Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carpenter Manufacturing Corporation produces highly specialized technical equipment, which is manufactured in the Product Construction department and tested in the Product Evaluation department. Carpenter has

Carpenter Manufacturing Corporation produces highly specialized technical equipment, which is manufactured in the Product Construction department and tested in the Product Evaluation department. Carpenter has 1 Direct Cost Category (direct materials); 1 Indirect Cost Category (conversion costs); and wishes to compare the Weighted Average versus the FIFO methods of Process Costing.

Data for the Product Construction department for March 2012 is as follows:

Work In Process, March 1: Physical Units 3,081; Direct Materials (96% complete) $554,696; Conversion Costs (56% complete) $167,898

Work added to Production during March: Physical Units 13,633; Direct Materials $2,290,712; Conversion Costs $1,185,943

Work In Process, March 31: Physical Units 2,003; Direct Materials (73% complete) $ ? ; Conversion Costs (35% complete) $ ?

Compute the Total Cost of the Ending Work In Process Inventory (FIFO) in the Product Construction 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

Todays Mood Is Sponsored By Auditing

Authors: Ruby Publishing

1st Edition

B08BG52SST, 979-8655512771

More Books

Students also viewed these Accounting questions