Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi, I upvote for correct and organized answers. Weighted Average Method, Single Department Analysis, Uniform Costs Hatch Company produces a product that passes through three
Hi, I upvote for correct and organized answers.
Weighted Average Method, Single Department Analysis, Uniform Costs Hatch Company produces a product that passes through three processes: Fabrication, Assembly, and Finishing. All manufacturing costs are added uniformly for all processes. The following information was obtained for the Fabrication Department for June: a. Work in process, June 1, had 90,000 units (40 percent completed) and the following costs: Direct materials $99,400 Direct labor 109,000 Overhead 36,000 b. During the month of June, 190,000 units were completed and transferred to the Assembly Department, and the following costs were added to production: Direct materials $218,000 Direct labor 144,000 Overhead 162,000 c. On June 30, there were 45,000 partially completed units in process. These units were 80 percent complete. Required: Prepare a cost of production report for the Fabrication Department for June using the weighted average method of costing. The report should disclose the physical flow of units, equivalent units, and unit costs and should track the disposition of manufacturing costs. Round the cost per equivalent unit to the nearest cent. Hatch Company Fabrication Department Production Report for June Unit Information Units to account for: Units to account for Units accounted for: Physical Flow Equivalent Units 19 Total units accounted for Cost Information Costs to account for: Manufacturing Costs Total costs to account for Cost per equivalent unit Costs accounted for: Units completed Units, ending work in process Total costs accounted forStep 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