Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please provide solution for the following question. The answers entered in the spaces are not absolutely correct. Thank you. * Question 33 Building a kayak

Please provide solution for the following question. The answers entered in the spaces are not absolutely correct. Thank you.

image text in transcribedimage text in transcribed
* Question 33 Building a kayak using the composite method is a very labour-intensive process. In the fabrication department, the kayaks go through several steps as employees carefully place layers of Kevlar in a mould and then use resin to fuse together the layers. The excess resin is removed with a vacuum process, and the upper shell and lower shell are removed from the moulds and assembled. The seat, hatch, and other components are added in the nishing department. At the beginning of April, Current Designs had 31 kayaks in process in the fabrication department. Rick Thrune, the production manager, estimated that about 80% of the material costs had been added to these boats, which were about 50% complete with respect to the conversion costs. The cost of this inventory had been calculated to be $9,150 in materials and $8,360 in conversion costs. During April, 69 boats were started. At the end of the month, the 35 kayaks in the ending inventory had 20% of the materials and 40% of the conversion costs already added to them. A review of the accounting records for April showed that materials with a cost of $15,330 had been requisitioned by this department and that the conversion costs for the month were $41,410. Complete a production cost report for April 2020 for the fabrication department using the weightedaverage method. CURRENT DESIGNS Production Cost Report: Fabrication Department For the Month Ended Ap U ts to be accounted for Work in process, April 1 31 ' Started into production 69 ' Total units 100 ' Units accounted for Transferred out 65 ' '65 ' .65 ' Work in process, April 30 35 i '7 ' 14 ' Total units 100 l in l '79 ' Unit COStS Equivalent units 72 79 Costs to be accounted for Started into production Cost Reconciliation Schedule Transferred out M Materials Total costs $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Accounting And Principles Of Financial Accounting

Authors: Belverd E Needles, Marian Powers, Susan V Crosson

12th Edition

1133962459, 9781133962458

More Books

Students also viewed these Accounting questions

Question

1. To gain knowledge about the way information is stored in memory.

Answered: 1 week ago