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 60,000 units Direct materials: 50% complete 55,840 yuan Conversion: 25% complete 65,160 yuan Costs incurred during October Direct materials 749,000 yuan Conversion 1,206,440 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct materials 70% and conversion 50% complete) remain in Work-in-Process Inventory. Calculate each of the following amounts using weighted-average process costing while rounding "WTAVG Cost per EU" to 2 decimal places. Equivalent units of direct materials and conversion. Costs per equivalent unit for direct materials and conversion. Cost of goods completed and transferred out during October. Cost of the Work-in-Process Inventory at October 31.
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 60,000 units Direct materials: 50% complete 55,840 yuan Conversion: 25% complete 65,160 yuan Costs incurred during October Direct materials 749,000 yuan Conversion 1,206,440 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct materials 70% and conversion 50% complete) remain in Work-in-Process Inventory. Calculate each of the following amounts using weighted-average process costing while rounding "WTAVG Cost per EU" to 2 decimal places. Equivalent units of direct materials and conversion. Costs per equivalent unit for direct materials and conversion. Cost of goods completed and transferred out during October. Cost of the Work-in-Process Inventory at October 31.
Chapter1: Financial Statements And Business Decisions
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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 | 60,000 | units |
|---|---|---|
| Direct materials: 50% complete | 55,840 | yuan |
| Conversion: 25% complete | 65,160 | yuan |
| Costs incurred during October | ||
| Direct materials | 749,000 | yuan |
| Conversion | 1,206,440 | yuan |
During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct materials 70% and conversion 50% complete) remain in Work-in-Process Inventory.
Calculate each of the following amounts using weighted-average
- Equivalent units of direct materials and conversion.
- Costs per equivalent unit for direct materials and conversion.
- Cost of goods completed and transferred out during October.
- Cost of the Work-in-Process Inventory at October 31.
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