Need answer The ledger of American Company has thefollowing work-in-process account.Work inProcess-PaintingTransferred5/1Balance 3,790 5/31?out5/31Materials 6,9905/31Labor3,130Overhead 1,5805/315/31Balance ?Production records show that there were 500 unitsin the beginning inventory, 30% complete, 1,630units started, and 1,500 units transferred out. Thebeginning work in process had a materials cost of$2,840 and conversion costs of $950. The units inthe ending inventory were 40% complete.Materials are entered at the beginning of thepainting process.a. How many units are in process at May 31?b. What is the unit materials cost for May?

Answered: Image /qna-images/answer/0d88a79e-44bf-4461-98ec-e0847bdfaf95.jpg

Answered: The ledger of American Company has the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 15EA: Production data show 35,920 units were transferred out of a stage of production and 6,150 units...

See similar textbooks

Similar questions

The ledger of Crane Company has the following work in process inventory account. 5/1 Balance 5/31 Direct materials 5/31 Direct labor 5,252 5/31 Manufacturing overhead 1.680 5/31 Balance ? Work in Process-Painting (a) 3,690 5/31 Completed and transferred out ? 7,360 Production records show that there were 400 units in the beginning inventory, 30% complete, 1,700 units started into production, and 1.500 units completed and transferred out. The beginning work in process had materials cost of $3,140 and conversion costs of $550. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process. Work in process, May 31 How many units are in process at May 31? units
Please Correct answer with Explanation
The Sauron Company's accounting information system shows the following Information: Work in process inventory, Direct materials Direct naterials inventory Sunnary of all additions to work in process during May Мay 31 Dr $ 148,000 Cr $ 140,000 On April 30, a breakdown of the balance In the work in process account showed that direct materials accounted for $40,000 of the total balance. There were 12.000 units in work in process Inventory on that date. During May no new units were Introduced Into production and all 12000 units in beginning work in process were completed and transferred out. Requlred: Calculate the cost per equivalent unit for materlals for May. Cost per equivalent unit for materials
The ledger of Blossom Company has the following work in process inventory account: 5/1 5/31 5/31 5/31 Manufacturing overhead 5/31 Balance Balance Direct materials Factory labour (a) Your answer is correct. Work in Process Inventory-Painting $3,590 7,930 2,400 Work in process inventory 841 Production records show that there were 390 units in the beginning inventory, 35% complete, 1,250 units started into production, and 1,250 units completed and transferred out. The beginning work in process inventory had materials costs of $1,910 and conversion costs of $1,680. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process. How many units are in process at May 31? $? 5/31 Completed and transferred out $? 390
Alpesh
The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: K Work in process inventory $0 Raw materials inventory Finished goods inventory $28,800 $40,200 (Click the icon to view additional data.) What is the work in process inventory balance on January 31? OA. $27,280 OB. $98,031 OC. $69,231 OD. $7280 CO
Bhil Please give me correct answer with explanation
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Please show working Part 1 of the question, see images Part 2 of the question, Assuming that the July 1 work in process inventory includes $256,410 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit $ Change in conversion cost per equivalent unit $
tieby O How many units must be in... EMy Home CengageNOWv2 | Online te... еBook Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 25,000 units; 55,000 units were started in production; and 66,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 40% complete with respect to conversion. Equivalent Units of Materials Equivalent Units of Conversion
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
The following information was collected from Balatas Hercules' accounting records for the year that ends on December 31, 20XX: Jan/1/20XX 31/Dec/20XX Inventory of raw materials $98000 $84000 Inventory of products-in-process $56000 $97000 Finished product inventory $42000 $105000 Direct labor: $370000 Income taxes: $301700 Indirect labor: $235140 Sales commissions: $250000 Purchases of raw materials: $842350 Factory Utilities: $152000 Advertising expenses: $68000 Factory depreciation: $521400 Factory equipment maintenance: $70120 Balatas Hercules uses a normal costing system. In the current period, Overhead costs were applied to products at a rate of $3 for each $ loaded with direct labor. The data are presented for the purpose of calculating the following information: a) Statement of cost of production and sales for 20XX. b) Difference between the Real Overhead Costs and the applied Overhead Costs, determining if there is an under or overapplication

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Cost Accounting

Accounting

ISBN:

9781305087408

Author:

Edward J. Vanderbeck, Maria R. Mitchell

Publisher:

Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS