Calculate the work in process inventory at June 30.

Question

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Answer 1

Question

Chapter 17, Problem 2E

a.

To determine

Calculate the work in process inventory at June 30.

b.

To determine

Calculate the finished goods inventory at June 30.

c.

To determine

Calculate the cost of goods sold during July.

d.

To determine

Calculate the work in process inventory at July 31.

e.

To determine

Calculate the finished goods inventory at July 31.

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Kubin Company’s relevant range of production is 11,000 to 14,000 units. When it produces and sells 12,500 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 7.20 Direct labor $ 4.20 Variable manufacturing overhead $ 1.70 Fixed manufacturing overhead $ 5.20 Fixed selling expense $ 3.70 Fixed administrative expense $ 2.70 Sales commissions $ 1.20 Variable administrative expense $ 0.70 Required: For financial accounting purposes, what is the total product cost incurred to make 12,500 units? For financial accounting purposes, what is the total period cost incurred to sell 12,500 units? For financial accounting purposes, what is the total product cost incurred to make 14,000 units? For financial accounting purposes, what is the total period cost incurred to sell 11,000 units?

Choose a manufacturing company then discuss the following: First, name your company and list its main products and direct materials used. What is spoilage? Give an example of spoilage that might occur during the manufacturing of the company's product. What is scrap? Give an example of scrap that might occur during the manufacturing of the company's product. What does rework mean? Give an example of rework that might occur during the manufacturing of the company's product. A leading manufacturer recently said, "What has been regarded as normal spoilage in the past will not acceptable as normal spoilage in the future? What are they talking about? What do you think are the external or internal factors that may affect the level of normal spoilage in the future?

Answer 2

Question

Chapter 17, Problem 2E

a.

To determine

Calculate the work in process inventory at June 30.

b.

To determine

Calculate the finished goods inventory at June 30.

c.

To determine

Calculate the cost of goods sold during July.

d.

To determine

Calculate the work in process inventory at July 31.

e.

To determine

Calculate the finished goods inventory at July 31.

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Answer 3

Question

Chapter 17, Problem 2E

a.

To determine

Calculate the work in process inventory at June 30.

b.

To determine

Calculate the finished goods inventory at June 30.

c.

To determine

Calculate the cost of goods sold during July.

d.

To determine

Calculate the work in process inventory at July 31.

e.

To determine

Calculate the finished goods inventory at July 31.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 17, Problem 2E

a.

To determine

Calculate the work in process inventory at June 30.

b.

To determine

Calculate the finished goods inventory at June 30.

c.

To determine

Calculate the cost of goods sold during July.

d.

To determine

Calculate the work in process inventory at July 31.

e.

To determine

Calculate the finished goods inventory at July 31.

Expert Solution & Answer

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Answer 5

Chapter 17, Problem 2E

a.

To determine

Calculate the work in process inventory at June 30.

b.

To determine

Calculate the finished goods inventory at June 30.

c.

To determine

Calculate the cost of goods sold during July.

d.

To determine

Calculate the work in process inventory at July 31.

e.

To determine

Calculate the finished goods inventory at July 31.

Answer 6

Chapter 17, Problem 2E

a.

To determine

Calculate the work in process inventory at June 30.

Answer 7

Chapter 17, Problem 2E

a.

To determine

Calculate the work in process inventory at June 30.

Answer 8

b.

To determine

Calculate the finished goods inventory at June 30.

Answer 9

b.

To determine

Calculate the finished goods inventory at June 30.

Answer 10

c.

To determine

Calculate the cost of goods sold during July.

Answer 11

c.

To determine

Calculate the cost of goods sold during July.

Answer 12

d.

To determine

Calculate the work in process inventory at July 31.

Answer 13

d.

To determine

Calculate the work in process inventory at July 31.

Answer 14

e.

To determine

Calculate the finished goods inventory at July 31.

Answer 15

e.

To determine

Calculate the finished goods inventory at July 31.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 17 - Prob. 1STQ Ch. 17 - 2. When job costing is in use, underapplied...Ch. 17 - 3. Which of the following businesses would most...Ch. 17 - Prob. 4STQ Ch. 17 - 5. Which of the following are true regarding...Ch. 17 - 6. Which of the following would be the most...Ch. 17 - 7. Using ABC to allocate manufacturing overhead...Ch. 17 - 1. What is a cost accounting system? Ch. 17 - 2. What are the major objectives of a cost...Ch. 17 - 3. What factors should be taken into account in...

Calculate the work in process inventory at June 30.

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Calculate the work in process inventory at June 30.

Calculate the finished goods inventory at June 30.

Calculate the cost of goods sold during July.

Calculate the work in process inventory at July 31.

Calculate the finished goods inventory at July 31.

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