Question
On October 1, Vader Corporation's Inventory and the costs charged to Work in ProcessDepartment Princess during October are as follows: 8,000 units, 65% completed $
On October 1, Vader Corporation's Inventory and the costs charged to Work in ProcessDepartment Princess during October are as follows:
8,000 units, 65% completed | $ 304,000 |
From Department Vader, 64,000 units | 704,000 |
Direct labor | 725,000 |
Factory overhead | 525,000 |
During October, all direct materials are transferred from Department Vader, the units in process at October1 were completed, and of the 64,000 units entering the department, all were completed except 5,200 units which were 70% completed as to conversion costs. All materials are added at the beginning of the process
REQUIREMENT #1: Prepare a cost of production report for October using the FIFO Method (Round cost per equivalent unit to 4 decimal places, but the total amounts to nearest dollar.)
REQUIREMENT #2: Prepare a cost of production report for October using the Weighted-Average Method
(Round cost per equivalent unit to 4 decimal places, but the total amounts to nearest dollar.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started