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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: 50 % complete Conversion: 25% complete 50,000 units 55,080 yuan 55,765 yuan Costs incurred during October Direct materials 840,900 yuan 1,081,585 yuan Conversion 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. 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. 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.) 1. Equivalent units: Direct materials Conversion 2. Costs per equivalent unit: Direct materials CNY Conversion CNY Total CNY 3. Cost of goods completed and transferred out CNY 4. Cost of work-in-process 10/31: Direct materials CNY Conversion CNY Total 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 50,000 units 55,080 yuan 55,765 yuan Costs incurred during October Direct materials 840,900 yuan 1,081,585 yuan Conversion 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. 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. 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.) 1. Equivalent units: Direct materials Conversion 2. Costs per equivalent unit: Direct materials CNY Conversion CNY Total CNY 3. Cost of goods completed and transferred out CNY 4. Cost of work-in-process 10/31: Direct materials CNY Conversion CNY Total CNY

FINANCIAL ACCOUNTING
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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! 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 50,000 units 55,080 yuan 55,765 yuan Conversion: 25% complete Costs incurred during October Direct materials Conversion 840,900 yuan 1,081,585 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. 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. 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.) 1. Equivalent units: Direct materials Conversion 2. Costs per equivalent unit: Direct materials CNY Conversion CNY Total CNY 3. Cost of goods completed and transferred out CNY 4. Cost of work-in-process 10/31: Direct materials CNY Conversion CNY Total CNY
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: 50% complete 50,000 units 55,080 yuan 55,765 yuan Conversion: 25% complete Costs incurred during October Direct materials Conversion 840,900 yuan 1,081,585 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. 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. 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.) 1. Equivalent units: Direct materials Conversion 2. Costs per equivalent unit: Direct materials CNY Conversion CNY Total CNY 3. Cost of goods completed and transferred out CNY 4. Cost of work-in-process 10/31: Direct materials CNY Conversion CNY Total CNY
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