Question
Can someone please fill in this table for me? i have provided the information needed for it. USE FIFO Smith Electronic Companys chip-mounting production department
Can someone please fill in this table for me? i have provided the information needed for it. USE FIFO
Smith Electronic Companys chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process.
Following is a summary of production costs incurred during October:
Direct Materials | Conversion Costs | ||||||
Beginning work-in-process | $ | 3,750 | |||||
Costs added in October | $ | 9,600 | 4,200 | ||||
Total costs | $ | 9,600 | $ | 7,950 | |||
Units Repeat requirement 2 using the FIFO method. (Round your answers to the nearest whole dollar amount. Round "Cost per equivalent unit" to 2 decimal places.) SMITH ELECTRONIC COMPANY Chip-Mounting Production Department FIFO Production Cost Report Production Quantity Information Step 1: Analyze Step 2: Calculate Flow of Physical Equivalent Units Physical Direct Conversio Units Materials Costs Input Beginning work-in-process inventory Completion percentage Direct materials Conversion Started this period Total units to account for Output Completed Ending work-in-process inventory Completion percentage Direct materials Conversion Total units accounted for Total work performed to date Beginning work-in-process inventory Total work performed this period (FIFO ol equivalent units Unit Cost Determination Step 3: Determine Total Costs to Direct Conversion Total Account for Flow Materials Costs Beginning work-in-process inventory Current cost Total costs to account for $ 0 $ 0 $ Step 4: Compute Unit Costs Cost per equivalent unit Cost Assignment Completed Step 5: Assign Total Manufacturing and Transferred Work-in Total Costs Process Out Units completed and transferred out Beginning work-in-process Current cost to complete Materials Conversion Total from beginning work-in-process $ Units started and finished Total cost completed and transferred out Ending work-in-process Materials Conversion Total costs accounted for 0 $ Ending
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