Weighted average Method is used.How much is the total cost assigned to the units remained in ending work inprocess?O 580,021590,092O 643,172538,430 At the High Quality GAYUMA Corp., operated by A.E. Cabug, the process begins with the blending of various chemicals and ends with the bottling of GAYUMA product after which thebottles are sent to the shipping department for packing and crating. Labor and overhead are continuously added during the processing. Overhead is applied at the rate of P30 per directlabor hour.Data for May follows:Work in process, beginning4, 000 unitsRaw materials-chemicals (60% complete)Direct Labor (25% complete)Overhead (25% complete)Started in Process21, 000 unitsCompleted and transferred20, 000 unitsWork in process, endRaw materials-chemicals (100% complete)Raw materials-bottles (60% complete)Direct labor (80% complete)Overhead (80% complete)Costs for May:Work in process, beginningRaw materials-chemicalsP456, 000Direct labor (P100 per hour)62, 500Overhead18, 750Current costs addedRaw materials-chemicalsP2, 284, 000Raw materials-bottles70, 000Direct labor (P100 per hour)330, 000Overhead105, 000

Answered: Weighted average Method is used. How…

Weighted average Method is used. How much is the total cost assigned to the units remained in ending work in process? O 580,021 O 590,092 O 643,172 538,430

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

Weighted average Method is used.
How much is the total cost assigned to the units remained in ending work in
process?
O 580,021
590,092
O 643,172
538,430

At the High Quality GAYUMA Corp., operated by A.E. Cabug, the process begins with the blending of various chemicals and ends with the bottling of GAYUMA product after which the
bottles are sent to the shipping department for packing and crating. Labor and overhead are continuously added during the processing. Overhead is applied at the rate of P30 per direct
labor hour.
Data for May follows:
Work in process, beginning
4, 000 units
Raw materials-chemicals (60% complete)
Direct Labor (25% complete)
Overhead (25% complete)
Started in Process
21, 000 units
Completed and transferred
20, 000 units
Work in process, end
Raw materials-chemicals (100% complete)
Raw materials-bottles (60% complete)
Direct labor (80% complete)
Overhead (80% complete)
Costs for May:
Work in process, beginning
Raw materials-chemicals
P456, 000
Direct labor (P100 per hour)
62, 500
Overhead
18, 750
Current costs added
Raw materials-chemicals
P2, 284, 000
Raw materials-bottles
70, 000
Direct labor (P100 per hour)
330, 000
Overhead
105, 000

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Saved Required information Data Beginning work in process inventory: 5. Units in process 200 6. Completion with respect to materials 50 % 7 Completion with respect to conversion Costs in the beginning work in process inventory: 40 % 8. 6. Materials cost 2,590 10 Conversion cost 6,184 11 Units started into production during the period 16.500 12 Costs added to production during the period: 13 Materials cost $ 415,325 Conversion cost $ 1,266.500 15 Ending work in process inventory: 16 Units in process 100 17 Completion with respect to materials 50 % 18 Completion with respect to conversion 80 % %24 %24 2. 4. 1.
When units are produced over multiple periods (i.e. incomplete at the end of one period) production cost are assigned to individual units based on : -Equal units, -Equal costs -Equivalent cost -Equivalent units,
Compute conversion costs given the following data: direct materials, $356,600; direct labor, $196,300; factory overhead, $194,500 and selling expenses, $40,900. a.$390,800 b.$153,600 c.$551,100 d.$747,400
Compute conversion costs given the following data: direct materials, $351,300; direct labor, $207,800; factory overhead, $189,700 and selling expenses, $46,300. a. $748,800 b. $143,400 c. $541,000 d. $397,500
Solve this help
Q. 2
Subject: Accounting
Ee 89.
am. 24.
using the average method what is the total equivalent units of production under process 3 for materials and conversion, respectively? 15,110 and 15,140, 15,200 and 15,200, 14,950 and 14,950, 15,200 and 15,000
For each of the following independent cases (A to E), compute the missing values in the table: Total Manufacturing Cost Case A B CO C D E Prime Conversion Direct Cost Cost Direct Manufacturing Materials Labor Overhead $ 9,560 $ 16,470 $ 3,950 10,130 41,500 20,500 57,300 110,600 48,750 7,400 12,650 14,400 $ 10,860 25,200 24,300 42,730 69,250 57,500
ok t For each of the following independent cases (A to E), compute the missing values in the table: Case A C D E Prime Conversion Cost Cost $ 9,560 $ 16,470 $ 57,300 110,600 48,750 Direct Materials 3,950 10,130 41,500 20,500 Direct Manufacturing Labor Overhead 7,400 12,650 14,400 $ 10,860 25,200 24,300 Total Manufacturing Cost 42,730 69,250 57,500