The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The following data in Chinese currency called yuan (CNY) pertain to the month of October. Work-in-Process Inventory, October 1 Direct materials: 50% complete Conversion: 25% complete Costs incurred during October Direct materials Conversion 40,000 units 55,610 yuan 52, 485 yuan 704, 090 yuan 1,033, 215 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 20,000 units (direct materials 70% and conversion 50% complete) remain in Work-in-Process Inventory. Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 3. Cost of goods completed and transferred out during October. 4. Cost of the Work-in-Process Inventory at October 31. (Round "WTAVG Cost per EU" answers to 2 decimal places.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The
following data in Chinese currency called yuan (CNY) pertain to the month of October.
Work-in-Process Inventory, October 1
Direct materials: 50% complete
Conversion: 25% complete
Costs incurred during October
Direct materials
Conversion
During October, 200,000 units were completed and transferred out. At the end of the month, 20,000 units (direct
materials 70% and conversion 50% complete) remain in Work-in-Process Inventory.
Required:
Calculate each of the following amounts using weighted-average process costing.
1. Equivalent units:
Direct materials
40,000 units
55, 610 yuan
52, 485 yuan
1. Equivalent units of direct materials and conversion.
2. Costs per equivalent unit for direct materials and conversion.
3. Cost of goods completed and transferred out during October.
4. Cost of the Work-in-Process Inventory at October 31.
(Round "WTAVG Cost per EU" answers to 2 decimal places.)
Conversion
2. Costs per equivalent unit:
Direct materials
Conversion
704, 090 yuan
1,033, 215 yuan
Total
Cost of goods completed and transferred out
3.
4. Cost of work-in-process 10/31:
Direct materials
Conversion
Total
CNY
CNY
CNY
CNY
CNY
CNY
CNY
0.00
0
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The following data in Chinese currency called yuan (CNY) pertain to the month of October. Work-in-Process Inventory, October 1 Direct materials: 50% complete Conversion: 25% complete Costs incurred during October Direct materials Conversion During October, 200,000 units were completed and transferred out. At the end of the month, 20,000 units (direct materials 70% and conversion 50% complete) remain in Work-in-Process Inventory. Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units: Direct materials 40,000 units 55, 610 yuan 52, 485 yuan 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 3. Cost of goods completed and transferred out during October. 4. Cost of the Work-in-Process Inventory at October 31. (Round "WTAVG Cost per EU" answers to 2 decimal places.) Conversion 2. Costs per equivalent unit: Direct materials Conversion 704, 090 yuan 1,033, 215 yuan Total Cost of goods completed and transferred out 3. 4. Cost of work-in-process 10/31: Direct materials Conversion Total CNY CNY CNY CNY CNY CNY CNY 0.00 0
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