Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pix Company has the following production data for March: no beginning work in process, units started and completed 29,000, and ending work in process 3,300

image text in transcribed

Pix Company has the following production data for March: no beginning work in process, units started and completed 29,000, and ending work in process 3,300 units that are 100% complete for materials and 40% complete for conversion costs. Pix uses the FIFO method to compute equivalent units. If unit materials cost is $7 and unit conversion cost is $10. The total costs to be assigned are $529,300, prepare the cost section of the production cost report for Pix Company using the FIFO approach.

PIX COMPANY (Partial) Production Cost Report For the Month Ended March 31

COSTS

Materials

Conversion Costs

Total

Unit costs

Total costs

$enter a dollar amount

$enter a dollar amount

$enter a total of the two previous amounts

Equivalent units

enter a number of units enter a number of units

Unit costs

$enter a dollar amount

$enter a dollar amount

$enter a total of the two previous amounts

Costs to be accounted for

In process, March 1

$enter a dollar amount

Started into production

enter a dollar amount

Total costs

$enter a total of the two previous amounts

Costs accounted for

Transferred out

In process, March 1

$enter a dollar amount

Started and completed

enter a dollar amount

In process, March 31

Materials

$enter a dollar amount

Conversion costs

enter a dollar amount enter a subtotal of the two previous amounts

Total costs

HW03 Send to Gradebook 0.09/1 Question 3 View Policies Show Attempt History Current Attempt In Progress Your answer is partially correct Pix Company has the following production data for March: no beginning work in process, units started and completed 29,000, and ending work in process 3,300 units that are 100% complete for materials and 40% complete for conversion costs. Pox uses the FIFO method to compute equivalent units. If unit materials cost is $7 and unit conversion cost is $10. The total costs to be assiened are $529,300, prepare the cost section of the production cost report for Pix Company using the FIFO approach. PEX COMPANY (Partial) Production Cost Report For the Month Ended March 31 COSTS Conversion Costs Materials Total Unit costs Total costs Equivalent units Unit costs Casts to be accounted for In process, March 1 Started into production Total costs Costs accounted for Transferred out In process, March 1 Started and completed In process, March 31 Materials Conversion costs H Tatal costs e Textbook and Media Save for Later Last saved 14 minutes ago Attempts: 1 of 5 used Submit Answer Send to Gradebook

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_2

Step: 3

blur-text-image_3

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

Dk Essential Managers Understanding Accounts

Authors: Stephen Brookson, Adele Hayward

1st Edition

0789471493, 978-0789471499

More Books

Students also viewed these Accounting questions

Question

WHAT IS AUTOMATION TESTING?

Answered: 1 week ago

Question

What is Selenium? What are the advantages of Selenium?

Answered: 1 week ago

Question

Explain the various collection policies in receivables management.

Answered: 1 week ago