QUESTION 50Cost AccountingChoose the answer from the choices The following information is available for Lima Corporation for the current year (SEE PICTUREBELOW):All materials are added at the start of production. What is the cost of units transferred outusing weighted average? * OBeginning Work inProcess(75% complete)StartedCosts of Beginning Work in Process:Material14,500 units75,000 unitsP25,10050,000ConversionEnding Work in Process(60% complete)Abnormal spoilageNormal spoilage(continuous)Transferred outCurrent Costs:16,000 units2,500 unitsMaterialConversionP120,000300,0005,000 units66,000 units409,107384,979422,343414,144

Equivalents units of production concept comes in picture when ending or beginning units are not…

The following information is available for Lima Corporation for the current year (SEE PICTURE BELOW): All materials are added at the start of production. What is the cost of units transferred out using weighted average? * Beginning Work in Process (75% complete) Started Ending Work in Process (60% complete) Abnormal spoilage Normal spoilage (continuous) Transferred out Costs of Beginning Work in Process: Material 14,500 units 75,000 units P25,100 50,000 Conversion Current Costs: Material 16,000 units 2,500 units 5,000 units P120,000 300,000 Conversion 66,000 units D 409,107 O 384,979 D 422,343 ) 414.144

The following information is available for Lima Corporation for the current year (SEE PICTURE BELOW): All materials are added at the start of production. What is the cost of units transferred out using weighted average? * Beginning Work in Process (75% complete) Started Ending Work in Process (60% complete) Abnormal spoilage Normal spoilage (continuous) Transferred out Costs of Beginning Work in Process: Material 14,500 units 75,000 units P25,100 50,000 Conversion Current Costs: Material 16,000 units 2,500 units 5,000 units P120,000 300,000 Conversion 66,000 units D 409,107 O 384,979 D 422,343 ) 414.144

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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