Hamilton,Inc

question 99

Essay

Hamilton,Inc.manufactures units in two processes: Production and Finishing.All direct materials are added at the beginning of the Production process,while conversion costs are incurred evenly throughout the period for both Production and Finishing.Hamilton employs three inspectors: Kelsey,Chad,and Lexi.Kelsey inspects direct materials before they are added to Production (two pieces of direct materials per unit).Chad inspects units when the Production process is finished,after which they are immediately transferred to Finishing.Lexi inspects units at the end of the Finishing process.During the current period,none of the materials or units failed inspection.At the beginning of the period,5,000 units had only "Inspected by Kelsey" tags on them (these units were 70% complete),and 2,000 units had "Inspected by Kelsey" and "Inspected by Chad" tags on them (these units were 60% complete).At the end of the period,7,000 units had only "Inspected by Kelsey" tags on them (these units were 50% complete).1,000 units had only "Inspected by Kelsey" and "Inspected by Chad" tags on them (these units were 90% complete),and 19,000 units had tags from all three inspectors on them (these units were 100% complete).
Required:
Determine the number of physical units:
a.in beginning Work in Process in Production during the period.
b.started in Production during the period.
c.transferred from Production to Finishing during the period.
d.in ending Work in Process in Production during the period.
e.in beginning Work in Process in Finishing during the period.
f.in ending Work in Process in Finishing during the period.
g.completed in Finishing during the period.

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Definitions:

Money Supply Growth Rate

The speed at which the total money supply in an economy grows within a certain timeframe.

Public Relations Campaign

A strategic communication process that builds mutually beneficial relationships between organizations and their publics.

Inflation Rate

The proportionate rise in the cost of goods and services within an economy over a specified timeframe.

Volcker Disinflation

A monetary policy strategy employed by the Federal Reserve under Chairman Paul Volcker in the late 1970s and early 1980s, aimed at reducing the high levels of inflation through high interest rates.