Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
help please!! Problem - Process Costing A producer of magical widgets, Brakebills, Inc. uses a process costing system. The following information pertains to operations for
help please!!
| Problem - Process Costing | ||||
| A producer of magical widgets, Brakebills, Inc. uses a process costing system. The following information pertains to operations for the month of April | ||||
| Percentage Complete | ||||
| Units | Direct Materials | Conversion | ||
| Beginning Work in Process Inventory, April 1 | 18,000 | 60% | 20% | |
| Started in production during April | 98,000 | |||
| Ending Work in Process Inventory | 23,000 | 75% | 40% | |
| Beginning Work in Process Inventory Costs: | ||||
| Material | $17,800 | |||
| Conversion | $18,900 | |||
| Current Period Costs: | ||||
| Material | $753,950 | |||
| Conversion | $1,105,300 | |||
| REQUIRED Using he weighted-average method, answer the following questions: | ||||
| 1. How many units were completed and transferred to finished goods? | ||||
| 2. What are the total equivalent units for each cost component? | ||||
| 3. What is the cost per equivalent unit for each cost component? | ||||
| 4. What is the cost transferred to Finished Goods Inventory? | ||||
| 5. What is the cost of ending WIP inventory? | ||||
| 6. If there was no beginning finished goods inventory for April and 78,000 units were sold in April how much is COGS? | ||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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
College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
978-0077639730
