Homework Help is Here – Start Your Trial Now!
Business
Accounting
November 2021 Costs incurred: Process 1 Process 2 Process 3 Materials 300,000.00 241,250.00 185,000.00 Direct Labor 198,000.00 168,875.00 139,200.00 Overhead 158,400.00 135,100.00 111,360.00 Total 656,400.00 545,225.00 435,560.00 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 90% of the process. Started/Transferred In (units) 50,000 49,000 47,000 In process, beginning (units) Completed and transferred out (units) In Process, end (units) 49,000 47,000 44,000 1,000 1,500 1,500 50% 50% 60% In Process, end (rate of convertion) 500 900 Normal Loss - not more than 900 units 600 Abnormal loss (units) Quality Control Inspection Made at the end of the process at the end of the process at the end of the process

November 2021 Costs incurred: Process 1 Process 2 Process 3 Materials 300,000.00 241,250.00 185,000.00 Direct Labor 198,000.00 168,875.00 139,200.00 Overhead 158,400.00 135,100.00 111,360.00 Total 656,400.00 545,225.00 435,560.00 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 90% of the process. Started/Transferred In (units) 50,000 49,000 47,000 In process, beginning (units) Completed and transferred out (units) In Process, end (units) 49,000 47,000 44,000 1,000 1,500 1,500 50% 50% 60% In Process, end (rate of convertion) 500 900 Normal Loss - not more than 900 units 600 Abnormal loss (units) Quality Control Inspection Made at the end of the process at the end of the process at the end of the process

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
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 November, 2022 Company presented the following costs on processes: In November, under FIFO method, how many units were started and completed in Process 2? 44,000 47,000 50,000 49,000
November 2021 Costs incurred: Process 1 Process 2 Process 3 Materials 300,000.00 241,250.00 185,000.00 Direct Labor 198,000.00 168,875.00 139,200.00 Overhead 158,400.00 135,100.00 111,360.00 Total 656,400.00 545,225.00 435,560.00 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 90% of the process. Started/Transferred In (units) 50,000 49,000 47,000 0. In process, beginning (units) 49,000 47,000 44,000 Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) 1,000 1,500 1,500 50% 50% 60% 500 900 Normal Loss - not more than 900 units 600 Abnormal loss (units) at the end of the process at the end of the process at the end of the process Quality Control Inspection Made
Transcribed Image Text:November 2021 Costs incurred: Process 1 Process 2 Process 3 Materials 300,000.00 241,250.00 185,000.00 Direct Labor 198,000.00 168,875.00 139,200.00 Overhead 158,400.00 135,100.00 111,360.00 Total 656,400.00 545,225.00 435,560.00 50% at the beginning of the 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. process, another 30% at 70% Materials are added the beginning of the process. remaining 20% at 90% of the process. Started/Transferred In (units) 50,000 49,000 47,000 0. In process, beginning (units) 49,000 47,000 44,000 Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) 1,000 1,500 1,500 50% 50% 60% 500 900 Normal Loss - not more than 900 units 600 Abnormal loss (units) at the end of the process at the end of the process at the end of the process Quality Control Inspection Made
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Quality control
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
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
SEE MORE TEXTBOOKS