Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I figured out some of this but I am stuck on like the last half of it. Help is much appreciated. CLICK HERE TO REVIEW
I figured out some of this but I am stuck on like the last half of it. Help is much appreciated.
CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 3 Partially correct Mark 33.00 out of 39.00 Flag question Equivalent Units and Product Cost Report-FIFO Method The following data (and annotations) for March 2016 are for the work in process account of the first of Olympus Company's four departments used in manufacturing its only product. Work in Process-Department 1 Beginning balance (3,000 units, 40% complete) Transferred to department 2: (23,000 units) Direct material (24,000 units) Direct labor Manufacturing overhead Ending balance [ (b) units, 25% complete] S18.200 96,000 77.300 36,700 Assuming that Olympus uses the FIFO method, that materials are added at the beginning of the process and that conversion costs are incurred evenly throughout, solve for the three missing numbers. Round average cost per equivalent unit to two decimal places, if applicable. Round other answers to the nearest whole number, when appropriate Olympus Company, Department 1 Flow of Units and Equivalent Units Calculation, March 2016 Equivalent Units %in March %in March Direct Conversion Costs Complete/Transferred Beginning 1,800 3,000 Started & 100 20,000 100 20,000 20,000 completed b. 4,000 100 4,000 1,000 Ending inventory 24,000 22,800 27,000 Total Product Cost Report Direct Materials Conversion Costs Beginning Inventory 18,200 Current 96,000 114,000 Total Costs to Account For 114,000 Total Equivalent Units 24,000 22,800 Average cost/ Equivalent unit Beginning inventory Costs incurred in Month 0 S 18.000 Costs incurred in Month 1 9,000 Started and finished 18,000 Cost of Goods Manufactured 207,000 x a Ending Inventory: Direct Materials S 16,000 Conversion costs 5,000 Cost of Ending Inventory 21,000 22,800 X Total Costs Allocated CheckStep 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