Please help with T accounts. See attachments
In its Department R, Recyclers. |nc.. processes donated scrap cloth into towels for sale in local thrift shops. It sells the products at cost. The direct materials costs are zero. but the operation requires the use of direct labor and overhead. The company uses a process costing system and tracks the processing volume and costs incurred in each period. At the start of the current period, 400 towels were in process and were 60 percent complete. The costs incurred were $638. During the month, costs of $13,300 were incurred. 3,800 towels were started, and 200 towels were still in process at the end of the month. At the end of the month. the towels were 20 percent complete. Required: a. Prepare a production cost report; the company uses weighted-average process costing. b. Show the ow of costs through T-accounts. Assume that current period conversion costs are credited to various payables. Prepare a production cost report; the company uses weighted-average process costing. (Round "Conversion costs" to 2 decimal places.) RECYCLERS, INC. Production Cost Report-Weighted Average Physical Units Total Costs Conversion Costs Flow of Production Units Units to be accounted for: Beginning WIP inventory 400 Units started this period 3,800 Total units to be accounted for 4,200 Units accounted for: Units completed and transferred out: 4,000 4.000 Units in ending WIP inventory 200 200 Total units accounted for 4,200 4,200 Costs to be accounted for: Costs in beginning WIP inventory $ 638 $ 638 Current period costs 13,300 13,300 Total costs to be accounted for $ 13,938 $ 13,938Cost per equivalent unit: Conversion costs 3.45 Costs accounted for: Costs assigned to units transferred out: Conversion costs Costs assigned to ending WIP inventory: Conversion costs Total costs accounted for $ 13.93800 $ $ 13,800.00 138.00 13.93800 Ii I8 Required B > Required A Required B Show the flow of costs through T-accounts. Assume that current period conversion costs are credited to various payables. (Do not round intermediate calculati answers to 2 decimal places.) Work in Process Various Payables Beginning inventory 638 Beg.bal. 13,800.00 Finished goods inventory 13,300.00 This period's costs: End.bal. 13,300.00 Conversion costs 13,300.00 Ending inventory 138.00 Finished Goods Inventory Beg.bal. 13,800.00 End.bal. 13,800.00Return to question 5 Show the flow of costs through T-accounts. Assume that current period conversion costs are credited to various payables. (Do not round intermediate calculati answers to 2 decimal places.) Work in Process Various Payables 5 Beginning inventory 638 X Beg.bal. 0.00 points 13,800.00 * Finished goods inventory x 13,300.00 This period's costs: End. bal. 13,300.00 Conversion costs 13,300.00 Ending inventory 138.00 Finished Goods Inventory Beg.bal. 0.00 13,800.00 End. bal. 13,800.00
