The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The following data in Chinese currency called yuan (CNY) pertain to the month of October. Work-in-Process Inventory, October 1 50,000 units 55,080 yuan 55,765 yuan Direct materials: 50% complete Conversion: 25% complete Costs incurred during October Direct materials Conversion 840,900 yuan 1,081,585 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct materials 60% and conversion 50% complete) remain in Work-in-Process Inventory. Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 3. Cost of goods completed and transferred out during October. 4. Cost of the Work-in-Process Inventory at October 31. (Round "WTAVG Cost per EU" answers to 2 decimal places.)

The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The following data in Chinese currency called yuan (CNY) pertain to the month of October. Work-in-Process Inventory, October 1 50,000 units 55,080 yuan 55,765 yuan Direct materials: 50% complete Conversion: 25% complete Costs incurred during October Direct materials Conversion 840,900 yuan 1,081,585 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct materials 60% and conversion 50% complete) remain in Work-in-Process Inventory. Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 3. Cost of goods completed and transferred out during October. 4. Cost of the Work-in-Process Inventory at October 31. (Round "WTAVG Cost per EU" answers to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The following data in Chinese currency called yuan (CNY) pertain to the month of October. Work-in-Process Inventory, October 1 60,000 units Direct materials: 50% complete 55,840 yuan Conversion: 25% complete 65,160 yuan Costs incurred during October Direct materials 749,000 yuan Conversion 1,206,440 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct materials 70% and conversion 50% complete) remain in Work-in-Process Inventory. Calculate each of the following amounts using weighted-average process costing while rounding "WTAVG Cost per EU" to 2 decimal places. Equivalent units of direct materials and conversion. Costs per equivalent unit for direct materials and conversion. Cost of goods completed and transferred out during October. Cost of the Work-in-Process Inventory at October 31.
! 1. Required information [The following information applies to the questions displayed below.] 2. The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The following data in Chinese currency called yuan (CNY) pertain to the month of October. 3. 4. Work-in-Process Inventory, October 1 Direct materials: 50% complete Conversion: 25% complete Costs incurred during October Direct materials Conversion Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 3. Cost of goods completed and transferred out during October. 4. Cost of the Work-in-Process Inventory at October 31. (Round "WTAVG Cost per EU" answers to 2 decimal places.) During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct materials 60% and conversion 50%…
2. From the following information, draw up a manufacturing account and the trading account section of the income statement for the six months ending 30 September, 2012. You should show clearly: a. Cost of raw materials consumed b. Prime cost of production c. Gross cost of production d. Net Production cost Inventory 1 April 2012: GH¢ Raw materials 2,990 Work-in-progress 3,900 Finished goods 15,300| Inventory, 30 September 2012: Raw materials 4,200 Work-in-progress 3,600 Finished goods 17,700| Purchase of raw materials 15,630 Carriage on raw materials 126 Direct wages 48,648 Factory general expenses 7,048 Office salaries 22,200 Depreciation of office furniture 420 Carriage outwards 191 Advertising 1,472 Bad debts 200 112,410 1,317 Sales less returns Sales of scrap Discount received 188 Depreciation of factory equipment Rent and business rates (factory three-quarters, office one-quarter) 4,200 2,800
A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. Suppose that on April 12, the company sends back 3.000 kg of Y raw material to the supplier due to low standards and on April 18, 2.000 kg of the Y raw materials was returned (iade) from the production department due to damage. Now what would be the cost of consumption at the end of the month if the company uses FIFO?
Can you show me steps on how to prepare a cost of goods manufatures for the current year December 31? Thanks carlos The following selected account balances are provided for Delray Mfg. Sales $ 1,044,000 Raw materials inventory, beginning 41,000 Work in process inventory, beginning 55,100 Finished goods inventory, beginning 60,900 Raw materials purchases 193,100 Direct labor 227,000 Factory supplies used (indirect materials) 18,500 Indirect labor 46,000 Repairs—Factory equipment 5,250 Rent cost of factory building 54,000 expense 103,000 General and administrative expenses 128,000 Raw materials inventory, ending 41,900 Work in process inventory, ending 41,000 Finished goods inventory, ending 69,100
A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. Apply the weighted average method now. What would be the ending raw material balance at the end of April? What would be the appropriate journal entry for the TOTAL cost of consumption at the end of April if the company employs LIFO? Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw Material Debit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw Material Debit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw Material Debit 707.600 TL Direct…
A company makes production by using Y raw material. The movements of this Y material within the month of April are as follows: (a) April 1, Beginning balance, amount: 8.000 kg, unit price: 20 TL/kg, (b) April 5, Purchase, amount: 12.000 kg, unit price: 25 TL/kg, (c) April 10, Consumption, amount: 10.000 kg, (d) April 15, Purchase, amount: 5.000 kg, unit price: 26 TL/kg, (e) April 20, Consumption, amount: 12.000 kg, (f) April 25, Purchase, amount: 15.000 kg, unit price: 22,20 TL/kg, (g) April 30, Consumption, amount: 8.000 kg. What would be the appropriate journal entry for the TOTAL cost of consumption at the end of April if the company employs LIFO? Debit 701.000 TL Direct Material Cost, Credit 701.000 TL Raw Material Debit 215.400 TL Direct Material Cost, Credit 215.400 TL Raw Material Debit 698.000 TL Direct Material Cost, Credit 698.000 TL Raw Material Debit 707.600 TL Direct Material Cost, Credit 707.600 TL Raw Material
Required Information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 21,553 7,105 Quantity Information is obtained from the manufacturing records and includes the following: 123,992 55,520 Cost of goods transferred out Cost of ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,200 units 13,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending Inventory for February using the FIFO method. Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar.
Synergy Manufacturing Co. Ltd. manufactures Product A and Product B. The following information is available for March 2020 Product A Product B Production (units) 5,000 3,500 Sales (units) 4,600 3,200 Opening inventory (units) Financial data: Product A Product B Unit selling price £ 180.00 £ 150.00 Unit cost: direct materials £ 30.00 £ 24.00 direct labour £ 36.00 £ 24.00 variable production overheads £ 24.00 £ 16.00 fixed production overheads £ 60.00 £ 40.00 variable selling overheads £ 2.00 £ 2.00 Fixed production overheads for the period were £210,000 and fixed administration overheads were £54,000. Please note that fixed production overheads and fixed administration overheads are shared based on the number of production units for Product A and Product B. Required: Based on the details provided in the table below, prepare and interpret accurate income statements for the company using a range of management accounting techniques, such as marginal and absorption costs.
! Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40 % complete as to materials, 15% complete as to conversion) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs.
! Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 23,553 7,705 Quantity information is obtained from the manufacturing records and includes the following: 138,672 67,440 Costs of goods transferred out Costs in ending inventory 6,000 units (48% complete as to materials, 15% complete as to conversion) 44,600 units 17,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations. Answer is complete but not entirely correct. $ 181,994 S…
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units 45,200 units (40% complete as to materials, 15% complete as to conversion) 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.