Kindly refer to assignment paper

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Kindly refer to assignment paper


Answered Same DayDec 31, 2021

Answer To: Kindly refer to assignment paper

Robert answered on Dec 31 2021
123 Votes
kindly look at the figures in GREEN, UNDERLINED and with the QUESTION MARK symbols . I believed that once you amended the figures the other sections will be affected too which you may have overlooked. I may be wronged but I just want to get confirmation from you. Thank you.
kindly vet through every single question once more after you made all the necessary amendments. Very much appreciated.
Seeking Clarification from the expert
Question 1
Based on the information given in the case study above, prepare a production report by computing the following for the year ended 31 December 2011. Assume weighted average method was used to value the inventory. All units completed were sold immediately. Present your answers in 2 decimal points for (f), (g) and (h).
(a) Costs incurred during the year for direct materials, direct labour and manufacturing overheads respectively
(b) Total costs to account for in terms of direct materials and conversion
(c) Total costs of units completed and sold for the year
(d) Total costs accounted for. Show your workings clearly on how you derive the direct materials and conversion costs for ending WIP and units completed and sold.
(e) Total units completed and sold for the year
(f) Total costs per equivalent unit
(g) Direct material cost per equivalent unit
(h) Conversion cost per equivalent unit
(i) Percentage of completion of ending WIP in terms of direct materials and conversion costs
(30 marks)
Answers:
1(a) Costs incurred during the year for direct materials, direct labour and manufacturing overheads respectively:
Costs for direct materials: $1,800,000
Costs for direct labour: $1,125,000
Costs for manufacturing overheads: $1,375,000
1(b) Total costs to account for in terms of direct materials and conversion: __4,660,000__?????
Answer: You can see how I derived the figure from my workings in this question. It simply represents the total cost comprising of both the opening WIP and the costs incurred during the period. Total WIP cost is $360,000 and the total cost incurred during the period is $4,300,000, hence total cost is $4,660,000.
1(c) Total costs of units completed and sold for the year: _4,500,607 ????
Clarification:
Total Units completed = 5,900,000
Total cost per unit = $0.76??? (rounded to 2 decimal place)
Total Cost of completed units = 5,900,000 x $0.762815 (cost per unit) = $4,500,607
Can it still be $0.76 taking into...
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