The Miracle company had 20,000 units in prcoess on December 31,2020, which was 80% complete as to materials but only 40% complete as to conversion costs. The company's records show 40,000 units were transfered to finished goods inventory during January 2012. On Janurary 31 2021, 15,000 units were on hand which waere 30% complete as to conversion costs and 60% complete as to materials. what are the equivalent units or production (EUPS) added for the conversion costs in january, assuming miracle uses FIFO?

Q: Process C- data Additional materials totaling 1,000kgs valued at Shs. 5,000 per kg were introduced…

A: Sometimes, the product is manufactured by passing the raw material through various processes. For…

Q: What would be Casiu’s operating income for 2021 under absorption costing method?

A: In absorption costing, fixed factory overhead are also considered as part of product costs. The…

Q: Martin Manufacturer Ltd started its operations on 1 January 2021, and the planned production for…

A: The income statement represents the net income or net loss of the company that is calculated by…

Q: From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales…

A: Cost of Goods Manufactured: Cost of Goods Manufactured is the cost of the goods produced during a…

Q: In using average method, Cruz Company produces a product that undergoes three processes and the…

A: Under the weighted average method of process costing, the beginning work in process units are not…

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A:

Q: Kansas Company uses a standard cost accounting system. In 2020, the company produced 28,000 units.…

A: The direct costs incurred are debited to work in process. The applied overhead cost is also debited…

Q: In March 2020, Chester Bhd purchased material costing RM28,000 and incurred direct labour cost of…

A: The cost of goods sold includes the cost of goods sold during the period.

Q: Data obtained from Antanian Manufacturing Inc. for July 2020 are as follows: Assembly Department…

A: Particulars Units Opening Inventory 2000 Add: Put into process during the month 6000 Total…

Q: MahirapTo Company started in 2018, it produced 100,000 units from 2018 to 2020. The company had an…

A: Mixed cost for overhead is separated below using following formula of high and low method:- Variable…

Q: On March 1, 2019, Baltimore Company's beginning work in process inventory had 5,000 units. This is…

A: In weighted average method all the units are considered to be hundred percent (100%) in the year…

Q: Iris Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning x  = beginning inventory x 40%   = 22500 x 40%   = 9000 units

Q: ABC Company uses a backflush costing system with three trigger points: Purchase of direct materials…

A: Calculation of the Value of ending Finished Goods as of the end of April::: ABC Company produced…

Q: Manar Enterprises manufactures a product A. The following particulars are given for Material X used…

A: *As per the bartleby guideline in case of sub-parts we are supposed to answer first 3  EOQ means…

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A: The cost per unit is calculated as total cost divided by number of equivalent units.

Q: On March 1, 2019, Glacier Company's beginning work in process inventory had 5,000 units. This is its…

A: Equivalent units: =[(Opening WIP +Newly introduced & completed units) * 100%] +Closing WIP *…

Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…

A: Direct material consumed:     Beginning stock 20000   Add: Purchases of raw material…

Q: he Sanding Department of Quik Furniture Company has the following production and manufacturing cost…

A: Process costing is the costing method, which surmises the process costs for a particular process and…

Q: ABC Company uses FIFO costing and applies lower of cost and net realizable to its inventories. At…

A: Under FIFO Method, Cost of inventory is calculated on the assumption that units of inventory which…

Q: ABC Corp. had the following data for the month of June 2022: • Raw materials purchased on account is…

A: Cost of Goods Manufactured = Beginning Raw and in Process Inventory + Raw Material Purchased +…

Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…

A: The total cost is calculated as equivalent units multiplied by cost per equivalent unit.

Q: ABC Company uses FIFO costing and applies lower of cost and net realizable to its inventories. At…

A: It has been assumed that the periodic inventory method is being used as no specific details have…

Q: ABC Company uses a backflush costing system with three trigger points: • Purchase of direct…

A: Backflush costing is the one in which cost are calculated when goods are finished. This costing is…

Q: The Morning Star Company had 25,000 units in process on December 31, 2019 which was 80% complete as…

A: Solution: Equivalent units for conversion cost using FIFO = Units completed from beginning WIP *%…

Q: Muscat Company has the following data for the year ended 2020, compute the cost of goods…

A: The cost of goods manufactured is the cost associated while producing the goods. It has been…

Q: On March 1, 2019, Baltimore Company's beginning work in process inventory had 5,000 units. This is…

A: All the units are being considered to be 100% in the year where they are completed as per weighted…

Q: ABC Company uses FIFO costing and applies lower of cost and net realizable to its inventories. At…

A: FIFO FIFO means First in first out Valuation of Inventory Inventories should be valued at lower of…

Q: MAJU Print Manufacturing Sdn. Bhd. Manufactures and sell high-technology printing press each year.…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Muscat Company has the following data for the year ended 2020, compute the cost of goods m. Direct…

A: Cost of goods manufactured = Direct material( opening+ purchase- ending) + Direct labor +…

Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…

A: The cost of goods sold is the cost incurred for producing the goods that are sold by the company.…

Q: Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in…

A: Unit production cost means how much cost has been incurred on production and manufacturing of a…

Q: In October, what is the amount of conversion costs added in Department B

A: Conversion costs are those costs which are required to be incurred in order to convert the materials…

Q: Cavy Company completed 10,020 units during the year at a cost of $771,540. The beginning finished…

A: Cost per unit for beginning finished goods inventory = Total cost / Total units = $158,400 / 2,200…

Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2020 Dec. 31, 2020 Raw materials inventory OMR…

A: Cost of goods sold means total cost incurred on the goods which are to be sold to external market.…

Q: On March 1, 2019, Baltimore Company's beginning work in process inventory had 5,000 units. This is…

A: Computation of equivalent units: = ((Opening + newly introduced units and completed units) * 100% )…

Q: Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount,…

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Q: ABC Company uses a backflush costing system with three trigger points: Purchase of direct materials…

A: Backflush costing is one of the costing system used for Just in time inventory system. Under costs…

Q: Al Zahra Company manufactures a nutrient, Everlife, through two manufacturing processes: Blending…

A:

Q: Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…

A: Cost of goods sold means total costs incurred for the products that are to be sold in the market.

Q: 1,000 units 50% complete. Cost: Materials P2,250; Labor P1,000; OH P800. 500 units 70% complete. 250…

A: Total cost on 15,000 beginning  is 88,110 ,  Where as in process 1000 unit where only 15,200  and…

Q: Company produces a product that undergoes three processes and the completed items at end of process…

A: Average unit cost of inventory shows the cost per equivalent unit. Equivalent unit is calculated by…

Q: acific Ink had beginning work-in-process inventory of $750,960 on October 1. Of this amount,…

A: The calculation of equivalent units for materials and conversion costs has been made as follows:…

Q: In October of the same year, Mannequin Fabrics, which started 35,000 units, had initial material…

A: The question is related to Process Costing. The details are given.

Q: Emerald Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40%…

A: EUP of beginning inventory  = beginning inventory  x 40% = 22500*40% = 9000 units

Q: Kaluwax Ltd. manufactures one product which it sells to the wholesale trade.  The following trial…

A: Inventory- The things that a business keeps on hand in order to make money are referred to as…

Q: Calculate the Total Cost of Production.   If the actual GBE amounted to 52.000€, calculate the…

A: Cost of production refers to the cost that is incurred for the production of a good. It includes all…

Q: On March 1, 2020, Gon Company Purchases materials amounting to 65,000, net of defective materials…

A: Raw material consumed , conversion cost , opening and closing work in progress are required amount…