BSAD 223 Introductory Managerial Accounting;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;Units completed during the year;450,000;Costs added during the year;$650,000;$997,500;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.;1. 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#75951 | Written in 18-Jul-2015Price : $27