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The opening (January 1, 2022) balance in units and costs of (1) raw materials, (2) work in process inventory, and (3) finished goods (1) Opening Balance - Raw Materials (2) Opening Balance - Work in Process Inventory (3) Opening Balance - Finished Goods Units tA $ $ LA $ LA Cost

The opening (January 1, 2022) balance in units and costs of (1) raw materials, (2) work in process inventory, and (3) finished goods (1) Opening Balance - Raw Materials (2) Opening Balance - Work in Process Inventory (3) Opening Balance - Finished Goods Units tA $ $ LA $ LA Cost

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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Cullumber Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses weighted-average process costing. The following information was available for 2022: Sales (selling price per unit, $43) Actual manufacturing overhead Selling and administrative expenses Unit production costs: Direct materials (1 kilogram) Direct labour (1/2 hour) Manufacturing overhead Total $5,000,900 752,400 373,920 $6.00 8.00 9.00 $23.00 Units completed and transferred to finished goods Materials purchased Materials used in process (a) Raw materials Work in process inventory (45% complete) Finished goods An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: Calculate the following amounts for Cullumber Inc.: 159,600 units The January 1, 2022, work in process inventory units are 70% complete. The unit cost of production was the same in 2022 as it was in 2021. 142,500 kilograms 155,040 kilograms 9,120 kilograms 25,080 units 51,300 units (1) Opening Balance - Raw Materials The opening (January 1, 2022) balance in units and costs of (1) raw materials, (2) work in process inventory, and (3) finished goods (2) Opening Balance - Work in Process Inventory (3) Opening Balance - Finished Goods Units $ $ Cost
Transcribed Image Text:Cullumber Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses weighted-average process costing. The following information was available for 2022: Sales (selling price per unit, $43) Actual manufacturing overhead Selling and administrative expenses Unit production costs: Direct materials (1 kilogram) Direct labour (1/2 hour) Manufacturing overhead Total $5,000,900 752,400 373,920 $6.00 8.00 9.00 $23.00 Units completed and transferred to finished goods Materials purchased Materials used in process (a) Raw materials Work in process inventory (45% complete) Finished goods An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: Calculate the following amounts for Cullumber Inc.: 159,600 units The January 1, 2022, work in process inventory units are 70% complete. The unit cost of production was the same in 2022 as it was in 2021. 142,500 kilograms 155,040 kilograms 9,120 kilograms 25,080 units 51,300 units (1) Opening Balance - Raw Materials The opening (January 1, 2022) balance in units and costs of (1) raw materials, (2) work in process inventory, and (3) finished goods (2) Opening Balance - Work in Process Inventory (3) Opening Balance - Finished Goods Units $ $ Cost
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