Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information [the following information a

Required information [The following information applies to the questions displayed below.] The...

70.2K

Verified Solution

Question

Accounting

Required information
[The following information applies to the questions displayed below.]
The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The
following data in Chinese currency called yuan (CNY) pertain to the month of October.
Work-in-Process Inventory, October 1
Direct materials: 60% complete
Conversion: 30% complete
Costs incurred during October
Direct materials
Conversion
60,000 units
55,480 yuan
59,380 yuan
867,880 yuan
1,480,620 yuan
During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct
materials 80% and conversion 50% complete) remain in Work-in-Process Inventory.
Required:
Calculate each of the following amounts using weighted-average process costing.
Equivalent units of direct materials and conversion.
Costs per equivalent unit for direct materials and conversion.
Cost of goods completed and transferred out during October.
Cost of the Work-in-Process Inventory at October 31.
(Round "WTAVG Cost per EU" answers to 2 decimal places.)
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