Business, 10.03.2020 22:02 kdfawesome5582

Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory.

Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process.

During May, the company completed and transferred 22,200 units of product to finished goods inventory. Its 3,000 units of beginning work in process consisted of $19,800 of direct materials and $221,940 of conversion costs. It has 2,400 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end.

During the month, $496,800 of direct material costs and $2,165,940 of conversion costs were charged to production. ?

  Beginning work in process consisted of 3,000 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion.

  Of the 22,200 units completed, 3,000 were from beginning work in process.

The remaining 19,200 were units started and completed during May.

Assume that Tamar uses the FIFO method to account for its process costing system.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 12:30

Why might complaints of age discrimination grow when the economy is slow? companies work very hard to retain their best talent in a recession. older employees provide a large pool of talented workers. companies may try to lower their labor costs by laying off higher paid workers. companies may try to provide more opportunities to younger workers. older workers are least affected by a slow economy?

Answers: 2

Answer

Business, 22.06.2019 14:50

The following information is needed to reconcile the cash balance for gourmet catering services. * a deposit of $5,600 is in transit. * outstanding checks total $1,000. * the book balance is $6,400 at february 28, 2019. * the bookkeeper recorded a $1,800 check as $17,200 in payment of the current month's rent. * the bank balance at february 28, 2019 was $17,410. * a deposit of $400 was credited by the bank for $4,000. * a customer's check for $3,300 was returned for nonsufficient funds. * the bank service charge is $90. what was the adjusted book balance?

Answers: 1

Answer

Business, 22.06.2019 20:20

Direct materials (4.2 x $15) $ 63direct labor ($12 x 17.5) $210manufacturing overhead ($2.40 x 17.5) $42total job cost $ 315dougan, inc. allocates overhead based on a predetermined overhead rate of $2.40 per direct labor hour. employees are paid $12.00 per hour. job 24 requires 4.2 pounds of direct materials at a cost of $15.00 per pound. employees worked a total of 17.5 hours to complete the job. actual manufacturing overhead costs totaled $80,000 for the year for the company. how much is the cost of job 24?

Answers: 1

Answer

Business, 23.06.2019 03:00

What are the uses of national income data

Answers: 1

Answer

You know the right answer?

Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inv...

Questions