please ignore what is inputed already
Super 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 Super Sports' process costing information.) The following is a summary of the March 2017 operations of the stitching department. (Click the icon to view the information.) (Click the icon to view the total costs assigned under the weighted average method.) Read the requirements. Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Total costs to account for Calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. (Round your answers to the nearest cent.) Transferred-In Direct Conversion Costs Materials Costs Divide by Cost per equivalent unit Assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Completed and transferred out: - Total from beginning inventory Total costs of units completed and transferred out Total costs accounted for Requirement 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the transfer from the cutting department to the stitching department. Journal Entry Accounts Date Debit Credit Now record the transfer from the stitching department to Finished Goods. Journal Entry Date Credit Accounts Finished Goods Work in ProcessStitching Debit 368000 368000 Requirement 3. 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. V in work in process are the first to be completed The FIFO work in process ending inventory is than the weighted-average work in process ending inventory. This is because FIFO assumes that all the and transferred out while ending work in process consists of only the The weighted average method V by assuming that placed in ending work in process. Hence, in this case, the weighted average method results in a are completed and transferred out, while V in beginning work in process are cost of units completed and transferred out and a v ending work-in-process inventory relative to FIFO. Data Table Transferred-In Direct Conversion Physical Units (books) Costs Materials Costs Beginning work in process 30,000 $ 50,000 $ 100% 0 $ 0% 60,000 60% 70,000 80,000 Degree of completion, beginning work in process Transferred in during March 2017 Completed and transferred out during March 2017 Ending work in process March 31 Degree of completion, ending work in process Total Costs added during March 20,000 100% 0% 20% 66,000 210,000 $ 40,000 $ Print Done Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Assignment of costs: $ 120,000 Completed and transferred out Ending work in process 368,000 $ 58,000 426,000 $ 208,000 $ 52,000 260,000 $ 40,000 $ 0 40,000 $ 6,000 126,000 Total costs to account for Print Done Super 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 Super Sports' process costing information.) The following is a summary of the March 2017 operations of the stitching department. (Click the icon to view the information.) (Click the icon to view the total costs assigned under the weighted average method.) Read the requirements. Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Total costs to account for Calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. (Round your answers to the nearest cent.) Transferred-In Direct Conversion Costs Materials Costs Divide by Cost per equivalent unit Assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Completed and transferred out: - Total from beginning inventory Total costs of units completed and transferred out Total costs accounted for Requirement 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the transfer from the cutting department to the stitching department. Journal Entry Accounts Date Debit Credit Now record the transfer from the stitching department to Finished Goods. Journal Entry Date Credit Accounts Finished Goods Work in ProcessStitching Debit 368000 368000 Requirement 3. 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. V in work in process are the first to be completed The FIFO work in process ending inventory is than the weighted-average work in process ending inventory. This is because FIFO assumes that all the and transferred out while ending work in process consists of only the The weighted average method V by assuming that placed in ending work in process. Hence, in this case, the weighted average method results in a are completed and transferred out, while V in beginning work in process are cost of units completed and transferred out and a v ending work-in-process inventory relative to FIFO. Data Table Transferred-In Direct Conversion Physical Units (books) Costs Materials Costs Beginning work in process 30,000 $ 50,000 $ 100% 0 $ 0% 60,000 60% 70,000 80,000 Degree of completion, beginning work in process Transferred in during March 2017 Completed and transferred out during March 2017 Ending work in process March 31 Degree of completion, ending work in process Total Costs added during March 20,000 100% 0% 20% 66,000 210,000 $ 40,000 $ Print Done Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Assignment of costs: $ 120,000 Completed and transferred out Ending work in process 368,000 $ 58,000 426,000 $ 208,000 $ 52,000 260,000 $ 40,000 $ 0 40,000 $ 6,000 126,000 Total costs to account for Print Done
