accounting

posted by .

lightning industries, located in northern New England, specializes in making Flash, a low alkaline wax that is used to protect and preserve skis. the company began producing at the beginning of the production process. during january, 15300 pounds were used at a cost of 46665. direct labor of $17136 and overhead costs of $25704 were incurred uniformly throughout the month.
By january 31, 13600 pounds of flash had been completed and transferred to the finished goods inventory(one pound of input equals one pound of output) Because no spoilage occured, the leftover materials remained in the production and were 40 percent complete on average.

1. Using the FIFO costing method, prepare a process cost report for the month of january.

2. From the information in the process cost report, identify the amount that should be transferred out of the work in process inventory account, and state where those dollars should be transferred.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. MANAGERIAL ACCOUNTING

    #1 chin company incurred direct materials costs of $300,000 during the year. manufacturing overhead rate is 70%. how much are chin company total manufacturing costs for the year?
  2. accounting

    Multiple choice 1. The type of product costing system used by a company is dictated by the : a) plant supervisor b) project manager c) company president d) production process 2. Activity based costing traces production costs to a) …
  3. physics

    thunder is heard 4.5 seconds after the flash of lightning is seen. How far away was the lightning flash and how long did it take for the light to reach him?
  4. accounting

    A new company called Bloomner construct, buys and sells furniture. During January the following happens: 1. The owner of the company pays in $50 000 into the cash, as starting capital. 2. The bank grants the company a bank loan of …
  5. Accounts

    The USA Company manufactures flags in a single process. The following information is available for January 2011: Beginning WIP o units Started production 18,000 units Completed and transferred out 12,000units Ending WIP 6,000 units …
  6. accounting

    Your company manufactures specialty items. In order to reduce any loss from a customer canceling an order after production has been started, your company requests a 50% deposit before it will start the manufacturing process. On January …
  7. Accounting

    A process began the month with 3,000 units in the beginning work in process inventory and ended the month with 2,000 units in the ending work in process. If 12,000 units were completed and transferred out of the process during the …
  8. Accounting

    The Converting Department of Soft N' Dry Towel and Tissue Company had 920 units in work in process at the beginning of the period which were 75% complete During the period 16200 unis were completed and transferred to the Packing Department. …
  9. Accounting

    Department J had no work in process at the beginning of the period, 18,000 units were completed during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental …
  10. Accounting

    Beginning work in process inventory 17,000 40%. Transferred in from the prior department 72,000. Ending work in process inventory 18,000 30% According to the company records the conversion cost in the beginning work in process inventory …

More Similar Questions