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1
1. The ledger of Hasgrove Company has the following work in process account.
|
Work in Process—Painting |
|||||
| 3/1 | Balance | 3,770 | 3/31 | Transferred out | ? |
| 3/31 | Materials | 6,600 | |||
| 3/31 | Labor | 2,800 | |||
| 3/31 | Overhead | 872 | |||
| 3/31 | Balance | ? | |||
Production records show that there were 800 units in the beginning inventory, 30% complete, 1,100 units started, and 1,400 units transferred out. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Hasgrove uses the FIFO method to compute equivalent units.
Answer the following questions.
(a)
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.
How many units are in process at March 31?
The following information relates to the bank account of Doug's Sky Diving Supply Store on June 30.
| Balance per bank statement |
$5,327 |
|
| Balance per books as of June 30 |
9,265 |
|
| Outstanding checks: | ||
| #1007 |
$ 241 |
|
| #1008 |
67 |
|
| #1009 |
597 |
|
| Deposits in transit |
229 |
|
|
4,111 |
||
| Bank service charges |
98 |
|
| NSF check |
412 |
|
| Credit memo for interest earned |
16 |
2. Error: Check written and recorded by bank as $454 was subtracted from the checkbook as $445.
The check was used to pay the telephone bill.
Required:
Prepare a bank reconciliation as of June 30.
Expert Solution
1. Beginning WIP = 800 Units
+ Units introduced = 1,100 Units
Total Units = 1,900
- Units Transferred Out = (1,400)
Units in Ending WIP = 500 Units
For Equivalent Units of Production (EUP),
Since, Materials is introduced at the beginning of the process,
EUP of Materials = 500 x 100% = 500 units
EUP of Labour and Overheads = 500 x 40% = 200 units
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2. BALANCE AS PER BOOKS AS OF JUNE 30 ( A) $9265
ADD: OUTSTANDING CHECKS
#1007 $241
#1008 $67
#1009 $597
ADD: CREDIT MEMO OF INTEREST $ 16
ADD: ERROR TELEPHONE BILL $445 LESS:DEPOSITS IN TRANSIT $229
$4111
LESS:BANK SERVICE CHARGE $98
LESS:NSF CHECK $412
LESS: ERROR IN TELEPHONE BILL $454
=$5327
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