Poste G-A- Merge & Center S-% 9 Clipboard Font Alignment Number H36 E F 6 1 Given Data P08-57 2 3 4 5 Unaudited Inventory balances: FREMONT CORPORATION Work in process inventory Finished goods inventory Unaudited Units Costs 120,000 $ 793 152 20,000 337,560 Additional information: WIP percentage of completion as to conversion costs Percent of direct labor costs applied to overhead Finished goods inventory at beginning of period 40% 80% 7 8 9 10 11 12 13 14 15 16 17 1B 19 20 21 22 23 24 25 26 Additional Inventory Information: Beginning inventory (80% completed as to labor) Units started Current costs Units completed and transferred to finished goods inventory Costs Direct Direct Units Materials Labor 80,000 $ 240,000 $ 546.000 400,000 1.560.000 2.208,000 360,000 Given PO3-63 SP06-61 Given P06-01 SPO7-64 Given P07-64 SPOS-57 Given P08 57 15 Type here to search o hp Par Hote Insert Draw Page Layout Formulas Data Review Viere Help Arial -10 - ' ' Paste Wrap Tent Mergea Center - BIU 19 A. $ - % Clipboard Font Alignment Number E72 X > C G H D E F FREMONT CORPORATION Production Cost Report Weighted Average 5 6 7 8 9 Parta Physical Units Equivalent units Labor Overhead Materials 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Flow of production units: Units to be accounted for Beginning WIP inventory Units started this period Total units to be accounted for Units accounted for Units completed and transferred out From beginning inventory Started and completed currently Total transferred out Units in ending WIP inventory Total units accounted for Details Labor Total Costs Materials Overhead Costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for Given P03-63 SP06-61 Given Pro1 SP07-64 Given P07-54 SPO8-57 Given P08-57 Read 13 Type here to search hp ub B IU - B. - A Merge & Center $ % 9 pboard Font Alignment Number 2 A D F H G Details Labor Total Costs Materials Overhead Costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for Costs per equivalent unit Materials Labor Overhead 1 2 3 4 5 36 37 38 39 40 41 42 43 44 45 46 47 48 49 SO Costs accounted for Costs assigned to units transferred out: Materials Labor Overhead Total costs of units transferred out Costs assigned to ending WIP Materials Labor Overhead Total ending WIP inventory Total costs accounted for Given P03-63 SP06-6 Given P06-61 SP07-64 Given P07-64 SPO8 57 Given P08-5 Type here to search o I hp X Arial 10 General Wrap Text Merge & Center BIU HE A $ 9. Bard Font Alignment Nu X B D E F H Part b. Adjustment required: Work in Process Finished Goods Per problem statement Correct Difference Prepare the journal entry below to adjust the accounts to the correct amounts Account Title Debit Credit Part c. Overstated/ Understated Income would have been Work in Process would have been Finished Goods would have been Given P03-03 SP06-67 Given P06-51 SPO7-64 Given P07-64 SPO8-57 Given 11 Type here to search O