Quality Chemicals produces a solvent in its Daley plant. Three chemicals are combined at the start of the process and blended under pressure for a period of time. At the 75% point of completion, an additional chemical is added. The following information has been gathered: BWIP Chemical Mix at the start $5,400 Added $ 65,000 Additional Chemical -0- $14,700 Conversion Cost $2,240 $ 35,000 Gallons 10,000 100,000 Quality completed 98,000 gallons during the month. The process engineer informs you that the ending WIP is at 70%. Prepare a production cost report using WAM.

Quality Chemicals produces a solvent in its Daley plant. Three chemicals are combined at the start of the process and blended under pressure for a period of time. At the 75% point of completion, an additional chemical is added. The following information has been gathered: BWIP Chemical Mix at the start $5,400 Added $ 65,000 Additional Chemical -0- $14,700 Conversion Cost $2,240 $ 35,000 Gallons 10,000 100,000 Quality completed 98,000 gallons during the month. The process engineer informs you that the ending WIP is at 70%. Prepare a production cost report using WAM.

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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