Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.)

Equivalent Units
Units charged to production: Whole Units Direct Materials Conversion Total
Beginning WIP
(+) Transferred In
Total Units Accounted For:
Units to be assigned costs:
Beginning WIP
(+) Started & Completed
Transferred Out
(+) Ending WIP
Total Units to be Assigned Costs:
Cost per Equivalent Unit:
Beginning WIP
(+) Incurred this Period
Total Costs
(/) Total Equivalent Units
Cost per Equivalent Unit
Cost allocated to completed and partially completed:
Beginning WIP
To Complete WIP
(+) Started & Completed
Total Cost Transferred Out
(+) Ending WIP
Total Cost Assigned:

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

Auditing Principles

Authors: Howard F. Stettler

3rd Edition

0130521183, 9780130521187

More Books

Students also viewed these Accounting questions

Question

Identify the types of informal reports.

Answered: 1 week ago

Question

Write messages that are used for the various stages of collection.

Answered: 1 week ago