Standard-costing with beginning and ending work in process. Lawrence Company is a manufac- turer of contemporary door handles. The vice president of Design attends home shows twice a year so the company can keep current with home trends. Because of its volume, Lawrence uses process costing to account for production. Costs and output figures for August are as follows: Lawrence Company's Process Costing for the Month Ended August 31, 2017 Units Direct Materials Conversion Costs $ 5.75 $ 86,250 Standard cost per unit 12.25 $ 55,125 Work in process, beginning inventory (Aug. 1) Degree of completion of beginning work in process Started in August Completed and transferred out Work in process, ending inventory (Aug. 31) Degree of completion of ending work in process Total costs added during August 15,000 100% 30% 100,000 95,000 20,000 100% 80% $569,000 $1,307,240

Standard-costing with beginning and ending work in process. Lawrence Company is a manufac- turer of contemporary door handles. The vice president of Design attends home shows twice a year so the company can keep current with home trends. Because of its volume, Lawrence uses process costing to account for production. Costs and output figures for August are as follows: Lawrence Company's Process Costing for the Month Ended August 31, 2017 Units Direct Materials Conversion Costs $ 5.75 $ 86,250 Standard cost per unit 12.25 $ 55,125 Work in process, beginning inventory (Aug. 1) Degree of completion of beginning work in process Started in August Completed and transferred out Work in process, ending inventory (Aug. 31) Degree of completion of ending work in process Total costs added during August 15,000 100% 30% 100,000 95,000 20,000 100% 80% $569,000 $1,307,240

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Description: Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule Standard-costing with beginning and ending work in process. Lawrence Company is a manufac-turer of contemporary door handles.

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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