CHAPTER 16 PT 2. *****PLEASE READ FOR DIRECTIONS***** FOR PART ONE, Under "Total Costs to Account for" the two blanks have text options, there are: COSTS TRANSFERRED OUT, COSTS INCURRED THIS PERIOD, COST OF ENDING WORK IN PROCESS, AND COST OF BEGINNING WORK IN PROCESS. PLEASE USED THOSE TO ANSWER THE BLANKS. There rest of that chart is just numbers. Under the chart "Unit Reconciliations" the FOUR text blanks options are: BEGININING WORK IN PRCESS INVENTORY - UNITS, ENDING WORK IN PROCESS - UNITS, UNITS COMPLETED AND TRANSFERRED OUT, AND UNITS STARTED THIS PERIOD. There rest is numbers. Under the chart "Equilivent units of production" the TWO text blank options are: BEGINNING GOODS IN PROCESS INVENTRROY - UNITS, TOTAL UNITS ACCOUNTED FOR, TOTAL UNITS TO ACCOUNT FOR, UNITS COMPLETED AND TRANSFERRED OUT, AND UNITS STARTED THIS PERIOD. The rest is just numbers. Under the chart "cost per equivalent unit of production" the TWO text options are: COSTS TRANFERRED OUT, COSTS INCURRED THIS PERIOD, COST OF ENDING WORK IN PROCESS, AND COST OF BEGINNING WORK IN PROCESS.

FOR PART 2 THE TEXT OPTIONS ARE: CASH, FACTORY OVERHEAD, FINISHED GOODS INVENTORY, MERCHANDISE INVENTORY, SALES, WAGES EXPENSE, WAGES PAYABLE, WORK IN PROCESS INVENTORY

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Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 22,700 units of product to finished goods inventory. Its 3,100 units of beginning work in process consisted of $19,900 of direct materials and $226,440 of conversion costs. It has 2,450 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $483,100 of direct material costs and $1,992,960 of conversion costs were charged to production.

Document1- Word FILE HOME INSERT DESIGNPAGE LAYOUT REFERENCES MAILINGSREVIEW VIEW Sign in 1. Prepare the company's process cost summary for May using the weighted-average method l oostt to sccount Total cosis to account for Total o0sts acoounted tor Difference d to rounding castiunit Unitt to socount for Total units to aooount for Total unlts sooounted for Total units sooounted for unlts of produotion (EUP)- weighted average method EUP. Unitt % M tertels EUP-Materials % Converglon 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.) Total unts view general journal Journal Entry Worksheet Total cos1s Equivaient units of production Cost per equvalent unit of produetion EUP EUP Record the transfer of goods to finished goods inventory. Cost per EUP Cost of units transferred out EUP Total ooct Debit Credit Direct materia's May 31 Total cosis traraferred oun Coct per Costs of ending work in process EUP Total ooct Direct materia's 0.00 "Enter debits before credits Total cost of ending work in process Total costs aocounted for PAGE 1 OF1 OWORDS L + 100% 2:00 PM Search the web and Windows ^4) 7/19/2016 |