Reyes Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Reyes Company presented the following costs on three processes: Costs incurred: Materials Direct Labor Overhead Materials are added at: Process 1 Completed and transferred out In Process, end 45,000 39,000 31,200 100% at the beginning Started/Transferred In 20,000 units ? Process 2 38,000 32,895 28,275 29,240 22,620 23,392 50% at beginning, 40% at beginning, 30% at 50% complete, and 50% at 60% complete remaining 30% at 80% complete. 19,000 units 18,500 units 1,000 units 500 units 70% 50% complete complete Process 3 ? 18,000 units 250 units 40% complete. 250 units 70% complete
Reyes Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Reyes Company presented the following costs on three processes: Costs incurred: Materials Direct Labor Overhead Materials are added at: Process 1 Completed and transferred out In Process, end 45,000 39,000 31,200 100% at the beginning Started/Transferred In 20,000 units ? Process 2 38,000 32,895 28,275 29,240 22,620 23,392 50% at beginning, 40% at beginning, 30% at 50% complete, and 50% at 60% complete remaining 30% at 80% complete. 19,000 units 18,500 units 1,000 units 500 units 70% 50% complete complete Process 3 ? 18,000 units 250 units 40% complete. 250 units 70% complete
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the total materials used in November 2021?
a.P115,200
b.P111,150
c.P 96,515
d.P115,895
Transcribed Image Text:Reyes Company produces a product that undergoes three processes and the
completed items at end of process 3 are the items to be sold to customers. For
November 2021, Reyes Company presented the following costs on three
processes:
Costs incurred:
Materials
Direct Labor
Overhead
Materials are added
at:
Process 1
Process 2
Process 3
45,000
39,000
38,000
32,895
28,275
29,240
22,620
100% at the 50% at beginning, 40% at beginning, 30% at
31,200
23,392
beginning
50% at 60%
complete
50% complete, and
remaining 30% at 80%
complete.
Started/Transferred In 20,000 units ?
Completed and
transferred out
In Process, end
19,000 units 18,500 units
18,000 units
1,000 units
50% complete complete
500 units 70%
250 units 40% complete, 250
units 70% complete
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education