Question

[The following information applies to the questions displayed
below.]
We discuss how to calculate the number of equivalent units using
the weighted-average method. We also discuss how to calculate
the equivalent cost per unit and reconcile the total cost of Work in
Process Inventory.
!
Knowledge Check 03
Sammy Co. uses process costing to account for the production of popcorn. Direct
materials are added at the beginning of the process and conversion costs are
incurred uniformly throughout the process. Equivalent units have been calculated to
be 20,000 units for materials and 18,200 units for conversion costs. Beginning
inventory consisted of $6,200 in materials and $4,400 in conversion costs. May
costs were $47,000 for materials and $32,000 for conversion costs. Ending
inventory still in process was 4,000 units (100% complete for materials, 55% for
conversion). The cost per equivalent unit for conversion costs using the weighted
average method would be:

 

Knowledge Check 04
Sammy Co. uses process costing to account for the production of popcorn. Direct
materials are added at the beginning of the process and conversion costs are
incurred uniformly throughout the process. Equivalent units have been calculated to
be 20,000 units for materials and 18,200 units for conversion costs. Beginning
inventory consisted of $6,200 in materials and $4,400 in conversion costs. May
costs were $47,000 for materials and $32,000 for conversion costs. Ending
inventory still in process was 4,000 units (100% complete for materials, 55% for
conversion). The cost per equivalent unit for materials using the weighted average
method would be:

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Cost Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: 1. The adjusted trial balance columns of the worksheet for Savaglia Company are as follows. SAVAGLIA...

A: Income statement reports revenues and expenses, whereas balance sheet reports assets, liabilities, a...

Q: In an effort to keep low-wage workers' salaries commensurate with the cost of living, a number of st...

A: As you have posted multiple independent questions, we are answering the first three questions. Kindl...

Q: Today, a very high percentage of publicly traded companies are audited by only four very large publi...

A: The public accounting firms are the firms with experts providing various kinds of accounting, auditi...

Q: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distr...

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business dur...

Q: I have done the post closting trial balance and it is way off.. maybe my journal entries are off..  ...

A: Closing Entries:- These entries are prepared at the end of the Accounting Period to close Temporary ...

Q: Required information [The following information applies to the questions displayed below.]Sandra’s P...

A:   Opening  Purchased Sale Closing Date Units Total Units Rate Total Units Rate Total Units Total ...

Q: An alternative concept of fairness in cost allocation, absent the cause-and-effect basis, includes: ...

A: Cost allocation is dividing of all indirect cost between all cost objects based on the resources use...

Q: Honesty purchased an item with a catalog price of P10,000. The invoice dated March 1 indicates a ter...

A: Net purchases = Purchases worth - Purchase discount = P10,000 - P10,000 x 20% = P8,000

Q: 12/31/2018 12/31/2019 Current assets $79,000 $298,000 Current liabilities 49,000 166,000 Using the a...

A: Formula: Working capital = Current Assets - current liabilities Deduction of current liabilities fro...

Q: Statement of Cash Flows—Direct Method Applied to PR 16-1B The comparative balance sheet of Merrick E...

A: Cash Flow Statement:   It is a financial statement prepared by a company to report their cash inflow...

Q: Discuss:  Special Business Forms and Contract Liability The city of Papagos, Arizona, had a deterior...

A: Contract: A contract is a legally enforceable agreement between two or more entities to perform an a...

Q: On April 1, Year 1, Brandi Corporation issued $20,000,000 of 5-year, 9% bondsat a market interest ra...

A: Premium on Bonds Payable = Issue value of bonds - Face value of Bonds = $20,811,010 - $20,000,000 = ...

Q: a) Calculate the Occupancy Rate (Note: Occupancy Rate = Nights booked + Total nights available) b) C...

A: Occupancy Rate : It refers to the ratio of rented or used space to the total amount of available spa...

Q: Scenario 1Kerry owns and operates a small community pharmacy. John is the pharmacist and heemploys a...

A: 1) a) Scenario 1: Here single person is held responsible for collection, reconciliation and deposit ...

Q: An alternative concept of fairness in cost allocation, absent the cause-and-effect basis, includes?

A: A cause and effect allocation basis is the cost allocation method in which the allocation base is ve...

Q: 7. A business operated at 100% of capacity during its first month, with the following results: Sa...

A: Answer:   Option d.

Q: Technology and complexity issues often lead management to simplify and to: Multiple Choice   Us...

A: Technology has no doubt, revolutionised the modern business world. However, it comes with its own se...

Q: Profit Margin, Investment Turnover, and Return on Investment The condensed income statement for the ...

A: Click to see the answer

Q: 10. A business operated at 100% of capacity during its first month, with the following results: S...

A: Contribution margin:   Contribution margin is a product's price minus all associated variable costs,...

Q: Horizontal analysis of income statement For 20Y2, McDade Company reported a decline in net income. A...

A: Horizontal analysis is prepared to calculate the variance from previous year by showing increase/dec...

Q: Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $31,...

A: Social Security tax = Annual net earnings x Social Security tax rate Medicare tax  = Annual net earn...

Q: The 2014 comparative balance sheet and 2014 income statement of Simple Things Industries Ltd, have j...

A: Cash Flow Statement is the statement that shows inflows and the outflows of cash and cash equivalent...

Q: 1. the tl segment is easier to cost than the ltl segment   2. the market in the headhaul lane from B...

A: Hello, since the student has posted multiple requirements, only the first one is answerable. Thank y...

Q: From the following transactions for Casio Company, find the required balances for the month ended No...

A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received an...

Q: Whispering Inc. purchased land at a price of $29,900. Closing costs were $3,230. An old building was...

A: The cost of land would be the cost incurred to make land available for purchase

Q: Financial info to be used by surnames with initials (S, W, G, Z)   Simple Things Industries Lt...

A: The cash flow statement is the statement that shows all the inflows and outflows of cash and cash eq...

Q: Marin Company is constructing a building. Construction began on February 1 and was completed on Dece...

A: Weighted average accumulated expenditure is the product of expenditure and capitalization period

Q: Can you tell us what accounting will be used to evaluate each of the responsibility centers?

A: There are three responsibility centres in accounting  Revenue centre-The revenue centre have respons...

Q: 5. Record the following transactions for the month of November 2020 in the general journal and post ...

A: Because of the time constraint journal entries ha been provided, please submit the question again to...

Q: Prepare the following budgets for the year 2021: - 1. Production budget. Show total production unit ...

A: Production budget: Production budget is the estimation or projection of number of units the company ...

Q: Income taxes have the following effect on the breakeven point calculation:   Multiple Choice   ...

A: While calculating the breakeven point, fixed cost and contribution margin is being considered and in...

Q: Based on analyzing the relationship of total factory overhead (Y) to direct labor hours (X). The fol...

A: Simple regression analysis: When two variables are systematically connected by the linear relationsh...

Q: Assume that you are a financial advisor to the CEO of a large conglomerate that has various business...

A: 1. Companies seek sources of funding to grow the business. It is also known as funding or financing....

Q: Jennie Company bought computers amounting to P50,000 but paid only P40,000 as she got a discount of ...

A: Reporting period principle says that business entity should close books of account on specified date...

Q: Scenario: The 2014 comparative balance sheet and 2014 income statement of Bradshaw and Fran Co Ltd, ...

A: As posted multiple independent questions we are answering only first question kindly repost the unan...

Q: 2. explain the transfer pricing method that is used / can be used in this company. Explain the advan...

A:            Transfer pricing is the price at which different parties interact with each other . A tra...

Q: -What extent a member is liable to cooperative debts? -Discuss the procedure when the board of dir...

A: Co-operative Society:   A Co-operative Society is an artificial voluntary association of people who ...

Q: Case:Mercurial Company has made the following information available for its production facility for ...

A: Variance analysis = It is the summarized analysis of the differences between budgeted and actual cos...

Q: From a strategic management perspective, the primary reason a firm performs CVP analysis is to find ...

A: CVP Analysis: CVP analysis is used to determined the how the changes in volume and costs effect the...

Q: Lars Osberg, a single taxpayer with a 35 percent marginal tax rate, desires health insurance. Volvo,...

A: Solution: Deductibles in health insurance are the amount that you need to pay before the insurance c...

Q: Horizontal analysis of income statement For 20Y2, McDade Company reported a decline in net income. A...

A: Horizontal analysis is prepared to calculate the variance from previous year by showing increase/dec...

Q: Quigley Co. bought a machine on January 1,2016 for $1,400,000. it had a 122,600 estimated residual v...

A: Whenever a capital asset is purchased it shall be capitalized to the balance sheet not expensed to p...

Q: Times interest earned A company reports the following: Income before income tax expense $3,120,00...

A: Times interest earned ratio measures the company's ability to pay its interest obligations. Times in...

Q: Hello question is attached, thanks.

A: Flexible budget operating loss=Contribution×Units sold-Fixed cost($6,000)=$4×Units sold-$70,000Units...

Q: 11. Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations...

A: Absorption Costing Income Statement: Under the absorption costing, the operating income is calculate...

Q: Belkin Plc purchased a patent for $135,000 on September 1, 2016. It had a useful life of 10 years. O...

A: First, compute the carrying value of patent on January 1, 2018 and then add the cost of defending th...

Q: Current Portion of Long-Term Debt PepsiCo, Inc., reported the following information about its long-t...

A: Long-term debt is those which are payable in more than one year.it includes notes payable, borrowing...