Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Odell Company uses the FIFO method in its process costing system. The Mixing Department started the month with 200 units in process that were 20%

image text in transcribed

Odell Company uses the FIFO method in its process costing system. The Mixing Department started the month with 200 units in process that were 20% complete, started in production 2,500 units, and transferred 2,600 units to the finished goods storage area. All materials are added at the beginning of th conversion costs occur evenly. The units in process at the end of the month are 50% complete with respect to conversion costs. The department incurred the following costs: (Click the icon to view the costs.) Read the requirements. - X COSTS Materials Costs Costs per Unit Data Table $ 460 $ 1,810 Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for 1,350 $ 6.525 5,750 12.275 Beginning WIP Added this month Total Direct Materials 460 $ $ 6.210 6,210 $ 7,875 $ 5,750 $ 14,085 Conversion Costs 6.525 1,350 1,810 $ 7,875 14,085 12.275 $ $ 5,750 $ Total Costs added during the period Divided by: EUP this period 6,525 2.610 2,500 $ 2.30 $ 2.50 Cost per equivalent unit Print Done 17A. Determine the cost to be transferred to the next department. Complete the partial cost of production report through the calculation of "Transferred to finished goods." (Complete all answer boxes. Enter a "0 i Requirements Odell Company Production Cost Report - Mixing Department (partial) 14A. How many units are still in process at the end of the month? 15A. Compute the equivalent units of production for the Mixing Department for the current month. 16A. Determine the cost per equivalent unit for the current period for direct materials and conversion costs. 17A. Determine the cost to be transferred to the next department. Direct Conversion Total COSTS Materials Costs Costs Costs accounted for: Print Done Beginning work-in-process Costs to complete beginning WIP Total costs for beginning WIP Started and completed Transferred to finished goods

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

Students also viewed these Accounting questions