Homework answers / question archive / 1)When preparing a bank reconciliation, any bank fees and interest charged by the bank are: added to the general ledger bank balance

1)When preparing a bank reconciliation, any bank fees and interest charged by the bank are: added to the general ledger bank balance

Accounting

Share With

1)When preparing a bank reconciliation, any bank fees and interest charged by the bank are: added to the general ledger bank balance. O deducted from the general ledger bank balance. O added to the bank statement balance in the reconciliation. deducted from the bank statement balance in the reconciliation.

2)Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3 (The following information applies to the questions displayed below.) Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 760,000 units of product to finished goods. At the end of November, the goods in process inventory consists of 208,000 units that are 80% complete with respect to labor. Beginning inventory had $188,760 of direct materials and $185,280 of direct labor cost. The direct material cost added in November is $1,263,240, and the direct labor cost added is $3,520,320. Problem 16-2A Part 1 Required: Determine the equivalent units of production with respect to direct labor and direct 1. materials. % Labor EUP-Labor Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials Units completed and transferred out 760,000 Ending goods in process - units 208,000 80% Total units 968,000
! Required information Problem 16-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3 [The following information applies to the questions displayed below.) Victory Company uses weighted average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 760,000 units of product to finished goods. At the end of November, the goods in process inventory consists of 208,000 units that are 80% complete with respect to labor. Beginning inventory had $188,760 of direct materials and $185,280 of direct labor cost. The direct material cost added in November is $1,263,240, and the direct labor cost added is $3,520,320. Problem 16-2A Part 2 2. Compute both the direct labor cost and the direct materials cost per equivalent unit. (Round "Cost per EUP" to 2 decimal places.) Cost per equivalent unit of production Materials Labor Total costs Costs Costs EUP EUP + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) 0 0