Please do not give solution in image format thanku Required:1. Determine the equivalent units and the costs per equivalent unit for materials and conversion for the year. (Round your "Costper equivalent unit" answers to 2 decimal places.)Equivalent units of productionCost per equivalent unitCost of ending work in process inventoryCost of finished goods inventory2. Determine the amount of cost that should be assigned to the ending work in process and finished goods inventories.MaterialsJournal entry worksheetANote: Enter debits before credits.Event1MaterialsRecord entry3. Prepare the necessary correcting journal entry to adjust the work in process and finished goods inventories to the correctbalances as of December 31. (Round intermediate calculations to 2 decimal places.)ConversionGeneral JournalConversionRecord the entry to adjust the work in process and finished goods inventoriesClear entry$$Total00DebitCreditView general journal Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increasegas mileage by 10%. The company's controller suspects that the year-end dollar balances shown below in the inventoryaccounts may be incorrect.Work in process, December 31 (materials 100% complete;conversion 50% complete)Finished goods, December 31Work in process, beginning of year (materials 100% complete;conversion 80% complete)UnitsStarted into productionCosts added during the yearUnits completed during the year31,00036,000There were no finished goods inventories at the beginning of the year. The company uses the weighted-average method ofprocess costing. There is only one processing department.A review of the company's inventory and cost records shows the following:Units26,000745,000Costs740,000$ 66,000$119,500CostsMaterials$756,000Conversion$ 28,000 $ 54,000$2,060,000

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Description: Please do not give solution in image format thanku Required:1. Determine the equivalent units and the costs per equivalent unit for materials and conversion for the year. (Round your "Costper equivalent unit" answers to 2 decimal places.)Equivalent u

Process Costing - It is the method of costing which is used wherein the product is completed through…

Business

Accounting

Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 10%. The company's controller suspects that the year-end dollar balances shown below in the inventory accounts may be incorrect. Work in process, December 31 (materials 100 % complete; conversion 50% complete) Finished goods, December 31 Work in process, beginning of year (materials 100% complete; conversion 80% complete) Units Started into production Costs added during the year Units completed during the year 31,000 36,000 There were no finished goods inventories at the beginning of the year. The company uses the weighted-average method of process costing. There is only one processing department. A review of the company's inventory and cost records shows the following: Units 26,000 745,000 Costs 740,000 $ 66,000 $119,500 Costs Materials $756,000 Conversion $ 28,000 $ 54,000 $2,060,000

Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 10%. The company's controller suspects that the year-end dollar balances shown below in the inventory accounts may be incorrect. Work in process, December 31 (materials 100 % complete; conversion 50% complete) Finished goods, December 31 Work in process, beginning of year (materials 100% complete; conversion 80% complete) Units Started into production Costs added during the year Units completed during the year 31,000 36,000 There were no finished goods inventories at the beginning of the year. The company uses the weighted-average method of process costing. There is only one processing department. A review of the company's inventory and cost records shows the following: Units 26,000 745,000 Costs 740,000 $ 66,000 $119,500 Costs Materials $756,000 Conversion $ 28,000 $ 54,000 $2,060,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2EA: A company started a new product, and in the first month started 100,000 units. The ending work in...

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