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ID: 2456739 • Letter: H
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HELPPPPPPPPPPPPPPPPPPPPP ME PLEASE luv u guys ANSWER ALL I CANT FIND CORRECT ANSWER I BEG BY 11:00 PM THANKS REALLY
3. Miller Manufacturing Company started operations on January 1, 2015. During 2015, the company engaged in the following transactions.
Required:
Prepare the December 31, 2015, balance sheet.
Miller Manufacturing company
balance sheet for 2015
Assets
total assets
equity
total equity
b. Prepare the December 31, 2015, income statement.
MILLER MANUFACTURING COMPANY
Income Statement for 2015
4.
Griffin Watches, Inc., makes watches. Its assembly department started the accounting period with a beginning inventory balance of $22,000. During the accounting period, the department incurred $46,500 of transferred-in cost, $21,500 of materials cost, $67,500 of labor cost, and $65,700 of applied overhead cost. The department processed 6,200 total equivalent units of product during the accounting period.
Assuming that 1,300 equivalent units of product were in the ending work in process inventory, determine the amount of cost transferred out of the Work in Process Inventory account of the assembly department to the Finished Goods Inventory account. What was the assembly department’s cost of ending work in process inventory?
COST ALLOCATION
to finished goods
to ending inventory
b.
Assuming that 5,750 units of product were transferred out of the assembly department’s work in process inventory to finished goods inventory, determine the amount of the assembly department’s cost of ending work in process inventory. What was the cost of the finished goods inventory transferred out of the assembly department?
cost allocations
to finished goods
to ending inventory
5.
Taylor Ski Company manufactures snow skis. During the most recent accounting period, the company’s finishing department transferred 4,250 sets of skis to finished goods. At the end of the accounting period, 440 sets of skis were estimated to be 60 percent complete. Total product costs for the finishing department amounted to $180,560.
Determine the cost per equivalent.
b.&c.
Determine the cost of the goods transferred out of the finishing department and the cost of the finishing department’s ending work in process inventory.
cost allocations
to finished goods
to ending inventory
1. Issued common stock for $74,000. 2. Paid $30,000 cash to purchase raw materials used to make products. 3. Transferred $23,000 of raw materials to the production department. 4. Paid $26,500 cash for labor used to make products. 5. Paid $41,000 cash for overhead costs (assume actual and estimated overhead are the same). 6. Finished work on products that cost $80,000 to make. 7. Sold products that cost $68,000 to make for $89,000 cash.Explanation / Answer
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