Answered step by step
Verified Expert Solution
Question
1 Approved Answer
only the four i got wrong, and the journal entre worksheet please Fast Company produces its product through two processing departments Cutting and Assembly. Information
only the four i got wrong,
Fast Company produces its product through two processing departments Cutting and Assembly. Information for the Cutting department follows: Direct Materials Percent Complete Conversion Percent Complete Units 30,000 140,000 150,000 20,000 100% 80% Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 17,100 67,200 $ 84,300 144,400 862,400 1,006,800 $ 1,091, 100 Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly 0 Total units accounted for 170,000 Equivalent units of production (EUP) - weighted average method Direct Materials Conversion % % Units EUP EUP Complete Complete Completed and transferred out 150,000 100% 150,000 100% 150,000 Ending work in process 20,000 100% 20,000 30% X 6,000 Total units 170,000 170 000 155,000 Cost per equivalent unit of production Direct Conversion Materials Cost of beginning work in process $ 17 100 s 67,200 Costs added this period 144,400 862,400 Total costs Costs $ 161,500 Costs S 929,600 Equivalent units of production EUP 170,000 EUP 156,000 Cost per equivalent unit of production $ 0.95 $ 596 Cost Assignment EUP Completed and transferred out Cost per Total cost EUP Direct materials 150,000 $ 0.95 s 142,500 Conversion 150.000 s 5.96 894.000 Total completed and transfered out $ 1,036,500 Ending work in process Direct materials 20,000 S 0.95 Is 19,000 Conversion 6,000 S 5.96 35,760 Total ending work in process 54,760 Total costs accounted for $ 1,091,260 > > and the journal entre worksheet please
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