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Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process.

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1. Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information: Units Materials;Conversion Work in process. Jan. 1 (80% complete with respect to conversion costs) 100,000 $100,000 $157,500 Units started into production 500,000 Costs added during the year: Materials $650,000 Conversion $997,500 Units completed during the year 450,000 The;company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs. Required: i. Compute the equivalent units of production and the cost per equivalent units for materials and;for conversion costs. ii. Determine the cost transferred to finished goods. iii. Determine the amount of cost that should be assigned to the ending work in process inventory. 2.Weisinger Corporation has provided the following data for the month of January;Inventories Beginning Ending Raw materials $28,000 $29,000 Work In process $16,000 $14,000 Finished goods $42,000 $54,000 Additional Information Raw material purchases $56,000 Direct labor costs $87,000 Manufacturing overhead cost incurred $51,000 Indirect;materials included in manufacturing overhead costs incurred $3,000 Manufacturing overhead cost applied to work in process $55,000 Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.

 

Paper#75732 | Written in 18-Jul-2015

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