Homework: Chapter 17B Save Score: 0 of 3 pts HW Score: 0%, 0 of 11 pts 4 of 4 (0 complete) P17-44 (similar to) X Requirements Southside Sports, which produces basketballs, has two departments: cutting and stitching. Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the stitching department. 1. Summarize total stitching department costs for March 2017, and assign these costs to units completed (and transferred out) and to units in ending work in process. X Weighted-average assignment of costs 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. 3. Explain any difference between the cost of work completed and transferred out and the cost of ending work in process in the stitching department under the weighted-average method and the FIFO method Total Transferred-ln Direct Conversion Production Costs Materials Costs Costs Assignment of costs: Print Done sion Completed and transferred out $ 120,000 368,000 $ 40,000 $ 208,000 $ (books) Materials Costs Costs 58,000 52,000 6,000 Ending work in process O $ ng work in process 50,000 $ 30,000 $ 60,000 $ 426,000 $ 40,000 $ 126,000 260,000 $ Total costs to account for ree of completion, beginning work in process 100% 0% 60% red in during March 2017 70,000 Print Done ted and transferred out during March 2017 80,000 LInding Work in process March 31 20,000 Degree of completion, ending work in process 100% 0% 20% parts remaining 8 66,000 $ 210,000 $ 40,000 $ Total Costs added during March Homework: Chapter 17B Save Score: 0 of 3 pts HW Score: 0%, 0 of 11 pts 4 of 4 (0 complete) P17-44 (similar to) X Requirements Southside Sports, which produces basketballs, has two departments: cutting and stitching. Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the stitching department. 1. Summarize total stitching department costs for March 2017, and assign these costs to units completed (and transferred out) and to units in ending work in process. X Weighted-average assignment of costs 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. 3. Explain any difference between the cost of work completed and transferred out and the cost of ending work in process in the stitching department under the weighted-average method and the FIFO method Total Transferred-ln Direct Conversion Production Costs Materials Costs Costs Assignment of costs: Print Done sion Completed and transferred out $ 120,000 368,000 $ 40,000 $ 208,000 $ (books) Materials Costs Costs 58,000 52,000 6,000 Ending work in process O $ ng work in process 50,000 $ 30,000 $ 60,000 $ 426,000 $ 40,000 $ 126,000 260,000 $ Total costs to account for ree of completion, beginning work in process 100% 0% 60% red in during March 2017 70,000 Print Done ted and transferred out during March 2017 80,000 LInding Work in process March 31 20,000 Degree of completion, ending work in process 100% 0% 20% parts remaining 8 66,000 $ 210,000 $ 40,000 $ Total Costs added during March
