Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show all work. Thank you! Again, please show all work. KEY FIGURES USE THE PROCESS COST PROBLEM TAB TO ACCESS THE DATA SET FOR

Please show all work. Thank you!

image text in transcribedimage text in transcribed

Again, please show all work.

KEY FIGURES USE THE PROCESS COST PROBLEM TAB TO ACCESS THE DATA SET FOR THIS HOMEWORK ASSIGNMENT. USE CELL REFERENCING TO INPUT KEY FIGURES ON THIS SHEET. INPUT THE SET OF THREE JOURNAL ENTRIES ON THIS SHEET TOO. Equivalent units (EUs)--Materials Equivalent units (Eus)--Conversion Total Materials costs for the period Total Conversion costs for the period Cost per EU--Materials Cost per EU--Conversion Costs assigned to ending WIP Costs assigned to completed units for the period Set of journal entries DR CR 1. To record the Direct Materials purchased \& used for production during October DR CR 2. To record conversion costs incurred for production during October DR CR 3. To record the cost of goods completed \& transferred out to the Testing Department during October WEIGHTED-AVERAGE METHOD DATA SET Larsen Company manufactures car seats in its San Antonio plant. Each car seat passes through the assembly department and the testing department. Direct materials are added at the beginning of the process. Conversion costs are added evenly during the process. When the assembly department finishes work on each car seat, it is immediately transferred to testing. Larsen Company uses the weighted- average method of process costing. Data for the assembly department for October 2022 are as follows: *a Degree of completion: direct materials,?\%; conversion costs, 60%. *b Degree of completion: direct materials,?\%; conversion costs, 70%. REQUIREMENTS: Prepare a production cost report below. 1. For each cost category, show the number of physical units. Compute equivalent units for materials and for conversion in the assembly department. 2. For each cost category, summarize total assembly department costs and calculate the cost per equivalent unit. 3. Assign costs to units completed and transferred out and to units in ending work in process. 4. Prepare a set of summarized journal entries for all October 2022 transactions affecting Work in Process-Assembly. Set-up a T-accounting for WIP--Assembly and post your entries to it. PRODUCTION COST REPORT

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

Auditing Employee Hiring And Staffing

Authors: Kelli W. Vito

1st Edition

0894137034, 978-0894137037

More Books

Students also viewed these Accounting questions

Question

=+ (a) Show that D is finitely but not countably additive on 9.

Answered: 1 week ago

Question

Define Administration and Management

Answered: 1 week ago

Question

Define organisational structure

Answered: 1 week ago

Question

Define line and staff authority

Answered: 1 week ago

Question

Define the process of communication

Answered: 1 week ago

Question

Explain the importance of effective communication

Answered: 1 week ago