Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello! Please, if you could show me understand how to find these from the table above. 1. Total cost of completed units 2. Cost of
Hello! Please, if you could show me understand how to find these from the table above. 1. Total cost of completed units 2. Cost of normal spoilage 3. Abnormal cost of normal spoilage 4. Cost of ending inventory so far, the details I have: Cost per unit: Transferred in - $3 Materials - $7 Conversion - $5 Packaging - $1 Please and thank you
Q2: Process costing Living \& Co produces a new brand of Travel Hair Dryer 1600W, which involves two stages: preparation (the first department) and finishing (the second department). The company uses the weighted-average method of process costing for both departments. The second department receives the outputs of the first department (Shell chassis and the electrical motor) and calls it 'transferred-in at the beginning of the process. It starts working on transferred-in units and, at a later stage, adds its own materials (the fan blade, copper wiring, switching mechanisms, and various other electrical components) into the process. The conversion costs are incurred evenly during the process, but the packing is added towards the end of the process. Normal spoilages are based on goods units that passed the inspection. Additional information regarding the percentage of normal spoilage and the stages in which materials and packaging are added is provided in the following table. Spoiled units are disposed of at zero net disposal value. During March of the current year, the following data were recorded for the Finishing DepartmentStep 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