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Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Units Direct Materials Conversion Percent Complete Percent
Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows.
Units | Direct Materials | Conversion | |
---|---|---|---|
Percent Complete | Percent Complete | ||
Beginning work in process inventory | 30,000 | ||
Units started this period | 140,000 | ||
Units completed and transferred out | 150,000 | ||
Ending work in process inventory | 20,000 | 100% | 30% |
Beginning work in process inventory | ||
---|---|---|
Direct materials | $ 17,100 | |
Conversion | 67,200 | $ 84,300 |
Costs added this period | ||
Direct materials | 144,400 | |
Conversion | 862,000 | 1,006,800 |
Total costs to account for | $ 1,091,100 |
Required: 1. Prepare the Cutting departments production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly.
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