
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Topic Video
Question
Bonita Company has recently tried to improve its analysis for its manufacturing process. Units started into production equaled 6900 and ending work in process equaled 300 units. Bonita had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied at the beginning of the process. How much is the materials cost per unit if ending work in process was 30% complete and total materials costs equaled $17250?
$8.33.
$2.61.
$2.50.
$2.40.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Venice Textiles produces cloth. The inputs are fabric, labor, and overhead. Fragmentary productivity records from plant files for the last period show the following: Fabric price (per bolt) Sales price (per bolt) Sales revenue Manufacturing overhead Total factor productivity Total labor costs. $30.00 $ 120.00 0.38 $ 2,160,000 $ 510,000 1.60 $ 120,000 Required: Determine the partial fabric (materials) productivity. Partial fabric productivityarrow_forwardSheridan Manufacturing has recently tried to improve its analysis for its manufacturing process. Units started into production equalled 2500 and ending Work in Process inventory equalled 800 units. Sheridan had no beginning Work in Process inventory. Conversion costs are applied equally throughout production, and direct materials are applied at the beginning of the process. How much is the material cost per unit if ending Work in Process inventory was 20% complete and total material costs equalled $11000 if the weighted - average method is used? Rounded to the nearest cent. Select answer from the options below $4.40 $ 26.47 $32.94 $6.47arrow_forwardCalculate the total cost of direct material used during the yeararrow_forward
- Having trouble with prior chapter work still and we are moving on to another chapter.arrow_forwardDiscuss the major differences between marginal costing and absorption techniques. A firm has two processes 1 and 2. Material for 12000 items was put into processl. There were no opening stocks and no process losses and there were transfers of 9000items to process 2. The unfinished items were complete as to material and 50% complete as to labour and overhead. The costs of process 1 were direct material $36000, direct labour $32000 and overheads S8000. Process 2 completed 7600 items and there were 600 scrapped which was considered normal. The balance was unfinished and deemed to be 25% complete in labour and overheads. The costs for process 2 were; labour $28500 and overheads S14000. Prepare process accounts for each accountarrow_forwardAtypical Manufacturing is trying to determine the equivalent units for conversion costs with 40,000 units of ending work in process at 40% completion and 73,000 physical units. There are no beginning units in the department. Conversion costs occur evenly throughout the entire production period. What are the equivalent units for conversion costs for the current period? O 49,000 O 76,500 33,000 O 113,000arrow_forward
- Long Company has recently tried to improve its analysis for its manufacturing process. Units started into production equaled 6,000 and ending work in process equaled 400 units. Long had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied at the beginning of the process. How much is the materials cost per unit if ending work in process was 25% complete and total materials costs equaled $18,000? Group of answer choices $11.25. $2.81. $3.16. $3.00.arrow_forwardBonita Company's Assembly Department has materials cost at $5 per unit and conversion cost at $10 per unit. There are 29500 units in ending work in process, all of which are 70% complete as to conversion costs. Materials are added at the beginning of the process. How much are total costs to be assigned to inventory? $442500. $354000. $147500. $206500.arrow_forwardi cannot figure out how to solve this problemarrow_forward
- The selected answer is incorrectarrow_forwardConcord Company has recently tried to improve its analysis for its manufacturing process. Units started into production equaled 7000 and ending work in process equaled 400 units. Concord had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied at the beginning of the process. How much is the materials cost per unit if ending work in process was 20% complete and total materials costs equaled $16100? $2.44. $2.30. $11.50. $2.18.arrow_forwardHepworth Company has implimented a JIT system and is considering the use of backflush costing. Hepworth had the following transcations for the current fiscal year 1.Purchased raw materials on account for $600,000 2.Placed all materials recieved into production 3. Incurrec actual direct labor costs of $90,000 4. Incurred actual overhead costs of $625,000 5.Applied conversion costs of $675,000 6. Completed all work for the month 7.Sold all completed work 8.Computed the difference between actual and applied costs. Required: 1.Prepare the journal entries for traditional and backflush costing, For backflush costing, assume there are two trigger point (1) The purchase of raw materials and (2) The completion of the goods 3.What if there is only one trigger poin and its is (a) completion of the goods or b) sale of the goods? How would the backflush-costing journal entries differ from requirement 1 for (a) and (b)?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education