Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During August, Tibbetts's Casing Department equivalent unit product costs, computed under the weighted average method, were as follows: Transferred in $10.00 Material 2.00 Conversion 6.00
During August, Tibbetts's Casing Department equivalent unit product costs, computed under the weighted average method, were as follows: Transferred in $10.00 Material 2.00 Conversion 6.00 All material is introduced at the end of the process in the Casing Department. August's ending Work in Process Inventory contained 4,000 units that were 80 percent complete as to conversion. 25,000 units were transferred out during August to Finished Goods Inventory. a. Compute the total costs that should be assigned to the August 31, Work in Process. $ b. Compute the total cost of units transferred to finished goods. $ c. Prepare the journal entry that Tibbetts's accountant should make at the end of August related to the units transferred out. Account Debit Credit To record units transferred out
Step 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