kindly answer with solution. thankyou Chapter 11 Average and FIFO Costing35110. The équivalent units for conversion costs equaled 47,500' units. The beginninginventory consisted of 15,000 units, 60% eenmplete. The ending inventoryconsisted of 10,000 units, 75% complete. Assuming a FIFO basis of computingequivalent units, the number of units started during the month wasa. 41,500 unitsb. 31,000 units44,000 unitsd. 34,000units20oumulote costs related to

FIFO stands for First-in First-out. It states that the inventory purchased first would be sold…

D. The équivalent units for conversion costs equaled 47,500' units. The beginning inventory consisted of 15,000 units, 60% eomplete. The ending inventory consisted of 10,000 units, 75% complete, Assuming a FIFO basis of computing 0auivolent uunits the number of units started during the month was

D. The équivalent units for conversion costs equaled 47,500' units. The beginning inventory consisted of 15,000 units, 60% eomplete. The ending inventory consisted of 10,000 units, 75% complete, Assuming a FIFO basis of computing 0auivolent uunits the number of units started during the month was

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Exercise 3-1 (Division of Profit using Ratios) Borres, Buendia, and Bustos have capital balances of ...

A: Solution Working note - 1-Calculation of profit sharing ratio based on capital investment- Borre...

Q: Which of the following costs is most Ilikely to be classlfled as a fixed cost? Multiple Cholce Direc...

A: Fixed costs are costs which do not vary with production and remains fixed in total .On the other han...

Q: On Dec. 31, 2021, Small Co. issued P 5,000,000 face value, 5-year bonds at 109. Each P 1,000 bond wa...

A: Compound financial instruments are the instruments with the characteristics of both debt and equity....

Q: During 2021, WMC Corporation discovered that its ending inventories reported in its financial statem...

A: Journal entry shows the recording of transactions during an accounting year and every transaction ha...

Q: ! Required information [The following information applies to the questions displayed below.] In 2021...

A: Opportunity tax credit is tax credit which helps to pay education expenses for 4 years after high s...

Q: Cost per Equivalent Unit The cost of direct materials transferred into the Filling Department of Iv...

A: The equivalent units are used in process costing to measure the estimated final quantity for work-in...

Q: Equipment was purchased at the beginning of 2019 for $740000. At the time of its purchase, the equip...

A: Solution: Cost of equipment = $740,000 Initial estimated salvage value = $89,000 Useful life = 6 yea...

Q: Problem 5-4 (IAA) On January 1, 2021, Lyka Company issued 12% bonds payable with face amount of P4,0...

A: bonds are considered to be debt instrument of the company whose payment are needed to be made by the...

Q: Jill buys a house for $100,000 with no mortgage. Jill's buying c of Jill's house grows 4.5% per year...

A: RR is discount rate for which present value of cash inflows is equal present value of cash outflow

Q: San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estima...

A: Periodic Inventory System: Periodic inventory system is an arrangement of stock wherein refreshes ar...

Q: Prepare the journal entries required by the lessee and the lessor on 12/31/Year 5.

A: Cost of Equipment $ 295000 Fair Value of Equipment $ 295000 Lease Term 5 years Lease Rent is b...

Q: CABADBARAN CORP., produces non-fat yogurt which it sells to restaurants and ice cream shops. The pro...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: The following investment account was taken from the general ledger of One Dream Investment Company: ...

A: Fair value as Decemeber 31, 2023 = 1800000 x 105/100. = 1890000 Fair value as on Decemeber 31, 2022 ...

Q: is 2.50%. In the future, the rate will reset to 250 basis points above the LIBOR. There are no rate ...

A: Monthly interest rate (2.50% / 12) 0.21% (approx.) Number of years of the loan (30 years * 12 mont...

Q: 1. On May 1, 2018, the business assets and liabilities of Nathan and Janice were as follows: Nathan ...

A: Partnership formation: A partnership is a business arrangement between two or more people who own an...

Q: In case of electric cooperatives, the quorum required in the meeting of the general assembly is O 15...

A: According to Electric By-Laws, Quorum required for general assembly meeting shall be at least 5% of ...

Q: The company is desirous of comparing several financial transactions and possible outcomes to assist ...

A: Journal entry - It refers to the process where the business transactions are recorded in the books o...

Q: Yellow. Arrow Construction. Co. has consistently used the percentage-of-completion method of recogni...

A: According to percentage method, the revenue is recognized in the period on the basis of percentage o...

Q: Pharoah Company purchased equipment that cost $3180000 on January 1, 2020. The entire cost was recor...

A: The depreciation expense amount for the year should be recorded as an expense. However, the asset is...

Q: On September 30, 2019, STONE REACH Co., Inc. was awarded the contract to build a 1,000 room hotel fo...

A: Contract accounting is acknowledged as the accounting method utilized in order to record the revenue...

Q: Kingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 pe...

A: Your journal entries are recorded into the general ledger in the second phase of the accounting cycl...

Q: On January 1, 2016, Truffle Corp. issued 9% bonds in the face amount of P 5,000,000, which maature o...

A: Interest expense = Issue price of the bonds x yield rate of interest x No. of months in calendar yea...

Q: Puffin Corporation makes a property distribution to its sole shareholder, Bonnie. The property distr...

A: A dividend is a payment made by a corporation to its stockholders. When a company makes a profit or ...

Q: A machine cost P480, 000 and has a salvage value of 10% of its cost at the end of its life of 30,000...

A: Lets understand the basics. Depreciation is a reduction value of asset due to wear and tear, technol...

Q: Return on assets d. Current ratio e. Receivables turnover

A: Financial ratios: Financial ratios are performance measurement methods used by the company to Measur...

Q: An amount of 100,000 was borrowed and was to be repaid in 10 instalments at the end of every quarter...

A: Solution:- Borrowed amount = 100,000 Rate of interest 12% semi-annually Number of year, n= 2 and 1/...

Q: Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Incorpora...

A: A Recognized gain occurs when an investment or object is sold for a higher price than when it was p...

Q: 5. For each of the following independent situations, fill in the missing data. In all cases, the sta...

A: Variance refers to those deviation which is used to determine the difference between the actual unit...

Q: Units accounted for: 58,000 12,500 70,500 58,000 12,500 70,500 Completed and transferred out 58,000 ...

A: Production cost: Production cost encompasses all the costs incurred while manufacturing an item star...

Q: Allie purchased an office building on October 23, 2018 for $150,000. She uses this building in her b...

A: As per MACRS depreciation table, office building qualifies for 39 year, straight line class. As per ...

Q: 3. On January 10, 20X2, a promissory note was signed with the principal of One hundred forty-five th...

A: The promissory note is a note bearing a promise to pay a certain amount stated in the note clearly w...

Q: Given the below assumptions, what is the level of sales required for a two department (food and beve...

A: The return on investment is calculated with the help of following formula Return on Investment = Op...

Q: You have been engaged to review the financial statements of Flint Corporation. In the course of your...

A: Solution:- Preparation of the necessary correcting entries, assuming that Flint uses a calendar-year...

Q: An ideal standard Is the quantity of direct materlal required f a process is 100% efficient without ...

A: Introduction:- ideal standard costs are termed as perfect or 100% performance without fail. which co...

Q: Negotiation Agreement) is considered as a benefit for public employees. Given the formula below: CNA...

A: CAN + 13th Month Pay + other benefits > Php 30,000 are taxable

Q: Pure Self-Employment Architect Adira offers architectural design services. She is also the sole prop...

A: Solution Income tax liability is the amount of money in the form of tax debt you owe to tax authorit...

Q: White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat ...

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...

Q: Tina taxpayer makes $75000 a year. what are her average and marginal tax rates if she required to p...

A: In order to determine the average tax rate, the total tax obligation is required to be divided by th...

Q: s 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. ...

A: Lease liability refers to the form of obligation by which the borrower has to pay the desired lease ...

Q: OOutline some different approaches to stock control.

A: Stock control, also known as inventory control, is used to show how much inventory you have on hand ...

Q: shall be paid on September 15, 20X2. Find the final amount at the end of the load period.(Use banker...

A: Promissory note refers to an instrument or written document in which one party promise another party...

Q: Q4. A sale of merchandise on account for $5,000, terms n/30, is subject to an 8% sales tax. (a) S...

A: Sales Tax - Sales Tax is the tax that charged by the the seller the customer. This is not the income...

Q: Accounting Required information [The following information applies to the questions displayed below....

A: Revenues are the total earnings of the entity made during a year which is credited in the statement ...

Q: On December 31, 2021 Carla Vista Company changed its method of accounting for inventory from weighte...

A: An increase in beginning inventory due to a change in the method of inventory decreases the profit. ...

Q: On December 30, 2021, First Company issued 5,000 of 8%, 10-year, P 1,000 face value bonds with share...

A: Bond Payable There are different type of bond can be issued like discount on bond, par value on bond...

Q: The primary objective of financial reporting is to provide information?

A: The primary objective of financial reporting is to provide information relating to financial positio...

Q: The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is...

A: Shareholder's equity shows how much the is the amount invested by the owner's in the business. The e...

Q: Question text The relationship between the amount funded and the amount reported for pension expense...

A: In case of multiple questions are posted together, the first question is solved. Pension expense is ...

Q: For Year Endea vecember 31, 2019 $372,800 239,900 132,900 Sales Cost of goods sold Gross profit Oper...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: That was the total estimated gross profit recognized or realized as of December 31, 2018? What wa...

A: Answered:

Question

kindly answer with solution. thankyou

Chapter 11 Average and FIFO Costing
351
10. The équivalent units for conversion costs equaled 47,500' units. The beginning
inventory consisted of 15,000 units, 60% eenmplete. The ending inventory
consisted of 10,000 units, 75% complete. Assuming a FIFO basis of computing
equivalent units, the number of units started during the month was
a. 41,500 units
b. 31,000 units
44,000 units
d. 34,000units
20oumulote costs related to

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!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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

Discussion QuestionThe table below shows monthly data collected on production costs and on the number ofunits produced over a twelve month period. Month Total Production Costs Level of Activity (Units Produced)July $230,000 3,500August 250,000 3,750September 260,000 3,800October 220,000 3,400November 340,000 5,800December 330,000 5,500January 200,000 2,900February 210,000 3,300March 240,000 3,600April 380,000 5,900May 350,000 5,600June 290,000 5,000 a) Determine the variable cost per unit and the fixed cost using the high-low method. b) What is the equation of the total mixed cost…
Following information relating to a type of raw material is available: Annual demand 2,400 units, Unit price OMR .2.400, Ordering cost per order OMR.4.000, Storage cost 2% per annum, Interest rate 10% per annum. Calculate Economic Order Quantity.
Problem 1. Compute the equivalent production for the month for each of the following situations: Units Completed During Month Units in Process Stage of Completion End of Month 10,000 26,000 12,000 20,000 5,000 8,000 2,000 6,000 4,000 2,000 3,000 /2 e) 45,000 1/5
From the following particulars, calculate the Economic Order Quantity (EOQ): Annual requirements 1,600 units Cost of materials per units Rs. 40 Cost of placing and receiving one order: Rs. 50 Annual carrying cost for inventory value 10%
Calculate the Economic Order Quantity from the following information. Also state the number of orders to be placed in a year. Consumption of materials per annum 10,000 kg Order placing cost per order १ 50 Cost per kg. of raw materials 32 Storage costs 8% on average inventory
Calculate Re-order level from the following: Consumption per day: 100-200 units Delivery period: 14-28 days a. 5600 units b. 200 units c. 1400 units d. 800 units
8. Bose Earbuds has the following equivalent units for July: materials 20,000 and conversion costs 18,000. Production cost data are: isgor Conversion $ 3,000 42,000 Materials $ 6,400 50,400 Work in process, July 1 Costs added in July % (a Which of the following are the unit production costs for July? Conversion Costs $2.50 G(Q Materials A) $2.52 93h S1 N) me (& eainu 2.33 iiggd or Jo eang of o odToupo Uiyol heirvooss so Sai B) 2.84 .bosg edt to bar 2.33 2.52 C) 18Faru 1 toaw e ( 2.50 D) 2.84 leviups bro 9. In the Preparation Department of Cara's Cosmetics the unit materials cost is $3.00 and the unit conversion cost is $1.80. The department transferred out 8,000 units and had 2,000 units in ending work in process 20% complete. If all materials are added at the beginning of the process, what is the total cost to be assigned to the ending work in process? A) $9,600. B) $6,000. C) $1,920. D) $6,720. 2jog C) voe dr Anornbab ow! li nce OTO nelar oak itoi npl 10. Top Flight Company had the…
Cost Classification Discussion Question The table below shows monthly data collected on production costs and on the number of units produced over a twelve month period. Month Total Production Costs Level of Activity (Units Produced) July $230,000 3,500 August 250,000 3,750 September 260,000 3,800 October 220,000 3,400 November 340,000 5,800 December 330,000 5,500 January 200,000 2,900 February 210,000 3,300 March 240,000 3,600 April 380,000 5,900 May 350,000 5,600 June 290,000 5,000 Determine the variable cost per unit and the fixed cost using the high-low method. What is the equation of the total mixed cost function? Based on the High-Low method, what is the total production costs if 6,500 units are produced? Prepare the scatter diagram and insert the trendline or line of best-fit. Use a scale of 2 cm to represent 1,000 units on the x-axis & 2 cm to represent…
Cost Classification Discussion Question The table below shows monthly data collected on production costs and on the number of units produced over a twelve month period. Month Total Production Costs Level of Activity (Units Produced) July $230,000 3,500 August 250,000 3,750 September 260,000 3,800 October 220,000 3,400 November 340,000 5,800 December 330,000 5,500 January 200,000 2,900 February 210,000 3,300 March 240,000 3,600 April 380,000 5,900 May 350,000 5,600 June 290,000 5,000 Prepare the scatter diagram and insert the trendline or line of best-fit. Use a scale of 2 cm to represent 1,000 units on the x-axis & 2 cm to represent $50,000 on the yaxis. Using the line of best-fit, determine the company’s fixed cost per month and the variable cost per unit. (Use 0 & 5,000 units.) Which of the two methods appear more appropriate? Explain your answer.
The manufacturing costs of Calico Industries for 3 months of the year are as follows: Total Cost Production (units) April $112,200 May 88,500 168,700 235,800 006'601 Using the high-low method, the variable cost per unit and the total fixed costs are June Round your intermediate calculations to two decimal places. Oa. $0.40 per unit and $25,564, respectively Ob. $3.96 per unit and $5,113, respectively Oc. $2.20 per unit and $5,113, respectively Od. $0.22 per unit and $51,128, respectively Previous Next a. 53°F Sunny 3:29 PM 12/14/20 114 EGO 144
Using average costing, compute the UNIT MATERIALS COST at the end of the month. WIP, beginning 20,000 units Units started during the month 600,000 units WIP, ending (materials complete; 60% complete as to conversion cost) 40,000 Conversion Cost of WIP, beginning P 100,000 Conversion cost for the month P 655,000 P 140,000 P 790,000 Materials Cost of WIP, beginning Materials cost for the month
Two components A and B are used as follows: Normal usage 50 Units per week each Minimum usage 25 Maximum usage 75 Re-order quantity А- 300 Units .. B - 500 Units Re-order period А - 4 to 6 weeks. B- 2 to 4 weeks Calculate for each component: (a) Re-Order level. (b) Minimum level. (c) Maximum level.