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 21:00

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

Answers: 3

Answer

Business, 22.06.2019 19:40

Adistinguishing feature of ecological economics is the concept of cost-benefit analysis steady-state economies that, like natural systems, neither grow nor shrink environmental damage and also environmental benefits are external greenwashing to increase public acceptance of products the only healthy economy is one that is growing

Answers: 1

Answer

Business, 23.06.2019 03:00

On december 31, 2016, the decarreau, andrew, and bui partnership had the following fiscal year-end balance sheet: cash $10,000accounts receivable $20,000inventory $25,000plant assets - net $30,000loan to decarreau $18,000total assets $103,000accounts payable $14,000loan from bui $15,000decarreaua, capital (20%) $32,000andrew, capital (10%) $23,000bui, capital (70%) $19,000total liab./equity $103,000the percentages shown are the residual profit and loss sharing ratios. the partners dissolved the partnership on january 1, 2017, and began the liquidation process. during july the following events occurred: * receivables of $18,000 were collected.* all inventory was sold for $15,000.*all available cash was distributed on january 31, except for$8,000 that was set aside for contingent expenses.the book value of the partnership equity (i.e., total equity of the partners) on december 31, 2016 isa. $58,000b. $71,000c. $66,000d. $81,000

Answers: 1

Answer

Business, 23.06.2019 05:10

To use google as main search engine, which internet browser can i use

Answers: 2

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