Using average costing, compute for the ending balance of work in process that will be included in the statement of financial position if the losses were discovered at the end of process and were considered abnormal. Malleynila Company manufactures a single product in two process departments. Costs andproduction data to the month of November follows:COSTSASSEMBLY FINISHINGWip, beg (50% materials, 30% labor, 20% overhead)9,750.0018,000.00Materials64,000.00Labor47,250.0085,800.00Factory overhead31,500.0047,200.00QUANTITYWip, beg 1/2 completeStarted in process3,000.004,000.0033,000.00Completed and transferredWip, end 40% to complete30,000.0025,000.005,000.006,000.00

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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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Using average costing, compute for the ending balance of work in process that will be included in the statement of financial position if the losses were discovered at the end of process and were considered abnormal.

Malleynila Company manufactures a single product in two process departments. Costs and
production data to the month of November follows:
COSTS
ASSEMBLY FINISHING
Wip, beg (50% materials, 30% labor, 20% overhead)
9,750.00
18,000.00
Materials
64,000.00
Labor
47,250.00
85,800.00
Factory overhead
31,500.00
47,200.00
QUANTITY
Wip, beg 1/2 complete
Started in process
3,000.00
4,000.00
33,000.00
Completed and transferred
Wip, end 40% to complete
30,000.00
25,000.00
5,000.00
6,000.00

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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