Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Proocess Costing Instructions: Using the following data, complete the requirements given below. When you are given amounts to assume as the answers to previous requirements,

Proocess Costing

Instructions: Using the following data, complete the requirements given below. When you are given amounts to assume as the answers to previous requirements, be careful to use such assumed amounts rather than your answers (in order to minimize carry-through errors).

The Finishing Department of Curtis Corporation reports the following for January 2011:

Production: All materials are added at the beginning of the process. Beginning work in process 20,000 units, 60% complete. Units started into production 240,000 units. Ending work in process 10,000 units, 30% complete.

Manufacturing Costs: Beginning work in process, $40,000, comprised of $15,000 of materials and $25,000 of conversion costs. Materials added $160,000; labor and overhead added $465,000.

(a) Required: Compute equivalent units of production for (1) materials and (2) conversion costs.

(b) Assume your answers to (a) above were 250,000 units for materials and 245,000 for conversion costs. Required: Compute the unit costs for the month.

(c) Assume your answers to (b) above were $.90 for materials and $2.10 for conversion costs. Required: Determine the costs to be assigned to the 240,000 units transferred out.

(d) Assume the same unit costs as given in (c) above. Required: Determine the costs assigned to the 10,000 units in ending work in process.

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 Principle And Practice

Authors: Satyabrata Tripathy

1st Edition

9332519382, 9789332519381

More Books

Students also viewed these Accounting questions