October 1: 50% completed Work-in-process, October 31, 70% completed Units started 30,000 50,000 120,000 100,000 Completed and transferred Costs Work-in-process, October 1 Material AA Material BB Conversion costs 436,000 1,440,000 1,500,000 600,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Please show your solution po asap thanks

Krish Company has a Mixing Department and a Refining Department. Its process-
costing system in the Mixing Department has two direct materials cost categories
(material AA and material BB) and one conversion cost pool. The company uses first-
in-first-out cost flow method. The following data pertain to the Mixing Department for
October, 2019.
Units
Work-in-process, October 1: 50% completed
Work-in-process, October 31, 70% completed
Units started
30,000
50,000
120,000
100,000
Completed and transferred
Costs
Work-in-process, October 1
Material AA
Material BB
436,000
1,440,000
1,500,000
600,000
P
Conversion costs
Transcribed Image Text:Krish Company has a Mixing Department and a Refining Department. Its process- costing system in the Mixing Department has two direct materials cost categories (material AA and material BB) and one conversion cost pool. The company uses first- in-first-out cost flow method. The following data pertain to the Mixing Department for October, 2019. Units Work-in-process, October 1: 50% completed Work-in-process, October 31, 70% completed Units started 30,000 50,000 120,000 100,000 Completed and transferred Costs Work-in-process, October 1 Material AA Material BB 436,000 1,440,000 1,500,000 600,000 P Conversion costs
Material AA is introduced at the start of operations in the Mixing Department, and
Material BB is added when the product is three-fourths completed in the Mixing
Department. Conversion costs are added uniformly during the process.
29 The respective equivalent units for Material AA and Material BB in the Mixing
Department for October 2016, are:
а. Both 100,000 units
b. 150,000 units and 120,000 units
(c.)120,000 units and 100,000 units chehed
d. 120,000 units and 150,000 units
30.The cost of goods completed and transferred out to the Refining Department was:
а. Р3,861,500
P3,201,000 cheulud
č. P2,700,000
d. P3,101,000
Transcribed Image Text:Material AA is introduced at the start of operations in the Mixing Department, and Material BB is added when the product is three-fourths completed in the Mixing Department. Conversion costs are added uniformly during the process. 29 The respective equivalent units for Material AA and Material BB in the Mixing Department for October 2016, are: а. Both 100,000 units b. 150,000 units and 120,000 units (c.)120,000 units and 100,000 units chehed d. 120,000 units and 150,000 units 30.The cost of goods completed and transferred out to the Refining Department was: а. Р3,861,500 P3,201,000 cheulud č. P2,700,000 d. P3,101,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Ethical Decision Making
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education