Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. nutella produces a single product - its signature

Nutella produces a single product - its signature hazelnut spread. Because it mass produces this...

60.1K

Verified Solution

Question

Accounting

Nutella produces a single product - its signature hazelnut spread. Because it mass produces this product in identical batches, the company relies on a weighted-average process costing method to assign costs to inventory accounts.
Its beginning work-in-process inventory has 200,000 jars. Each jar was 25% complete with regards to conversion costs and 40% complete with regards to direct materials. These units have $180,000 worth of direct materials and $62,000 worth of conversion costs as of the beginning of the year.
During the year, the company added $673,000 of direct materials and $400,000 of conversion costs to its manufacturing process. It finished 580,000 jars of Nutella. It ended the year with 263,000 jars left in process, 70% complete with respect to direct materials and 60% complete with respect to conversion costs.
Required:
What is the total cost of the finished goods from this period?

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

Chemistry
1.2K views

Compound (A) forms only proprionaldehyde (B) upon ozonolysis and reduction with (CH3)2S. Treatment of (A) with...

General Management
1.2K views

4. "The first duty of business is to survive and guiding the principle of business economics...

Biology
1.2K views

Question 24 0 75 poin Listen GOOOOOOOOOOOOO 17 What structure is indicated by C Question...

Geometry
1.2K views

Prove that if a surface ? is diffeomorphic to thetorus, then??KdA = 0.

Basic Math
1.2K views

A hotdog vendor must pay a monthly fee to operate a food cart in the...

Accounting
1.2K views

Q-3) Redwood Company keeps its accounts in TL. The company purchased 1,000 Euro on December...

Accounting
1.2K views

Bob Jensen Incorporated purchased a $680,000 machine to manufacture specialty taps for electrical equipment. Jensen...

Accounting
1.2K views

In QuickBooks Online, what 4 pieces of information do you need to set up sales...

Accounting
1.2K views

Fred and Mark agreed to open a restaurant selling pozza and sandwiches. The business was...

Accounting
1.2K views

Cul de los siguientes no es un elemento clave de la Ley Sarbanes Oxley? ...

Accounting
1.2K views

Nittany Company uses a periodic inventory system. At the end of the annual accounting period,...

Finance
1.2K views

formulas You are investing in bonds to have lower risk in your...