Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please help me solve this? W-Lego Corp. uses process costing and has two WIP accounts (Forming and Finishing). The company had the following

image text in transcribedcan you please help me solve this?

W-Lego Corp. uses process costing and has two WIP accounts (Forming and Finishing). The company had the following information for the month of May There was no beginning inventory that month and the costs added to the Forming Department that month were as follows: Direct Materials: $80,000 Conversion Costs: $39,000 8,000 Lego Sets were completed in the Forming process) during the month and transferred to the Finishing Department. The equivalent units were calculated and are shown in the table below. Equivalent Units Direct Materials Conversion Cost Bats Completed & Transferred to Finishing 8,000 8,000 Department Bats Remaining in Work in 8,000 5,000 Process Using the information provided, answer the following (as applicable, round answers to two decimal places, e.g. 12.50): 1. What was the cost per equivalent unit for Conversion Costs? $ 2. What was the cost per equivalent unit for Direct Materials? $ 3. What was the Forming Department's Work in Process Inventory Balance at the end of May? $ 4. What was the total cost of the units transferred to the Finishing Department? $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Digital Auditing Theory And Practice Of Auditing Complex Information Systems And Technologies

Authors: Egon Berghout, Rob Fijneman, Lennard Hendriks, Mona De Boer, Bert-Jan Butijn

1st Edition

3031110889, 978-3031110887

More Books

Students also viewed these Accounting questions

Question

Technology. Refer to Case

Answered: 1 week ago