Problem based on conversion costs for the period, Accounting Basics

+44 141 628 6080
[email protected]

Problem based on conversion costs for the period

Strap Company uses the weighted-average method in its process costing system. The company has only one processing department. The ending work in process inventory consists of 10,000 units, 60% complete with respect to materials. The total dollar value of this inventory is $38,000. The costs per equivalent unit are $5.00 for materials and $4.00 for conversion costs for the period. With respect to conversion costs, the ending work in process inventory is:

A.10% complete

B.20% complete

C.38% complete

D.30% complete

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Problem based on conversion costs for the period

Reference No:- TGS054032

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Evaluate the strengths of control environment

1. Using bullet points evaluate the strengths of New Phone Inc.'s control environment. 2. Using bullet points evaluate the weaknesses of New Phone Inc.'s control environment.

Q : Inventoriable and period costs

Analyze the differences in how the manufacturing, merchandising, and service sectors address inventoriable and period costs and determine which sector would present the creates challenges in terms of cost accounting. Explain your rationale.

Q : Analyze the job costing process

Analyze the job costing process and determine which aspect of that process is the most difficult to execute correctly. Explain your rationale.

Q : Equivalent units for conversion costs basics

If 10,000 units were transferred to the next processing center during the month, the equivalent units for conversion costs were:

Q : Problem based on conversion costs for the period

The total dollar value of this inventory is $38,000. The costs per equivalent unit are $5.00 for materials and $4.00 for conversion costs for the period. With respect to conversion costs, the ending work in process inventory is:

Q : Equivalent unit for conversion costs-weighted average method

By what amount would the equivalent units for conversion costs for April differ if the FIFO method were used instead of the weighted-average method?

Q : Who would use financial statements

Who would use financial statements and other financial information and why? This may include those in the organization and/or those who are interested 3rd parties.

Q : Duration of the note in months

Douglas Company has a $51,000 note that carries an annual interest rate of 10%. If the amount of the total interest on the note is equal to $2,125, then what is the duration of the note in months?

Q : Whether contract is binding on the corporation

Wick has previously informed two of the other directors of his interest in the construction company. Oxy's board approves the contract by a three-to-two vote, with Wick voting with the majority. Discuss whether this contract is binding on the corp

1928845

Questions
Asked

3,689

Active Tutors

1434481

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Problem based on conversion costs for the period

Reference No:- TGS054032

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Evaluate the strengths of control environment

Q : Inventoriable and period costs

Q : Analyze the job costing process

Q : Equivalent units for conversion costs basics

Q : Problem based on conversion costs for the period

Q : Equivalent unit for conversion costs-weighted average method

Q : Who would use financial statements

Q : Duration of the note in months

Q : Whether contract is binding on the corporation

How the major schools of thought within sociology

Cases of local communities using modern technology

How is it rational for the owner of a factory or plantation

Which is a criticism of marxist/conflict theories

How sociological models help understand mental illness

Symbolic interactionism took off as a theoretical approach

Why does victor coin the term hyper-violence

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Problem based on conversion costs for the period

Reference No:- TGS054032

Recent Questions Asked Accounting Basics

Q : Evaluate the strengths of control environment

Q : Inventoriable and period costs

Q : Analyze the job costing process

Q : Equivalent units for conversion costs basics

Q : Problem based on conversion costs for the period

Q : Equivalent unit for conversion costs-weighted average method

Q : Who would use financial statements

Q : Duration of the note in months

Q : Whether contract is binding on the corporation

Asked Questions