Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show work with the answers. Thank you! Required information [The following information applies to the questions displayed below.] Qual o manufactures a single product

Please show work with the answers.

Thank you!

image text in transcribedimage text in transcribed

Required information [The following information applies to the questions displayed below.] Qual o manufactures a single product in two departments: Cutting and Assembly. During May, the Cutting department completed a number of units of a product and transferred them to Assembly. Of these transferred units, 38,000 were in process in the Cutting department at the beginning of May and 156,800 were started and completed in May. May's Cutting department beginning inventory units were 65% complete with respect to materials and 35% complete with respect to conversion. At the end of May, 51,800 additional units were in process in the Cutting department and were 65% complete with respect to materials and 25% complete with respect to conversion. The Cutting department had $529,802 of direct materials and $400,567 of conversion cost charged to it during May. Its beginning inventory included $74,575 of direct materials cost and $28,993 of conversion cost. 1. Compute the number of units transferred to Assembly. Total units transferred Assembly units 2-4. Using the FIFO method, assign May's costs to the units transferred out and assign costs to its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Equivalent units of production (EUP)- FIFO method Units % Materials EUP- Materials % Conversion EUP Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs EUP 0 EUP 0 0 0 Cost per EUP Total cost - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Beginning Inventory Cost Cost to complete units in beginning inventory EUP Direct materials Conversion Total cost to complete beginning inventory Cost of units started and completed EUP Direct materials Conversion Total cost of units started and completed Total cost of units transferred out Costs of ending work in process EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for Cost per EUP Total cost S 0.00 $ 0.00 $ 0.00 0.00 Cost per EUP Total cost S 0.00 $ 0.00 S 0.00 0.00

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

Accounting Systems

Authors: Ronald W. Hilton, David E. Platt

10th Edition

1308172486, 978-1308172484

More Books

Students also viewed these Accounting questions