Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need help fixing the answers that have x's by them! ! Required information [The following information applies to the questions displayed below.) Tamar

I just need help fixing the answers that have x's by them! image text in transcribed
image text in transcribed
image text in transcribed
! Required information [The following information applies to the questions displayed below.) Tamar Co. manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 21,600 units, and transferred 22,200 units of product to the Assembly department. Its 3,000 units of beginning work in process consisted of $19.800 of direct materials and $221.940 of conversion costs. It has 2.400 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $496,800 of direct materials costs and $2,165,940 of conversion costs were charged to the Forming department 1. Prepare the Forming department's process cost summary for May using the weighted average method. Answer is complete but not entirely correct. Total costs to account for: Costs of beginning work in process Costs incurred this period Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: $ 221 940 X 2,662 740 $ 2,884,680 2,904 480 S (19,800) x Answer is complete but not Total costs to account for: Costs of beginning work in process Costs incurred this period Total costs to account for 1$ 221,940 X 2,662,740 $ 2,884,680 2,904,480 $ (19,800) Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Beginning work in process inventory - units Units started this period Total units to account for 3,000 21,600 24,600 Total units accounted for: Units completed and transferred out 22,000 X Ending work in process - units 2.400 Total units accounted for 24,400 Equivalent units of production (EUP)- welahted averano mathed EUP- Materials 22.000 % Conversion 100% 80% EUP- Conversion 22.000 1.920 23.920 Conversion Equivalent units of production (EUP)- weighted average method % Units Materials Units completed and transferred out 22 000 X 100% Ending work in process - units 2,400 100% Total units 24,400 Cost per equivalent unit of production Costs of beginning work in process Costs incurred this period Total costs Costs Equivalent units of production EUP Cost per equivalent unit of production Total costs accounted for: Cost per EUP 2,400 24,400 Materials $ 19,800 496 800 S 516 600 24.400 s 21.17 Costs S 221,940 2. 165,940 $ 2,387 880 23,920 S 99 83 EUP Cost of units transferred out Total cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Deciding What To Teach And Test Developing Aligning And Auditing The Curriculum

Authors: Fenwick W. English

1st Edition

0803968329, 978-0803968325

More Books

Students also viewed these Accounting questions