Question
How do I do the T-accounts for the following question: Reutter, Inc. makes a single product and uses the FIFO method of process costing.The company's
How do I do the T-accounts for the following question:
Reutter, Inc. makes a single product and uses the FIFO method of process costing.The company's product goes through two processing departments - Etching and Wiring - which completes the process.This problem focuses on the Writing department which received the 'etched' products and then completes them by adding appropriate writing.In Wiring, the direct materials are placed into production when the process is 35% complete.Conversion costs are incurred evenly throughout the process.The relevant information for April is below:
Beginning work in process inventory 10,000 items, 30% complete as to conversion Units startedin April 170,000 units Ending work in process inventory 20,000 items,40% complete as to conversion Transferred-In Materials Conversion Cost of beginning work in process $7,000$0 $4,900 Current costs in April $187,000 $153,000 $ 244,200
Complete the T-Accts below.Enter the Beginning and Current costs (you don't need to include the credits).Then include the entry (debit and credit) for the costs for Completed & Transferred .Balance the WIP Inventory account by entering the End WIP.
WIP InventoryFin. Goods Inventory
Beg
TI
DM
CC
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