Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. macgriffin company's work in process inventory acc

MacGriffin Company's Work in Process Inventory account had a $61,000 beginning balance on March 1...

90.2K

Verified Solution

Question

Accounting

imageimage

MacGriffin Company's Work in Process Inventory account had a $61,000 beginning balance on March 1 ($35,000 of this related to direct materials used during February, while $26,000 related to conversion costs incurred during February). During March, the following costs were incurred in the department: (Click the icon to view the data from March.) Summarize the department's "Total costs to account for." Prepare a schedule that summarizes the department's total costs to account for by direct materials and conversion costs. Begin by selecting the appropriate labels for the schedule, then complete each column of the table. MacGriffin Company Month Ended March 31 Conversion Costs Direct Materials Total Costs Beginning work in process, March 1 35000 26000 61000 Plus: Costs added during March 107000 Total costs to account for Data Table Direct materials used $ 107,000 Direct labor $ 19,000 Manufacturing overhead allocated to the department $ 150,000

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

Accounting
1.2K views

[The following information applies to the questionsdisplayed below.]The following partially completed process cost summary...[The...

Civil Engineering
1.2K views

Higher college of technology want to determine the area of technical college campus. As a civil...

Advance Math
1.2K views

In this problem you will use undetermined coefficients to solve the nonhomogeneous equation y???6y?+9y=12te3t?6e3t+18t?21y??6y?+9y=12te3t?6e3t+18t?21 with initial values y(0)=?3andy?(0)=?2.y(0)=?3andy?(0)=?2. A. Write...

Accounting
1.2K views

Share a media-related or personal example that investors/creditors/suppliers/customers use financial information when they make their investment/lending/purchasing decisions

Accounting
1.2K views

Mandarin Company has 9%, 20-year bonds outstanding with a par value of $500,000 and a...

Accounting
1.2K views

Required: Answer the following questions regarding inventory valuation at the year-end using both US GAAP...

Accounting
1.2K views

During the fiscal year ended September 30, 2020, Worrell Inc. had a 2-for-1 stock split...

Accounting
1.2K views

A favorable expense variance results when actual costs exceed budgeted costs Selecione uma opo: Verdadeiro...

Accounting
1.2K views

The variable costing method ordinarily includes in product costs the following: 1) Direct materials cost,...

Accounting
1.2K views

Rend hernquemerts. dedoctions. By participating in the plan, Dan would save A. Na. The tax...

Accounting
1.2K views

Tranter, Inc., is considering a project that would have a eight-year life and would require...

Accounting
1.2K views

Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods...