You were given the following data for Departments 1 & 2 in a process costing set...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You were given the following data for Departments 1 & 2 in a process costing set up where the output of Dept. 1 goes to Dept. 2: In process, beginning Stage of completion Started in process Transferred-out In process, ending Stage of completion Costs: In process, beginning Materials Conversion Transferred-in Costs: Current Materials Conversion Dept. 1 1,000 50% 5,000 4,000 1,600 50% 5,000 8,010 15,000 43,830 Dept. 2 800 25% 4,000 2,000 1,800 25% 2,500 5,000 3,300 17,990 59,850 Dept. 1 adds all materials at the start of the process while Dept. 2 adds 50% of materials at the start and remaining at 75% completion. For Departments 1 & 2, respectively: 1. Compute for cost assigned to completed units using FIFO and assuming loss of units is normal & the units were lost at 25% completion. 2. Compute for cost assigned to ending in-process, ending using WA and assuming loss of units is normal & the units were lost at 80% completion. You were given the following data for Departments 1 & 2 in a process costing set up where the output of Dept. 1 goes to Dept. 2: In process, beginning Stage of completion Started in process Transferred-out In process, ending Stage of completion Costs: In process, beginning Materials Conversion Transferred-in Costs: Current Materials Conversion Dept. 1 1,000 50% 5,000 4,000 1,600 50% 5,000 8,010 15,000 43,830 Dept. 2 800 25% 4,000 2,000 1,800 25% 2,500 5,000 3,300 17,990 59,850 Dept. 1 adds all materials at the start of the process while Dept. 2 adds 50% of materials at the start and remaining at 75% completion. For Departments 1 & 2, respectively: 1. Compute for cost assigned to completed units using FIFO and assuming loss of units is normal & the units were lost at 25% completion. 2. Compute for cost assigned to ending in-process, ending using WA and assuming loss of units is normal & the units were lost at 80% completion.
Expert Answer:
Answer rating: 100% (QA)
SOLUTION To compute the cost assigned to completed units using FIFO and assuming loss of units is normal and the units were lost at 25 completion we need to first calculate the equivalent units of pro... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0176223311
1st Canadian Edition
Authors: Karen Wilken Braun, Wendy Tietz, Walter Harrison, Rhonda Pyp
Posted Date:
Students also viewed these accounting questions
-
The Savannah Shirt Company makes two types of T-shirts: basic and custom. Basic shirts are plain shirts without any screen printing on them. Custom shirts are created using the basic shirts and then...
-
The Jacksonville Shirt Company makes two types of T-shirts: basic and custom. Basic shirts are plain shirts without any screen printing on them. Custom shirts are created using the basic shirts and...
-
The Cooking Department of Spicier Inc. uses a process-costing system. Direct materials are added at the beginning of the cooking process. Conversion costs are added evenly during the cooking process....
-
In Exercises find the values of x for which the series converges. n=0 (x + 1)n n!
-
A lever AB of negligible weight is loosely fitted onto a 2.5-in.-diameter fixed shaft. Knowing that the coefficient of static friction between the fixed shaft and the lever is 0.15, determine the...
-
Use the same information from Problem 15. What if the auction bids total only 2,640,000 shares, as follows: Bidder ......... Quantity Bid XYZ Pension Fund ...... 1,200,000 Clark Kent Investors ........
-
Fogel Limited commenced trading as a carpet manufacturer on 1 November 1986. The accountant decided to produce a value added statement with the financial accounts for the year ended 31 October 1988....
-
Analyzing a company for its investment potential In its annual report, WRM Athletic Supply, Inc. includes the following five-year financial summary: Requirements Analyze the companys financial...
-
Use sigma notation to write the sum. 8 2)21 + ( 8 - (2) +... + 18 D j=1\fSolve the differential equation. g'(x) = 18x4, g(0) = -3 g(0)=
-
a. Determine sample size: Determine sample size for each company using classical variables MPU estimation sampling. b. Analysis and evaluation: Assume the total audited value of the Company X sample...
-
Suppose you have taken out a $80,000 fully amortizing fixed rate mortgage loan that has a term of 30 years and an annual interest rate of 6% with monthly compounding. In year 3 of the mortgage, how...
-
Design an electronic survey, using an online website, to determine if there is a relation between health awareness and purchasing organic food. Use the survey to determine if a difference in gender...
-
The average GPA of the 85 students on a college football team roster In Exercises 29 and 30, determine whether you would take a census or use a sampling. If you would use a sampling, determine which...
-
In a survey of 1000 household food purchasers, 24.7% say that they avoid meat, dairy, and eggs produced by animals living in confined conditions. In Exercises 58, determine whether the number...
-
In 2019, the United States imported more than $4.8 billion worth of personal protective equipment. In Exercises 58, determine whether the number describes a population parameter or a sample...
-
Which part of the survey described in Exercise 4 represents the descriptive branch of statistics? Make an inference based on the results of the survey. In Exercises 58, determine whether the number...
-
ABC Corp. has a covariance of 0.08 with the market portfolio, and the standard deviation of the market portfolio is 0.2. The market risk premium is 10% and the risk free rate is 2.5%. ABC Corp. has 1...
-
Suppose that a company has 10.000 outstanding shares in the beginning of the year. On April 1st, the company increases its shares by 6.000. On July 1st, the company increases its shares again, but...
-
Explain the difference between lag and lead indicators. Are financial performance measures typically referred to as lag or lead indicators? Explain, using Le Chteau as an example. Are operational...
-
Owens Inc. manufactures only two products, Medium (42-inch) and Large (63-inch) plasma screen TVs. To generate adequate profit and cover its expenses throughout the value chain, Owens prices its TVs...
-
Regina Repair Shop has a monthly target operating income of $32,000. Variable expenses are 75% of sales, and monthly fixed expenses are $8,000. Requirements 1. Compute the monthly margin of safety in...
-
How does having extensive social networks help garner power?
-
How are coercive power and negative influence tactics related?
-
In what ways is organizational politics destructive?
Study smarter with the SolutionInn App