Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter 5, Problem 58PB
1.
To determine
Prepare a corrected multistep income statement of Company C for the year ended December 31, 2010.
2.
To determine
Write a memo explaining each error that is found to be incorrect and indicate the correct accounting treatment that should be taken.
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Answer? ? Financial accounting question
Data for the two departments of Gurley Industries for September of the current fiscal year are as follows:
Drawing Department
Winding Department
Work in process, September 1
4,900 units, 20% completed
3,000 units, 65% completed
Completed and transferred to next processing department during September
67,100 units
66,000 units
Work in process, September 30
3,700 units, 55% completed
4,100 units, 20% completed
Production begins in the Drawing Department and finishes in the Winding Department.
Question Content Area
a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for September for the Drawing Department. If an amount is zero, enter in "0".
Drawing DepartmentDirect Materials and Conversion Equivalent Units of ProductionFor September
Line Item Description
Whole Units
Direct MaterialsEquivalent Units
ConversionEquivalent Units
Inventory in process,…
Chapter 5 Solutions
Financial Accounting
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