Port Manufacturing Company uses a process costing system. The following information is available for the first production department for October. Direct Haterials Conversion Percent Units Percent Complete 20,000 Complete Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory 55,000 60, 000 15,000 40% Beginning work in process inventory Direct materials $ 82, 500 $.73, 200 Conversion $ 155, 700 Costs added this period Direct materials $ 240, 000 204, 000 Conversion $ 444,000 Prepare the company's production cost report for October using the weighted-average method

Port Manufacturing Company uses a process costing system. The following information is available for the first production department for October. Direct Haterials Conversion Percent Units Percent Complete 20,000 Complete Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory 55,000 60, 000 15,000 40% Beginning work in process inventory Direct materials $ 82, 500 $.73, 200 Conversion $ 155, 700 Costs added this period Direct materials $ 240, 000 204, 000 Conversion $ 444,000 Prepare the company's production cost report for October using the weighted-average method

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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AutoSave OFF Home Insert Draw Paste Page 47 of 95 Calibri B I U 20 Design V v 16916 words 50 ab X 2 V Layout X Α Α΄ A References Aa ▾ A Αν English (United States) Mailings = Review V V W= Packet Lecture-4 View 12/31 싫 V Accessibility: Investigate Tell me 30,000 V Estimating Uncollectible Accounts An estimate of bad debts is made at the end of the accounting period to match the cost of credit sales (bad debt expense) with the revenue credit sales allowed the company to record during the period. The estimate is incorporated in the company's books through an ADJUSTING ENTRY and the entry increases the allowance for uncollectible accounts and bad debt expense. Saved to my Mac ✓ Percent of Receivables Method (an allowance method) management estimates a percent of ending accounts receivable they expect to be uncollectible the ending balance of the Allowance for Uncollectible Accounts (AUA) is determined based on the estimate (% of uncollectible accounts x ending balance of A/R, "% of A/R").…
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com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false ter Login | Common A.. Common Black Co... No Fear Shakespe... b Hamlet, Prince of... E 12th Grade PVA H.. O Paraphrasing Tool.. eBook Manzana Company produces apple juice sold in gallons. Recently, the company adopted the following material standard for one gallon of its apple juice: Direct materials 128 oz. @ $0.06 = $7.68 %3D During the first week of operation, the company experienced the following results: a. Gallon units produced: 24,000. b. Ounces of materials purchased and used: 2,880,000 ounces at $0.045. C. No beginning or ending inventories of raw materials. Required: Note: Enter favorable values as negative numbers. Entelunfavorable values as positive numbers, 1. Compute the materials price variance. 2. Compute the materials usage variance. 3. During the second week, the materials usage variance was $4,000 unfavorable and the materials price variance was $24,000 unfavorable.…
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Find the missing inventories