Sligo Toys Ltd manufactures one type of wooden toy figure. It buys wood as its direct material
Question:
Sligo Toys Ltd manufactures one type of wooden toy figure. It buys wood as its direct material for the Forming Department of its Ballinode plant. The toys are transferred to the Finishing Department, where they are hand-shaped and metal is added to them.
Sligo Toys uses the weighted-average method of process costing. Consider the following data for the Forming Department in April 2022:
Required 1 Summarise the total Forming Department costs for April 2022, and assign these costs to units completed (and transferred out) and to units in closing work in progress using the weightedaverage method.
2 Prepare a set of summarised journal entries for all April transactions affecting Work in Progress –
Forming. Set up a T-account for Work in Progress – Forming and post the entries to it.
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The equivalent units of work done in the Forming Department in April 2022 for direct materials and c...View the full answer
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Related Book For 
Management And Cost Accounting
ISBN: 9781292436029
8th Edition
Authors: Alnoor Bhimani, Srikant Datar, Charles Horngren, Madhav Rajan
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