Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish filets for distribution to its retail
Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish filets for distribution to its retail sales department. Direct materials are added at the Initiation of the cycle. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some fillets are spoiled due to non detectable defects. Inspection occurs when units are 50% converted. Spoiled filets generally constitute 3.5% of the good filets. Data for April 2018 are as follows. Click the icon to view the April 2018 data. Use the weighted average process-costing method. What amounts are assigned to ending work-in-process for direct materials and conversion costs, respectively? Round to the nearest dollar OA $33,000, $27.840 OB. $27.840, $33,000 OC $27,840, $6,720 OD. $633,600, $6,720 OE. $6,720, $27.840 April 2018 Data WIP, beginning inventory April 1, 2018: 80,000 fillets Direct materials (100% complete) Conversion costs (50% complete) Started during April: 150,000 fillets Completed and transferred in April: 200,000 fillets WIP, ending inventory April 30, 2018: 16,000 fillets Direct materials (100% complete) Conversion costs (20% complete) Costs for April: WIP, beginning Inventory: Direct materials: $110,000 Conversion costs: $80,000 Direct materials added: $290,200 Conversion costs added: $376,130 Print Done - X
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