Answer the following questions using the information below: Apple Inc., American manufacturer of smartphones and...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Answer the following questions using the information below:
Apple Inc., American manufacturer of smartphones and computer software Beginning work in process was half converted as to labor and overhead. Direct materials are added at the beginning of the process. All conversion costs are incurred evenly throughout the process. Ending work in process was 50% complete.
| Beginning work in process | 45,000 units |
| Units started | 75,000 units |
| Units completed | 114,000 units |
|
|
|
| Beginning work-in-process direct materials | $ 24,000 |
| Beginning work-in-process conversion | $ 7,200 |
| Direct materials added during month | $108,000 |
| Direct manufacturing labor during month | $42,000 |
| Factory overhead | $ 21,000 |
Required:
- Using the weighted-average process costing method:
- Calculate the equivalent units for direct materials and conversion costs, respectively, for June 2020. (2 marks)
- Calculate cost per equivalent unit for direct materials and conversion costs, respectively for June, 2020. (2 marks)
- Calculate the total costs assigned to direct materials and conversion costs, respectively, for June 2020. (2 marks)
- Prepare journal entry to record transferring WIP to finished goods. (1 mark)
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.