Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Montreal Manufacturing Inc. has the following cost and production data for the month of April. Beginning WIP 17,300 units Started in production 100,400 Completed production

Montreal Manufacturing Inc. has the following cost and production data for the month of April.
Beginning WIP 17,300 units
Started in production 100,400
Completed production 94,500
Ending WIP 23,200
The beginning inventory was 60% complete for conversion costs. The ending inventory was 40% complete for conversion costs. Materials are added at the beginning of the process. Costs pertaining to the month of April are as follows:
Beginning inventory costs are:
Materials $66,900
Direct labour 19,600
Factory overhead 13,800
Costs incurred during April include:
Materials $582,320
Direct labour 199,600
Factory overhead 360,800
Calculate the equivalent units of production for materials and conversion costs for the month of April using the first-in, first-out (FIFO) method.
Materials Conversion costs
Total equivalent units

Calculate the unit costs for the month. (Round unit cost to 3 decimal places, e.g. 15.256.)
Unit costs
Materials $

Conversion costs $

Total $

Determine the costs to be assigned to the units transferred out and in ending work in process. (Round answers to 0 decimal places, e.g. 5,275.)
Total Materials Conversion
Beginning Inventory $

$

$

Complete beginning WIP

Started and completed

Cost for units transferred out $

$

$

Ending work in process

Total costs $

$

$

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

Count Down The Past, Present And Uncertain Future Of The Big Four Accounting Firms

Authors: Jim Peterson

2nd Edition

1787147010, 9781787147010

More Books

Students also viewed these Accounting questions