Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Miller Outdoor Equipment (MOE) makes four models of tents. The model names are Rookie Novice, Hiker, and Expert. MOE manufactures the tents in two departments:

image text in transcribed
image text in transcribed
image text in transcribed
Miller Outdoor Equipment (MOE) makes four models of tents. The model names are Rookie Novice, Hiker, and Expert. MOE manufactures the tents in two departments: Stitching and Customizing. All four models are processed initially in Stitching where all material is assembled and sewn into a basic tent. The Rookie model is then transferred to finished goods. After processing in Sutching the other three models are transferred to Customizing for additional add-ons, and then transferred to finished goods, There were no beginning work-in-process inventories on August 1. Data for August are shown in the following table. Ending work in process is 60 percent complete in Stitching and 40 percent complete in Customizing. Conversion costs are allocated based on the number of equivalent units processed in each department Total Units started Units completed in Stitching Rookie Novice 700 530 645 495 470 Hiker Expert 300 160 270 95 250 70 Units completed in Customizing Materials $48,460 $16,100 $13,780 $9,300 $9,280 Conversion costs. Stitching Customizing Total conversion costs $53,260 34,000 $87,260 Required: a. What is the unit cost of each model transferred to finished goods in August? b. What is the balance of the Work-in-Process Inventory on August 31 for Stitching? For Customizing? Complete this question by entering your answers in the tabs below. Conversion costs: Stitching Customizing Total conversion costs $53,260 34,000 $87,260 Required: a. What is the unit cost of each model transferred to finishe b. What is the balance of the Work-in-Process Inventory on Complete this question by entering your answers in ti Required A Required B What is the unit cost of each model transferred to finished goc whole number.) Product Unit Cost Rookie Novice Hiker Expert Required omizing Total conversion costs Required: a. What is the unit cost of each model transfe b. What is the balance of the Work-in-Process Complete this question by entering your Required A Required B What is the balance of the Work-in-Process Inve calculations to nearest whole number.) Work-in-Process Inventory Stitching Customizing

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions