Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pls provide correct answers for the boxes below. And the remaining 3 questions X Question 4, E17-22 (similar to) The assembly division of Gannett Watches,

Pls provide correct answers for the boxes below. And the remaining 3 questions

image text in transcribed
X Question 4, E17-22 (similar to) The assembly division of Gannett Watches, Inc., uses the FIFO method of process costing. Consider the following data for the month of May 2014: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work in process. Begin by summarizing the total costs to account for. Data Table - X Total Direct Conversion Production Costs Materials Costs Costs added in current period 5390591 3826341 1564250 Physical Units Direct Conversion 656659.1 527109.2 129549.9 (Watches) Materials Costs 6,047,250 $ Beginning work in process (May 1) 60 $521,450 4,353,450 $142,800 Total costs to account for $ $ 1,693,800 Started in May 2014 485 Completed during May 2014 455 i Reference - X Ending work in process (May 31) 90 Total costs added during May 2014 $3,832,000 $1,551,000 Degree of completion: direct materials, 85%; conversion costs, 35%. Degree of completion: direct materials, 70%; conversion costs, 40%. Equivalent Units Direct Conversion Print Done Flow of Production Materials Costs Completed and transferred out during current period: From beginning work in process 21 39 Started and completed 395 395 Work in process, ending 63 36 Clear All Equivalent units of work done in current period 479 470 C Type here to search

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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions