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Please assist with tables 14A to 16A. I can't get past 13A and my book doesn't really explain what the FIFO method is. I can
Please assist with tables 14A to 16A. I can't get past 13A and my book doesn't really explain what the FIFO method is. I can list these as separate questions if needed.
Beginning balance | + | Transferred in | - | Transferred out | = | In process units |
900 | + | 1500 | - | 1600 | =800 |
Madison Company | ||||||
Production Cost Report - Finishing Department | ||||||
Equivalent Units | ||||||
Whole | Transferred | Direct | Conversion | |||
UNITS | Units | In | Materials | Costs | ||
Units to account for: | ||||||
Beginning work-in-process | 900 | ? | ? | ? | ? | |
Started and completed | 1500 | ? | ? | ? | ||
Total units to account for | 2400 | |||||
Units accounted for: | ||||||
Completed and transferred out | 900 | 0 | 0 | 1500 | ||
Ending work-in-process | 800 | 800 | 800 | 180 | ||
Transferred to Finished Goods | 1700 | 800 | 800 | ? | ||
Ending work-in-process | 800 | 800 | 800 | |||
Total units accounted for | 2500 | 1600 | ? | ? |
Madison Company |
Production Cost Report - Finishing Department |
Transferred | Direct | Conversion | Total | Cost | ||
COSTS | In | Materials | Costs | Costs | per Unit | |
Costs to account for: | ||||||
Beginning work-in-process | 900 | ? | ? | ? | ? | |
| 900 | ? | ? | ? | ? | |
Total costs to account for | 1800 | |||||
Divided by: EUP this period | ||||||
Cost per equivalent unit |
Madison Company |
Production Cost Report - Finishing Department (partial) |
Transferred | Direct | Conversion | Total | |||
COSTS | In | Materials | Costs | Costs |
Costs accounted for: | |||||
Beginning work-in-process | 11880 | 1980 | 1450 | ||
Costs to complete beginning WIP | 0 | 0 | |||
Total costs for beginning WIP | 11880 | 1980 | |||
Started and completed | 23760 | ||||
Transferred to finished goods | 47520 |
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