Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,290,566 as follows Work in

image text in transcribed

Current Attempt in Progress Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,290,566 as follows Work in process. November 1 Materials $79,500 Conversion costs 48,400 $127,900 Materials added 1,596,420 Labor 224,000 Overhead 340,246 Production records show that 34,900 units were in beginning work in process 30% complete as to conversion costs, 663,400 units were started into production, and 25.600 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process (a) Determine the equivalent units of production and the unit production costs for the Assembly Department. (Round unit costs to 2 decimal places.cg. 2.25.) Materials Conversion Costs Equivalent Units Cost per unit $ $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2 (b) Determine the assignment of costs to goods transferred out and in process. Costs accounted for: Transferred out Work in process, November 30 Materials Conversion costs $ Total costs e Textbook and Media Save for later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2 (c) Prepare a production cost report for the Assembly Department. (Round unit costs to 2 decimal places.eg. 2.25 and other answers to decimal places, e... 125) RIVERA COMPANY Assembly Department Production Cost Report For the Month Ended November 30, 2020 Equivalent Units Conversion Materials Costs Physical Units Quantities Units to be accounted for Work in process, November 1 Started into production Total units Units accounted for Transferred out Work in process, November 30 Total units Conversion Costs Materials Costs Unit costs $ Total Costs Equivalent units Unit costs Costs to be accounted for Work in process November 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process November 30 Materials Conversion costs $ Total costs

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

Step: 3

blur-text-image

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

College Accounting Ch 1-14

Authors: John Wild, Vernon Richardson, Ken Shaw

1st Edition

0073346896, 9780073346892

More Books

Students also viewed these Accounting questions