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: 50% complete Conversion: 25% complete Costs incurred during October Direct materials Conversion 50,000 units 55,080 yuan 55,765 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct materials 60% and conversion 50% complete) remain in Work-in-Process Inventory. 840,900 yuan 1,081,585 yuan Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 1. Equivalent units: Direct materials 3. Cost of goods completed and transferred out during October. 4. Cost of the Work-in-Process Inventory at October 31. (Round "WTAVG Cost per EU" answers to 2 decimal places.) Conversion 2. Costs per equivalent unit Direct materials Conversion Total 3. Cost of goods completed and transferred out 4. Cost of work-in-process 10/31: Direct materials Conversion Total CNY CNY CNY CNY CNY CNY CNY
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: 50% complete Conversion: 25% complete Costs incurred during October Direct materials Conversion 50,000 units 55,080 yuan 55,765 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct materials 60% and conversion 50% complete) remain in Work-in-Process Inventory. 840,900 yuan 1,081,585 yuan Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units of direct materials and conversion. 2. Costs per equivalent unit for direct materials and conversion. 1. Equivalent units: Direct materials 3. Cost of goods completed and transferred out during October. 4. Cost of the Work-in-Process Inventory at October 31. (Round "WTAVG Cost per EU" answers to 2 decimal places.) Conversion 2. Costs per equivalent unit Direct materials Conversion Total 3. Cost of goods completed and transferred out 4. Cost of work-in-process 10/31: Direct materials Conversion Total CNY CNY CNY CNY CNY CNY CNY
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEB: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and...
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1.
Required information
[The following information applies to the questions displayed below.]
2.
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.
3.
4.
Work-in-Process Inventory, October 1
Direct materials: 50% complete
Conversion: 25% complete
Costs incurred during October
Direct materials
Conversion
Required:
Calculate each of the following amounts using weighted-average process costing.
1. Equivalent units of direct materials and conversion.
2. Costs per equivalent unit for direct materials and conversion.
3. Cost of goods completed and transferred out during October.
4. Cost of the Work-in-Process Inventory at October 31.
(Round "WTAVG Cost per EU" answers to 2 decimal places.)
During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct
materials 60% and conversion 50% complete) remain in Work-in-Process Inventory.
50,000 units
55,080 yuan
55,765 yuan
Equivalent units:
840,900 yuan
1,081,585 yuan
Direct materials
Conversion
Costs per equivalent unit:
Direct materials
Conversion
Total
Cost of goods completed and transferred out
Cost of work-in-process 10/31:
Direct materials
Conversion
Total
CNY
CNY
CNY
CNY
CNY
CNY
CNY](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F443ce76e-9966-4a7c-b77b-dab587c15634%2Fb6be67d5-b5ab-4abe-ab2e-e4c5b1a25660%2Fn86d98_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
1.
Required information
[The following information applies to the questions displayed below.]
2.
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.
3.
4.
Work-in-Process Inventory, October 1
Direct materials: 50% complete
Conversion: 25% complete
Costs incurred during October
Direct materials
Conversion
Required:
Calculate each of the following amounts using weighted-average process costing.
1. Equivalent units of direct materials and conversion.
2. Costs per equivalent unit for direct materials and conversion.
3. Cost of goods completed and transferred out during October.
4. Cost of the Work-in-Process Inventory at October 31.
(Round "WTAVG Cost per EU" answers to 2 decimal places.)
During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct
materials 60% and conversion 50% complete) remain in Work-in-Process Inventory.
50,000 units
55,080 yuan
55,765 yuan
Equivalent units:
840,900 yuan
1,081,585 yuan
Direct materials
Conversion
Costs per equivalent unit:
Direct materials
Conversion
Total
Cost of goods completed and transferred out
Cost of work-in-process 10/31:
Direct materials
Conversion
Total
CNY
CNY
CNY
CNY
CNY
CNY
CNY
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