Accounting Equation Costing Returns Homework Help
- November 29, 2017
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- Category: Accounting
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1.The fields company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process-costing. At the beginning of the month, the forming department has 25,000 units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $60,100 consisted of $44,800 of direct material costsand $15,300 of conversion cost. During the month, the forming department started 300,000 units. At the end of the month, the forming department had 30,000 units in ending inventory, 80% complete as to materials and 30% complete as to conversion. Units completed in the forming department are transferred to the painting department.
Cost information for the forming department is as follows: Beginning work in process inventory $60,100, Direct materials added during the month 1,231,200, Conversion added during the month 896,700.
1.) Calculate the equivalent units of production for the forming department.
2.) Caluclate the costs per equivalent unit of production for the forming department.
3.) Using the weighted-average method, assign costs to the forming departments output- specifically, its units transferred to painting and its ending work in process inventory.
2. A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500. How much does the company have in Assets?
3. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?
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4. The account “Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the “Salaries Expense” account, and is it a debit or credit?
5.Hart RV Center, Inc.s, accounting records include the following accounts at December 31, 2010:
Cost Of Goods Sold $387,000
Accumulated Depreciation $38,000
Accounts Payable 19,000
Rent Expense 22,000
Sales Revenue 699,000
Depreciation Expense 14,000
Retained Earnings 63,000
Sales Discounts 8,000
Common Stock 140,000
Journalize the required closing entries for Hart RV Center for December 31, 2010.
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