Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ACC318, Ch 17 Kentville Industries produces plastic ice cube trays in two processes: heating an stamping. All materials are added at the beginning of the
ACC318, Ch 17 Kentville Industries produces plastic ice cube trays in two processes: heating an stamping. All materials are added at the beginning of the Heating Department. On November 1st, 1,000 trays that were 70 % complete were in process in the Heating Department. During November 12,000 trays were started into production. On November 30th, 2,000 trays that were 60 % complete were in process. Assume no spoilage. The following cost information for the Heating Department was also available. Work in process, November 1 Materials Conversion costs Cost of work in process, Nov. 1 $640 360 $ 1,000 Costs incurred in November $ 3,000 $ 2,300 $ 4,050 Materials Labor Overhead REQUIRED: 1. Summarize the Heating Department costs for November, and assign the costs to units completed (and transferred-out) and to units in the ending inventory: use the Weighted-Average method 2. Use the FIFO method
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started