8:28 LTE Done Home Work - Process Costing... Bookworm, Inc., has two departments: printing and binding Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the binding department. Books that have undergone the printing process are immediately transferred to the binding department. Direct material is added when the binding process is 80% complete. Conversion costs are added evenly during binding operations. When those operations are done, the books are immediately transferred to Finished Goods. Bookworm, Inc, uses the weighted-average method of process costing. The following is a summary of the April 2012 operations of the binding department. Physical Units Transferred-In Conversion Costs Materials Costs Beginning work in process 32,550 SO Degree of completion, beginning work in process 1,050 $13,650 100% 50% Transferred in during April 20122, Completed and transferred out during April 2, 700 Ending work in process (April 30) Degree of completion, ending work in process 750 0% 70% S129,600 Total costs added during April 23.490 S70.200 Required: 1. Summarize total binding department costs for April 2012, and assign these costs to units completed (and transferred out) and to units in ending work in process. 2. Prepare journal entries for April transfers from the printing department to the binding department and from the binding department to Finished Goods 3. Refer to the information in Problem above, suppose that Bookworm, Inc., uses the FIFO method instead of the weighted-average method in all of its departments. The only changes to Problem 17-38 under the FIFO method are that total transferred-in costs of beginning work in process on April 1 are $36,750 (instead of S32,550) and that total transferred-in costs added during April are S124,800 (instead of $129,600) Required: a. Using the FIFO process-costing method, complete the problem above. b. If you did the problem, explain any difference between the cost of work completed and transferred out and the cost of ending work in process in the binding department under the wei 8:28 LTE Done Home Work - Process Costing... Bookworm, Inc., has two departments: printing and binding Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the binding department. Books that have undergone the printing process are immediately transferred to the binding department. Direct material is added when the binding process is 80% complete. Conversion costs are added evenly during binding operations. When those operations are done, the books are immediately transferred to Finished Goods. Bookworm, Inc, uses the weighted-average method of process costing. The following is a summary of the April 2012 operations of the binding department. Physical Units Transferred-In Conversion Costs Materials Costs Beginning work in process 32,550 SO Degree of completion, beginning work in process 1,050 $13,650 100% 50% Transferred in during April 20122, Completed and transferred out during April 2, 700 Ending work in process (April 30) Degree of completion, ending work in process 750 0% 70% S129,600 Total costs added during April 23.490 S70.200 Required: 1. Summarize total binding department costs for April 2012, and assign these costs to units completed (and transferred out) and to units in ending work in process. 2. Prepare journal entries for April transfers from the printing department to the binding department and from the binding department to Finished Goods 3. Refer to the information in Problem above, suppose that Bookworm, Inc., uses the FIFO method instead of the weighted-average method in all of its departments. The only changes to Problem 17-38 under the FIFO method are that total transferred-in costs of beginning work in process on April 1 are $36,750 (instead of S32,550) and that total transferred-in costs added during April are S124,800 (instead of $129,600) Required: a. Using the FIFO process-costing method, complete the problem above. b. If you did the problem, explain any difference between the cost of work completed and transferred out and the cost of ending work in process in the binding department under the wei
