Answered step by step
Verified Expert Solution
Question
1 Approved Answer
cost accounting please help me finish this in FIFO method! ASSIGNMENT MATERIAL 765 18-37 Weighted average method, packaging department (continuation of 18-35). In the Seafood
cost accounting
please help me finish this in FIFO method!
ASSIGNMENT MATERIAL 765 18-37 Weighted average method, packaging department (continuation of 18-35). In the Seafood Company's packaging department, conversion costs are added evenly during the process, and direct ma- terials are added at the end of the process. Spoiled units are detected upon inspection at the end of the process and are disposed of at zero net disposal value. All completed work is transferred to the next de- partment. The transferred-in costs for May equal the total cost of good units completed and transferred out in May from the cleaning department, which were calculated in Problem 18-35 using the weighted average method of process costing. Summary data for May follow. Home Insert Formulas Data View Page Layout A Review B D 1 Physical Units 12,600 Transferred-In Costs $33,698 100% Direct Materials $ 0 0% Conversion Costs $23,475 70% The Seafood Company: Packaging Department 2 Work in process, beginning inventory (May 1) 3 Degree of completion of beginning work in process 4 Started during May 5 Good units completed and transferred out during May 6 Work in process, ending inventory (May 31) 7 Degree of completion of ending work in process 8 Total costs added during May 9 Normal spoilage as a percentage of good units 10 Degree of completion of normal spoilage 11 Degree of completion of abnormal spoilage 24,600 26,400 8,400 100% ? 0% $5,760 40% $40,845 8% 100% 100% 100% 100% Required For the packaging department, use the weighted average method to summarize the total costs to account for and assign those costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in processStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started