Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

EUP; cost per EUP; cost assignment; WA & FIFO Found Sound mass-produces miniature speakers for personal sound systems. The following cost information is available for

image text in transcribed
image text in transcribed
image text in transcribed
EUP; cost per EUP; cost assignment; WA \& FIFO Found Sound mass-produces miniature speakers for personal sound systems. The following cost information is available for June: On June 1, the company had 1,000 units in process, which were 60 percent complete as to material and 30 percent complete as to conversion. Found Sound started 8,400 units into process during June and had 300 units still in process on June 30 . The ending WIP units were 80 percent complete as to material and 70 percent complete as to conversion. a. Compute the unit costs for June under the weighted average method for direct material and for conversion. Note: Round your answers to two decimal places (i.e. round $4.355 to $4.36 ). Material cost per EUP $ Conversion cost per EUP \$ b. Determine the cost transferred out for June using the weighted average method. Note: Use the rounded rates from part (a) in your calculations. Note: Display your answer below showing two decimal places. $ c. Determine the cost of June 30 ending inventory using the weighted average method. Note: Use the rounded rates from part (a) in your calculations. Note: Display your answer below showing two decimal places. $ d. Compute the unit costs for June under the FIFO method for direct material and for conversion. Note: Round your answers to two decimal places (i.e. round $4.355 to $4.36 ). Material cost per EUP \$ Conversion cost per EUP \$ e. Determine the total costs transferred to Finished Goods Inventory during June using the FIFO method. Note: Use the rounded rates from part (d) in your calculations. Note: Display your answer below showing two decimal places. $ f. Determine the cost of June 30 ending inventory using the FIFO method. Note: Use the rounded rates from part (d) in your calculations. Note: Display your answer below showing two decimal places. $ g. Prepare the entries for the direct material, direct labor, and overhead cost assigned to production during June as well as the transfer of the completed goods during June using the weighted average method. Note: Round amounts to the nearest whole dollar

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

Auditing And Assurance Services

Authors: William Messier, Steven Glover, Douglas Prawitt

8th Edition

0078025435, 9780078025433

More Books

Students also viewed these Accounting questions

Question

Find the standard deviation of the book purchases in exercise 3.

Answered: 1 week ago