please help with each requirement if you're willing, and thank you!
Smitty Sports, which produces basketballs, has two departments: cutting and stitching. Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the stitching department (Click the icon to view Smitty Sports' process costing information.) The following is a summary of the March 2017 operations of the stitching department. B (Click the icon to view the information.) (Click the icon to view the total costs assigned under the weighted-average method.) Read the requirements. Requirement 1. Summarize total stitching department costs for March 2017, and assign these costs to units completed (and transferred out) and to units in ending work in process. Begin by completing the following table to summarize the physical and equivalent units. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Equivalent Units Transferred-In Direct Physical Conversion - X i Units Costs Materials Requirements Costs Work in process, beginning 30,000 70,000 Transferred-in during current period 1. To account for 2. Completed and transferred out during current period: From beginning work in process Started and completed Summarize total stitching department costs for March 2017, and assign these costs to units completed (and transferred out) and to units in ending work in process. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. Explain any difference between the cost of work completed and transferred out and the cost of ending work in process in the stitching department under the weighted average method and the FIFO method. 30,000 3. Work in process, ending 20,000 Accounted for Print Done Equivalent units of work done in current period -X Weighted average assignment of costs x Data Table Total Transferred-In Direct Conversion A Production Costs Costs Materials Costs 1. B D E Physical Units Transferred-In Direct Conversion (basketballs) Costs Materials Costs 30,000 $ 50,000 $ 0 $ 60,000 Assignment of costs: Completed and transferred out $ 40,000 $ 368,000 $ 58,000 208,000 $ 52,000 120,000 6,000 0 100% 0% Ending work in process 60% $ 426,000 $ 260,000 $ 40,000 $ 126,000 70,000 Total costs to account for 2 Beginning work in process Degree of completion, beginning work in 3 process 4 Transferred in during March 2017 5 Completed and transferred out during March 2017 6 Ending work in process, March 31 7 Degree of completion, ending work in process 8 Total costs added during March 80,000 20,000 Print Done 100% 0% 20% Started and comp $ 210,000 $ 40,000 $ 66,000 - X More Info Work in process, end Print Done Accounted for Equivalent units of wa Basketballs that have undergone the cutting process are immediately transferred to the stitching department. Direct material is added when the stitching process is 80% complete. Conversion costs are added evenly during stitching operations. When those operations are done, the basketballs are immediately transferred to Finished Goods. Smitty Sports uses the FIFO method of process costing. Print Done
