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: 50% complete Conversion: 25% complete Costs incurred during October Direct materials Conversion 50,000 units 55,080 yuan 55,765 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct materials 60% and conversion 50% complete) remain in Work-in-Process Inventory. 840,900 yuan 1,081,585 yuan Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 1. Equivalent units: Direct materials 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.) Conversion 2. Costs per equivalent unit Direct materials Conversion Total 3. Cost of goods completed and transferred out 4. 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: 50% complete Conversion: 25% complete Costs incurred during October Direct materials Conversion 50,000 units 55,080 yuan 55,765 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct materials 60% and conversion 50% complete) remain in Work-in-Process Inventory. 840,900 yuan 1,081,585 yuan Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 1. Equivalent units: Direct materials 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.) Conversion 2. Costs per equivalent unit Direct materials Conversion Total 3. Cost of goods completed and transferred out 4. 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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