Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please please solve all parts of this question perfectly and urgently. kindly mention each part answer as you give. I will give positive rating if
please please solve all parts of this question perfectly and urgently. kindly mention each part answer as you give. I will give positive rating if you solve all parts of this question perfectly and urgently. kindly give answer urgent
Golden Tiger Limited (GTL) has focused on the production of surgical masks. Data have been provided by GTL, which uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for February 2022. Physical Units 5,000 42,000 Percent Complete Materials Conversion Cost 70% 55% Work in process, 1 February Units started into production during February Units completed during February and transferred to the next department Work in process, 28 February 45,000 2,000 90% 40% According to the company's records, the conversion cost in beginning work in process inventory was $68,000 and $29,000 for materials and conversion costs respectively. Additional materials of $400,000 and conversion cost of $200,000 were incurred in the department during the month. Required: Using the weighted average method, for the month of February: (a) Calculate the number of equivalent units of production for materials and conversion costs. (2 marks) (b) Calculate the total cost per equivalent unit. (2 marks) (c) Determine the total cost of units transferred out of the department. (3 marks) (d) Determine the total cost of ending work-in-process inventory. (3 marks) (e) Prepare a cost reconciliation report for each process and in totalStep 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