Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information (The following information applies to the questions displayed below.) Saddleback Company makes camping lanterns using a single production process. All direct materials are

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Required information (The following information applies to the questions displayed below.) Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows: costs $ 196,000 348,000 $ 544,000 Units Beginning work in process (30% 119,800 complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started 247,000 Number of units completed and 335,200 transferred to finished goods Ending work in process (65% complete) ? Current period costs Direct materials Conversion cost Total current period costs $ 511,400 652,000 $1,163,400 Required: 1. Using FIFO method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 10 Req 1D Using FIFO method of process costing, reconcile the number of physical units worked on during the period. Physical Units Physical Units Beginning Units Units Started Units Completed Ending Units Total Units Total Units Req 1A Req 1B Req 10 Req 1D Using FIFO method of process costing, calculate the number of equivalent units- Equivalent Units Direct Materials Conversion Physical Units Beginning Inventory Started and Completed Ending Inventory Total Req 1A Req 1B Req 1C Req 1D Using FIFO method of process costing, calculate the cost per eq places.) Direct Materials Conversion Cost per Equivalent Unit Req 1A Req 1B Req 10 Req 1D ..... Using FIFO method of process costing, reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest whole dollar amount.) Current Period Costs Prior Period Costs Direct Materials Conversion Total Cost Beginning Inventory Started and Completed Ending Inventory Total Cost Accounted for

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

The Audit Or Iceland A Modern Myth Oberon Modern Plays

Authors: Andrew Westerside And Proto Type Theater

1st Edition

1786824671, 978-1786824677

More Books

Students also viewed these Accounting questions

Question

3. Outline the four major approaches to informative speeches

Answered: 1 week ago

Question

4. Employ strategies to make your audience hungry for information

Answered: 1 week ago