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Can someone break this down for me? Thanks Caring Carpet manufactures broadloom carpet in seven processes: spinning, dyeing, plying, spooling, tufting, latexing and shearing. In
Can someone break this down for me? Thanks
Caring Carpet manufactures broadloom carpet in seven processes: spinning, dyeing, plying, spooling, tufting, latexing and shearing. In the Dyeing Department, direct materials (dye) are added at the beginning of the process. Conversion costs are incurred evenly throughout the process. Information for November 2018 follows: (Click the icon to view the data.) Read the requirements Units accounted for: Completed and transferred out Ending work-in-process 550 115 550 550 115 115 665 Total units accounted for 665 665 Transferred In Direct Materials Conversion Costs Total Costs 10,100 COSTS Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Divided by: Total EUP $ 3,700 $ 21,570 25,270 $ 665 38.00 $ 1,450 $ 11,185 12,635 $ 665 19.00 $ 4,950 $ 53,472 58,422 $ 642 91.00 96,327 $ Cost per equivalent unit Costs accounted for: Completed and transferred out Ending work-in-process $ 20,900 $ 4,370 10,450 $ 2,185 12,635 $ 50,050 $ 8,372 58,422 $ 81,400 14,927 96,327 $ 25,270 $ Total costs accounted for Requirement 2. Journalize all transactions affecting Caring's Dyeing Department during November, including the entries that have already been posted. Assume labor costs are accrued and not yet paid. Begin with a summary journal entry to record the assignment of costs transferred from the Spinning Department direct materials, direct labor, and the allocation of manufacturing overhead to the Dyeing Department. (Prepare a single compound journal entry. Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Nov. 30 Work-in-Process Inventory-Dyeing Work-in-Process Inventory-Spinning Raw Materials Inventory Wages Payable Manufacturing Overhead Choose from any list or enter any number in the input fields and then click Check Answer 1 part remaining Clear All Check Answer 0 Data Table COSTS Costs to account for: Beginning work-in-proces Costs added during the pa Total costs to account for Divided by: Total EUP 75 rolls 590 rolls 550 rolls 115 rolls Cost per equivalent unit Costs accounted for Completed and transferre Ending work-in-process UNITS Beginning Work-in-Process Inventory Transferred in from Spinning Department during November Completed during November Ending Work-in-Process (80% complete for conversion work) COSTS Beginning Work-in-Process Inventory (transferred in costs, $3,700, materials cost, $1,450, conversion costs, $4,950) Transferred in from Spinning Department Materials cost added during November Conversion costs added during November (manufacturing wages, $8,050, manufacturing overhead allocated, $45,422) $ 10,100 Total costs accounted for 21,570 11,185 53,472 Requirement 2. Journalize all labor costs are accrued and nd dy been posted. Assume Begin with a summary journal manufacturing overhead to the entries.) t labor and the allocation of explanations from journal Print Done Date Nov. 30 Work-in-Process Inventory-Dyeing Work-in-Process Inventory-Spinning Raw Materials Inventory Wages Payable Manufacturing Overhead Choose from any list or enter any number in the input fields and then click CheckStep by Step Solution
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