Problem 5. Auto Novelties, Inc. manufactures a small robot that can be moved around by rem control. It can be used as a novelty to serve food and drinks to guests, and with a special attachment it can vacuum the carpet. The materials are all added at the beginning of the Assembly Operation (the first operation). Labor and overhead are added uniformly during the month.. Data for the month of July in the Assembly Operation are given as follow Units Work in process, July 1 Units started in process 15,000 250,000 Costs Work in process, July 1 Materials Labor and overhead 210,000 60,000 July costs: Materials 3,500,000 1,458,000 Labor and overhead The inventory of work in process on July 1 was complete as to materials but only 2/3 complete to labor and overhead. On July 31, the inventory consisted of 20,000 units that were 40% complete with respect to labor and overhead. Required: Using average method and FIFO method compute for > 1. Equivalent production for materials, labor and overhead > 2. Unit cost for materials, labor and overhead > 3. Total costs of units completed ad transferred 4. Total costs of units in process end

Problem 5. Auto Novelties, Inc. manufactures a small robot that can be moved around by rem control. It can be used as a novelty to serve food and drinks to guests, and with a special attachment it can vacuum the carpet. The materials are all added at the beginning of the Assembly Operation (the first operation). Labor and overhead are added uniformly during the month.. Data for the month of July in the Assembly Operation are given as follow Units Work in process, July 1 Units started in process 15,000 250,000 Costs Work in process, July 1 Materials Labor and overhead 210,000 60,000 July costs: Materials 3,500,000 1,458,000 Labor and overhead The inventory of work in process on July 1 was complete as to materials but only 2/3 complete to labor and overhead. On July 31, the inventory consisted of 20,000 units that were 40% complete with respect to labor and overhead. Required: Using average method and FIFO method compute for > 1. Equivalent production for materials, labor and overhead > 2. Unit cost for materials, labor and overhead > 3. Total costs of units completed ad transferred 4. Total costs of units in process end

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Description: Problem 5. Auto Novelties, Inc. manufactures a small robot that can be moved around by remotecontrol. It can be used as a novelty to serve food and drinks to guests, and with a specialattachment it can vacuum the carpet. The materials are all added

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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