Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6. Everglades Furniture uses a process cost system to account for its chair factory. Beginning inventory in the staining department, which is the second department

image text in transcribed

6. Everglades Furniture uses a process cost system to account for its chair factory. Beginning inventory in the staining department, which is the second department (the first department is the assembly department) consisted of 5,000 units (100% complete as to material, 55% complete as to conversion) with a transferred in cost from assembly of $69,000 and costs incurred in the staining department of $24,800 materials and $44,000 conversion. 58,000 units were transferred from assembly department during the month with a cost of $120,000, and the staining department added material costs of $284,200 and $550,000 of conversion costs. The ending inventory of 6,000 chairs was 80% complete as to materials and 40% complete as to conversion. Everglades uses weighted-average costing method. Required: a. Compute total costs accountable for b. Compute the equivalent units of production for each transferred in units, materials and conversion c. Compute the cost per unit for transferred in, materials and conversion. d. Compute the cost of units transferred to finished goods. e. Compute the ending work-in-process inventory balance for those units in process in the staining department

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Deadly Audit A Buckeye Barrister Mystery

Authors: David M Selcer

1st Edition

0988194368, 978-0988194366

More Books

Students also viewed these Accounting questions

Question

The company openly shares plans and information with employees.

Answered: 1 week ago