Inventory balances for the MMM Enterprise for the month of June are as follows:                                                                                 June 1                   June 30                 Raw materials                                    P  2,250                 P  1,750                 Work-in-process                                  4,000                     3,100                 Finished goods                                      9,000                     7,500   During the month, purchases of direct materials were P 3,000. Direct labor and factory overhead costs were P 5,000 and P 7,000 respectively. How much is the conversion costs? Group of answer choices P 15,500 P 12,000 P 15,000 P 16,400

Q: Units Unit Cost Total Cost January 1 Beginning  16,000 140 2,240,000   5 Purchase  4,000 150 600,000…

A: The valuation of inventory is made by using different methods. Mainly, there is LIFO, FIFO, Average…

Q: Crane Company reports the following for the month of June. Date Explanation Units Unit Cost Total…

A: Moving average unit cost will be calculated by dividing total costs by number of units.

Q: The following production data were taken from the records of the Finishing Department for June:…

A:

Q: Required information Pardise Company plans the following beginning and ending inventory levels (in…

A: Required Finished goods production (FGP) = 500000 WIP  WIP equation is given by Opening WIP + raw…

Q: Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of…

A: Variable Costing:  The variable costing is the method of costing in which only the variable…

Q: Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of…

A: Inventory valuation is a financial and accounting method that determines the value of unsold…

Q: ed Company provided the inventory balances and manufacturing cost data for the month o January…

A: Solution: Unadjusted cost of goods sold  = Beginning finished goods inventory + Cost of goods…

Q: What is the moving average UNIT COST of the inventory on January 31?

A: The moving average cost equals the total cost of the items purchased divided by the number of items…

Q: Compute: Total Cost of Ending Inventory WIP, beginning 20,000 units Units started during the month…

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Q: Bonita Company reports the following for the month of June. Units Unit Cost Total Cost June 1…

A: Inventory valuation is used to calculate the ending inventory. It is based on the flow of inventory…

Q: Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1:…

A: Inventory valuation is the monetary amount associated with the goods in the inventory at the end of…

Q: Ginobili Corp has the following information: Ending Beginning Inventory Inventory (12/31) Raw…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: If GB Inc. has material cost of P10,000 in the July 1 RIP Inventory account, and P12,500 in the July…

A: Raw Materials Purchased = Closing Inventory Account + Raw Materials used - Opening Inventory…

Q: Work in process inventory on December 31 of the current year is $44,000. Work in process inventory…

A: Given that, ending work in progress = $44000 Work in process inventory increased by 60% during the…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: Periodic weighted average is generally easiest method among all the inventory valuation methods…

Q: PurrChem’s raw materials records contained the following information for the month of August:August…

A: Inventory includes stock of raw material, work-in progress for the purpose of producing final goods…

Q: Kimberly Manufacturing uses a process-costing system to manufacture Dust Density Sensors for the…

A: Definition:   Equivalents units for production:   The activity of a processing department in term of…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: The moving average costing is a simple but accurate valuation method for inventory.

Q: Cost information of the Alpha Pvt Ltd. show the following purchases and issues of materials during…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of…

A: Absorption costing and the Variable costing are two costing methods. Under the Absorption costing,…

Q: Jailbird Company provided the following data about the inventory for the month of January:…

A: Inventory Valuation is the process of calculating the cost of ending inventory lying with the entity…

Q: The following information is about ABC Inc. during month of July: - Raw material purchases at cost…

A: The following information is about ABC Inc. during month of July: - Raw material purchases at cost…

Q: Inventory valuation under absorption costing and variable costing At the end of the first year of…

A: Under absorption costing, total cost per unit will be taken for valuing ending inventory. But under…

Q: The information relating to cost department of BETA Corporation is as follows: Inventory…

A: Cost of goods sold statement shows total cost of all goods that are sold in a particular period.

Q: Cost of ending inventory Cost of materials issued

A: Moving average method: Under this method moving average cost is calculated based on the weighted…

Q: 2. From the following information, draw up a manufacturing account and the trading account section…

A: Manufacturing Account of a company represent the cost of raw material used for production, further…

Q: The Assembly Department of GigaGo, Inc., manufacturer of computers, had 4,500 units of beginning…

A: Weighted-average method of inventory is to calculate the value of inventory as per weighted method…

Q: Sunland Company reports the following for the month of June. Date Explanation Units…

A: 3. Moving-Average - Under the Moving-Average Method, the cost is considered to be average at the…

Q: The following balances are from the accounts of Crabtree Machining Companm Direct materials…

A: Solution Given Direct material purchased during the year 517200 Cost of goods sold…

Q: Garrett Company has the following transactions during the months of April and May:   Date…

A: Inventory Valuation Method: Inventory valuation methods are used to determine the cost of goods sold…

Q: The related data of Mineyah Company's Finished goods inventory:…

A: Quantity Unit cost Total cost January 1 800 P205 P164,000   January 12 600 210…

Q: Belle Company reports the following information for the current year. All beginning inventory…

A: Units of Finished Goods Inventory = Units Produced - Units Sold Cost of Finished Goods Inventory =…

Q: The following data about Maxwell Company is given for the month of August. August 1 Inventory 800…

A: Weighted Average Cost (WAC) refers to the method of inventory valuation which uses a weighted…

Q: Concord Company reports the following for the month of June. Unit Date Explanation Units Total Cost…

A: Under FIFO, inventory is valued at latest prices while cost of goods sold at initial prices. Under…

Q: Ryan company recorded the following data pertaining to raw material Y during the current year.…

A: The inventory is the item in which firms deals in order to earn profit. The inventory on hand and…

Q: Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was…

A: Formula: Cost of direct materials used = Beginning raw materials + purchases - Ending raw materials…

Q: Lane Company provided the following inventory card during February: Purchase Units used Balance…

A: SOLUTION- WEIGHTED AVERAGE METHOD-  IT IS INVENTORY COSTING METHOD THAT ASSIGN AVERAGE COSTS TO…

Q: Direct materials inventory at Beginning $9,000 Direct materials inventory at ending Work in process…

A: Cost of goods manufactured means the cost that is incurred to produce the goods during the given…

Q: Sydney's Barbecue reported the following information: Sydney's Barbecue ​ Period Ending December…

A: The ending inventory is the number of units left into the business.

Q: Pacific Ink had beginning work-in-process inventory of $1,069,960 on October 1. Of this amount,…

A: Equivalent units of production (EUP) - Weighted Average method   Units % material EUP-Materials %…

Q: 8.AA Inc. transferred 5,500 units to finished good inventory during June. On June 1, the company had…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of…

A: In absorption costing fixed and variable both expenses are counted as production expense but in…

Q: Required information [The following information applies to the questions displayed below.] Pacific…

A: Equivalent units shows a number of partly completed units as a number of fully completed units. This…

Q: Jailbird Company provided the following data about the inventory for the month of January :…

A: FIFO Method         Date…

Q: Wiremold tracks the direct materials in inventory. At the end of their most recent month, the direct…

A: Raw material inventory      920000 x 7/20 =   322000 WIP  raw material.   920000x2/20. = 92000 Cost…