Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer in order. The following information is available for the Molding department for January. 20,000 80% 30% Work in process beginning: Units in process
Please answer in order.
The following information is available for the Molding department for January. 20,000 80% 30% Work in process beginning: Units in process Stage of completion for materials Stage of completion for labor and overhead Costs in work in process inventory: Materials Labor Overhead Total costs in beginning work in process $168,530 67,640 17,120 $253,290 59,600 57,900 Units started into production in January Units completed and transferred in January Costs added to production: Materials Labor Overhead Total costs added into production in January Work in process ending: Units in process Stage of completion for materials Stage of completion for labor and overhead $267,345 280,597 61,140 $609,082 21,700 50% 10% Prepare a production cost report for Waterways using the weighted average method. (Round unit costs to 2 decimal places, e.g. 2.25.) WATERWAYS CORPORATION Molding Department Production Report Physical Units Equivalent Units Conversion Materials Costs Quantities Units to be accounted for Work in process, Jan. 1 Started into production Total units Units accounted for Transferred out Work in process, Jan. 31 Total units Conversion Costs Costs Materials Total Unit costs Costs in January Equivalent units Unit costs Costs to be accounted for Work in process, Jan. 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, Jan. 31 Materials Conversion costs Total costs Show the equivalent units for materials and conversion costs if Waterways used FIFO instead of weighted average. Equivalent Units Materials Conversion Physical Units Units accounted for Completed and transferred out Work in process, Jan. 1 Started and completed in Jan. Work in process, Jan. 31 Total units Click if you would like to Show Work for this question: Open Show WorkStep 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