Business, 13.03.2021 04:30 DCURLS3518

Pharma Company produces various medicines in capsule form. At the beginning of the month of March, it had 5,000 units that were 40% complete. These were assigned costs of $150,000. During the month, it completed 55,000 units and has 20,000 units that are 50% completed. It had production costs during the month of $600,000. Complete all five steps of a production report using the weighted average method. Complete all five steps of a production report using the FIFO method.

Answers: 2

Show answers

Answers

Answer from: nicollexo21

Pharma Company

1. Weighted Average method:

Weighted Average Method:

Equivalent units of production:

Started and completed this period 55,000

Ending WIP 10,000

Total equivalent unit produced = 65,000

Total cost of production:

Beginning WIP = $150,000

Current period 600,000

Total cost = $750,000

Cost per equivalent unit = $11.54 ($750,000/65,000)

Cost assigned to:

Units completed = 55,000 * $11.5385 = $634,617

Ending WIP = 10,000 * $11.5385 = 115,385

Total cost of production = $750,002

Cost Reconciliation:

Beginning WIP = $150,000

Completed units 600,000

Total costs = $750,000

Ending WIP = 115,385

Cost assigned to

production 634,617

2. FIFO method:

Explanation:

a) Data and Calculations:

Units Completion % Cost

Beginning WIP = 5,000 2,000 (40%) $150,000

Current completion (WIP) 3,000 (60%)

Completed 55,000 55,000 (100%) 600,000

Ending WIP 20,000 10,000 (50%)

Weighted Average Method:

Equivalent units of production:

Beginning WIP 3,000

Started and completed this period 55,000

Ending WIP 10,000

Total equivalent unit produced = 68,000

Total cost of production:

Current period 600,000

Cost per equivalent unit = $8.82 ($600,000/68,000)

Cost assigned to:

Beginning WIP =

Units completed

Beginning WIP = $150,000

= 3,000 * $8.82 = $26,460

= 55,000 * $8.82 = 485,100

Ending WIP:

= 10,000 * $8.82 = 88,200

Total cost of production = $749,760

Cost Reconciliation:

Beginning WIP (40%) = $150,000

WIP completed (60%) 26,460

Completed units 485,100

Ending WIP = 88,200

Total cost = $749,760

Answer from: Quest

send the charted data

Answer from: Quest

answer; realistic job preview;

Another question on Business

Business, 21.06.2019 22:00

How would you cite different books by the same author on the works cited page? a. moore, jack h. folk songs and ballads. salem: poetry press, 1999. print. moore, jack h. ballads in poetry – a critical review. dallas: garden books, 1962. print. b. moore, jack h. folk songs and ballads. salem: poetry press, 1999. print. –––. ballads in poetry – a critical review. dallas: garden books, 1962. print. c. moore, jack h. ballads in poetry – a critical review. dallas: garden books, 1962. print. moore, jack h. folk songs and ballads. salem: poetry press, 1999. print. d. moore, jack h. ballads in poetry – a critical review. dallas: garden books, 1962. print. –––. folk songs and ballads. salem: poetry press, 1999. print.

Answers: 1

Answer

Business, 22.06.2019 07:30

Net income and owner's equity for four businesses four different proprietorships, jupiter, mars, saturn, and venus, show the same balance sheet data at the beginning and end of a year. these data, exclusive of the amount of owner's equity, are summarized as follows: total assets total liabilities beginning of the year $550,000 $215,000 end of the year 844,000 320,000 on the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. (hint: first determine the amount of increase or decrease in owner's equity during the year.) jupiter: the owner had made no additional investments in the business and had made no withdrawals from the business. mars: the owner had made no additional investments in the business but had withdrawn $36,000. saturn: the owner had made an additional investment of $60,000 but had made no withdrawals. venus: the owner had made an additional investment of $60,000 and had withdrawn $36,000. jupiter net income $ mars net income $ saturn net income $ venus net income $

Answers: 3

Answer

Business, 22.06.2019 17:00

Cadbury has a chocolate factory in dunedin, new zealand. for easter, it makes two kinds of “easter eggs”: milk chocolate and dark chocolate. it cycles between producing milk and dark chocolate eggs. the table below provides data on these two products. demand (lbs per hour) milk: 500 dark: 200 switchover time (minutes) milk: 60 dark: 30 production rate per hour milk: 800 dark: 800 for example, it takes 30 minutes to switch production from milk to dark chocolate. demand for milk chocolate is higher (500lbs per hour versus 200 lbs per hour), but the line produces them at the same rate (when operating): 800 lbs per hour. a : suppose cadbury produces 2,334lbs milk chocolate and 1,652 lbs of dark chocolate in each cycle. what would be the maximum inventory (lbs) of milk chocolate? b : how many lbs of milk and dark chocolate should be produced with each cycle so as to satisfy demand while minimizing inventory?

Answers: 2

Answer

Business, 22.06.2019 22:50

Clooney corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. by the end of the month, employees made one expenditure from the petty cash fund (entertainment, $20) and three expenditures with the credit card (postage, $59; delivery, $84; supplies expense, $49).record all employee expenditures, and record the entry to replenish the petty cash fund. the credit card balance will be paid later. (if no entry is required for a transaction/event, select "no journal entry required" in the first account record expenditures from credit card and the petty cash fund.

Answers: 2

Answer

You know the right answer?

Pharma Company produces various medicines in capsule form. At the beginning of the month of March, i...

Questions