Choose a major publicly traded corporation, then go to the corporation's site and retrieve the information needed for this assignment. Provide information about the history of the corporation and its current product offerings. Provide a screenshot of the corporate’s latest reported income statement. Organize the income statement in an Excel file to enable you to verify the arithmetic in the income statement, and explain your verifications.Also, explain the nature of each item in the income statement. Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process.Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320Costs incurred in September Direct materials = $375,000 Conversion. = $341.000Work in process inventory, September 30 (7.000 units, 100% complete with respect to direct materials, 40% complete with respect to conversion) = $___? Units started in September = 28.000 Units completed and transferred to finished goods inventory. = 23.000 < Question >The number of equivalent units for materials for the month. The number of equivalent units for conversion for the month. Work in process inventory, September 1 (2,000 units, 100% complete with respect todirect materials, 80% complete with respect to direct labor and overhead; consists of$45,000 of direct materials cost and $56,320 conversion cost)..Costs incurred in SeptemberDirect materials.Conversion .....Work in process inventory, September 30 (7,000 units, 100% complete with respectto direct materials, 40% complete with respect to conversion)Units started in September ....Units completed and transferred to finished goods inventory...$101,320$375,000$341,000$28,00023,000?

1. Particulars Units % Materials EUP - Materials Units completed and transferred out 23,000…

Answered: Information for the Hi-Test company’s…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10PB: The packaging department began the month with 750 units that were 100% complete with regard to...

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Choose a major publicly traded corporation, then go to the corporation's site and retrieve the information needed for this assignment.
Provide information about the history of the corporation and its current product offerings.
Provide a screenshot of the corporate’s latest reported income statement.
Organize the income statement in an Excel file to enable you to verify the arithmetic in the income statement, and explain your verifications.
Also, explain the nature of each item in the income statement.

Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process.

Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320
Costs incurred in September

Direct materials = $375,000

Conversion. = $341.000

Work in process inventory, September 30 (7.000 units, 100% complete with respect to direct materials, 40% complete with respect to conversion) = $___?

Units started in September = 28.000

Units completed and transferred to finished goods inventory. = 23.000

< Question >

The number of equivalent units for materials for the month.
The number of equivalent units for conversion for the month.

Work in process inventory, September 1 (2,000 units, 100% complete with respect to
direct materials, 80% complete with respect to direct labor and overhead; consists of
$45,000 of direct materials cost and $56,320 conversion cost)..
Costs incurred in September
Direct materials.
Conversion .....
Work in process inventory, September 30 (7,000 units, 100% complete with respect
to direct materials, 40% complete with respect to conversion)
Units started in September ....
Units completed and transferred to finished goods inventory...
$101,320
$375,000
$341,000
$
28,000
23,000
?

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