Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can I please have formula sheet with the answer and can I please have Part A and Part B answers Hendrix Furniture uses a process
Can I please have formula sheet with the answer and can I please have Part A and Part B answers
Hendrix Furniture uses a process cost system to account for its guitar factory. Beginning inventory consisted of 12,000 units (90% complete as to material, 48% complete as to labor) with a cost of $214,750 materials and $204,250 conversion. 63,000 units were started into production during the month with material costs of $1,935,285 and $2,575,375 of conversion costs. The ending inventory of 11,000 chairs was 85% complete as to materials and 47% complete as to labor. (Show all work for full credit, and round to the nearest cent). Required: Part 1: Using the weighted average costing method, prepare a full production cost report and answer the following: a. Compute the equivalent units of production for each input. b. Compute the cost per unit. c. Compute the cost transferred out to finished goods. d. Compute the ending work in process inventory balance. Part 2: Using the FIFO (first-in-first out method), prepare a full production cost report and answer the following: a. Compute the equivalent units of production for each input. b. Compute the cost per unit. c. Compute the cost transferred out to finished goods. d. Compute the ending work in process inventory balanceStep 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