Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lala land is a manufacturer of electronic dog whis

Lala Land is a manufacturer of electronic dog whistles in a single processing department, assembly....

90.2K

Verified Solution

Question

Accounting

Lala Land is a manufacturer of electronic dog whistles in a single processing department, assembly. DMs are added at the start of the process and conversion costs are added evenly throughout the process. The following information for July is available:

Units:

WIP, July 1:

1,500 units; DMs 100%; conversion costs 60%

Started in July:

8,000 units

Completed in July:

7,500 units

WIP, July 31:

2,000 units; DMs 100%; conversion costs 35%

Costs:

WIP, July 1:

DM $8,000; conversion costs $35,300

Started in July:

DM $68,000; conversion costs $153,300

Required

a) Calculate the total costs transferred out and the cost of ending WIP under the weighted-average method.

b) Calculate the total costs transferred out and the cost of ending WIP under the FIFO method.

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students

Statistics
1.2K views

You are visiting an orchard with 6 different varieties of fruit: Pears, Bananas, Kiwis, Limes, Nectarines,...

Statistics
1.2K views

In a random sample of six microwave​ ovens, the mean repair cost was ​$75.00 and the...

Accounting
1.2K views

Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...

Physics
1.2K views

The value of the resistor R needed in the dc voltage regulator circuit shown here...

Physics
1.2K views

Two parallel plate air condensers have same dimensions A glass plate and an identical mica...

Physics
1.2K views

hat is the spring constant of an oscillating spring with a 4 kg mass if...

Basic Math
1.2K views

State the domain of each 5x 2 5A f x 7x 12

Statistics
1.2K views

A spinner is used for which it is equally probable that the pointer will land...

Algebra
1.2K views

x Solve the equation 32 Use Desmos or a graphing calculator to confirm your solution...

Algebra
1.2K views

96 6 96 6 Type an integer or a simplified fraction

Algebra
1.2K views

2x 3y 4 x 2y 3

Accounting
1.2K views

Assume the following sales data for a company: Current year$832,402 Preceding year608,082 What is the...