Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting. The Work In Process Inventory T-account for

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting. The Work In Process Inventory T-account for the Bending department is shown below. The 2,500 units in beginning work in process inventory had direct materials costs of $2,900 and conversion costs of $2,100. Also shown is unit data for the Bending department this period. Units Direct Materials Percent Complete Conversion Beginning work in process inventory 2,500 100% Percent Complete 258 Units started this period 6,500 Completed and transferred out 7,500 Ending work in process inventory 1,500 100% 60% Work in Process Inventory-Bending (5) 5,000 7.900 Credit ? Transferred out Debit Beginning balance Direct materials Direct labor Overheadi Ending balance 3,500 12,460 a. Compute equivalent units of production for both direct materials and conversion. b. Compute cost per equivalent unit of production for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process Inventory. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute equivalent units of production for both direct materials and conversion. Equivalent units of production: Weighted average Units Direct Materials Conversion Percent Camalata Percent EUP Camalate EUP Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute equivalent units of production for both direct materials and conversion. Equivalent units of production: Weighted average Units Direct Materials Conversion EUP Percent Complete EUP Percent Complete Required A Required B > inventory. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute cost per equivalent unit of production for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Cost per equivalent unit of production: Weighted average Total costs Direct Materials Conversion +Equivalent units of production Cost per equivalent unit of production < Required A Required C > nces Required A Required B Requted C Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in p inventory. Note: Round "Cost per EUP" to 2 decimal places. Cost assignment-Weighted average EUP Cost per EUP Total cost Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for

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

Step: 3

blur-text-image

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

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

22nd Edition

324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844

More Books

Students also viewed these Accounting questions