Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. malcom industries manufactures a silicone paste wa

Malcom Industries manufactures a silicone paste wax that goes through three processing departments: cracking, blending,...

90.2K

Verified Solution

Question

Accounting

Malcom Industries manufactures a silicone paste wax that goes through three processing
departments: cracking, blending, and packing. All raw materials are introduced at the start of
work in the cracking department, with conversion costs being incurred uniformly in each
department. The Work-in-Process (WIP) inventory account for the cracking department for
July contains the following information: 5 points
Work-in-Process Inventory (Cracking Department)
Balance, July 1(35,000 pounds, 4/5 done)
Direct materials pounds)
$63,700
397,600
189,700
??
Conversion costs
Balance, July 31(45,000 pounds, 2/3 done)
??
Costs transferred to Blending Department
??
The beginning balance inventory consists of $43,400 in materials cost. Malcom uses the first-
in, first-out (FIFO) method to account for its operations.
Required:Note: Use 4 decimal places for computations.
(a) What would be the Cracking Department's inventory balance on July 31?
(b) What would be the cost transferred to the Blending Department in July?
image

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

Psychology
1.2K views

According to his memoirs (Cook 1777, as cited by Kao, 1966), one of Cook’s sailors obtained...

Biology
1.2K views

What organ is presented Kidney Dissection Handout Label and add to your presentation in the...

Physics
1.2K views

Consider two semi infinite flat plates lying parallel to the ry plane at z d...

Basic Math
1.2K views

Let V V V be column vectors in R and let A be the nx...

Basic Math
1.2K views

When Jamie was born her grandparents deposited 3500 into a college savings account paying 8...

Statistics
1.2K views

ble representing the distribution of hours students study for an exam in a week Hours...

Statistics
1.2K views

The average woman's height is 65 inches with a standard deviation of 3.5 inches.a.) Determine...

Calculus
1.2K views

A 25 ft ladder is leaning against a vertical wall At what rate with respect...

Accounting
1.2K views

jane 49 contributed 6000 to her ira on November 11 2018 she comes into your...

Accounting
1.2K views

explain in you words the relationship between planning and controlling.

Accounting
1.2K views

Problem 5-1A (Algo) Periodic: Alternative cost flows LO P1 Skip to question [The...

Finance
1.2K views

Bohrer Mining Inc., is trying to evaluate a project with the following cash flows: Year...