Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 7 Massey Corporation uses a process cost system and the weighted average cost flow assumption. Production begins in the Fabricating Department where materials are

image text in transcribed

QUESTION 7 Massey Corporation uses a process cost system and the weighted average cost flow assumption. Production begins in the Fabricating Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On March 1, the beginning work in process inventory consisted of the following: Units in Beginning Work In Process 20,000 Direct Materials In Beginning Work In Process $145,000 Conversion Costs in Beginning Work In Process $30,000 During March, the following occurred: Materials added Conversion costs incurred Units completed and transferred out in March Units in ending work in process March 31 $305,000 $120,000 50,000 25,000 (40% complete) Answer the following questions and show the computations that support your answers (you may find a production report helpful). The equivalent units of production for materials in the Fabricating Department for the month of March are units. The equivalent units of production for conversion costs in the Fabricating Department for the month of March are units. The cost per equivalent unit for Materials is $ per unit. The cost per equivalent unit for Conversion Costs is $ per unit. The TOTAL costs assigned to units completed and transferred out during March are $ The TOTAL costs assigned to the ending work in process inventory on March 31 are $ Click Save and Submit to save and submit. Click Save All Answers to save all answers

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 That Matters

Authors: Norman D Marks

1st Edition

1537662023, 978-1537662022

More Books

Students also viewed these Accounting questions

Question

Explain the nature of human resource management.

Answered: 1 week ago

Question

Write a note on Quality circles.

Answered: 1 week ago

Question

Describe how to measure the quality of work life.

Answered: 1 week ago