! Required information [The following information applies to the questions displayed below.] The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The following data in Chinese currency called yuan (CNY) pertain to the month of October. Work-in-Process Inventory, October 1 Direct materials: 60% complete Conversion: 30% complete Costs incurred during October Direct materials Conversion 2. 3. 4. Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units: Direct materials During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct materials 80% and conversion 50% complete) remain in Work-in-Process Inventory. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 3. Cost of goods completed and transferred out during October. 4. Cost of the Work-in-Process Inventory at October 31. (Round "WTAVG Cost per EU" answers to 2 decimal places.) 50,000 units 55,880 yuan 67,480 yuan 976,520 yuan 1,061,120 yuan Conversion Costs per equivalent unit: Direct materials Conversion Total Cost of goods completed and transferred out Cost of work-in-process 10/31: Direct materials Conversion Total CNY CNY CNY CNY CNY CNY CNY
! Required information [The following information applies to the questions displayed below.] The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The following data in Chinese currency called yuan (CNY) pertain to the month of October. Work-in-Process Inventory, October 1 Direct materials: 60% complete Conversion: 30% complete Costs incurred during October Direct materials Conversion 2. 3. 4. Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units: Direct materials During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct materials 80% and conversion 50% complete) remain in Work-in-Process Inventory. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 3. Cost of goods completed and transferred out during October. 4. Cost of the Work-in-Process Inventory at October 31. (Round "WTAVG Cost per EU" answers to 2 decimal places.) 50,000 units 55,880 yuan 67,480 yuan 976,520 yuan 1,061,120 yuan Conversion Costs per equivalent unit: Direct materials Conversion Total Cost of goods completed and transferred out Cost of work-in-process 10/31: Direct materials Conversion Total CNY CNY CNY CNY CNY CNY CNY
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The
following data in Chinese currency called yuan (CNY) pertain to the month of October.
Work-in-Process Inventory, October 1
Direct materials: 60% complete
Conversion: 30% complete
Costs incurred during October
Direct materials
Conversion
2.
3.
4.
Required:
Calculate each of the following amounts using weighted-average process costing.
1. Equivalent units:
Direct materials
During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct materials
80% and conversion 50% complete) remain in Work-in-Process Inventory.
1. Equivalent units of direct materials and conversion.
2. Costs per equivalent unit for direct materials and conversion.
3. Cost of goods completed and transferred out during October.
4. Cost of the Work-in-Process Inventory at October 31.
(Round "WTAVG Cost per EU" answers to 2 decimal places.)
50,000 units
55,880 yuan
67,480 yuan
976,520 yuan
1,061,120 yuan
Conversion
Costs per equivalent unit:
Direct materials
Conversion
Total
Cost of goods completed and transferred out
Cost of work-in-process 10/31:
Direct materials
Conversion
Total
CNY
CNY
CNY
CNY
CNY
CNY
CNY](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80e55f2b-a9f8-41e7-bc77-cc4383910bdd%2F2c8adb6f-f7f9-4545-8a68-c8fb5bfc03d5%2Fmhymmu_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The
following data in Chinese currency called yuan (CNY) pertain to the month of October.
Work-in-Process Inventory, October 1
Direct materials: 60% complete
Conversion: 30% complete
Costs incurred during October
Direct materials
Conversion
2.
3.
4.
Required:
Calculate each of the following amounts using weighted-average process costing.
1. Equivalent units:
Direct materials
During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct materials
80% and conversion 50% complete) remain in Work-in-Process Inventory.
1. Equivalent units of direct materials and conversion.
2. Costs per equivalent unit for direct materials and conversion.
3. Cost of goods completed and transferred out during October.
4. Cost of the Work-in-Process Inventory at October 31.
(Round "WTAVG Cost per EU" answers to 2 decimal places.)
50,000 units
55,880 yuan
67,480 yuan
976,520 yuan
1,061,120 yuan
Conversion
Costs per equivalent unit:
Direct materials
Conversion
Total
Cost of goods completed and transferred out
Cost of work-in-process 10/31:
Direct materials
Conversion
Total
CNY
CNY
CNY
CNY
CNY
CNY
CNY
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