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 transcribedimage text in transcribedimage text in transcribedimage 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 Units 123,800 $ 199,000 342, eee $ 532, eee Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs Direct materials Conversion cost Total current period costs 241, eee 334,600 ? $ 585,480 646,000 $1,151,400 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. Reg 1A Reg 1B Req 10 Req 10 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 Reg 1A Reg 1B Reg 10 Reg 10 Using FIFO method of process costing, calculate the number of equivalent units. Equivalent Units Physical Units Direct Materials Conversion Beginning Inventory Started and Completed Ending Inventory 0 Total 0 0 Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 10 Req 1D Using FIFO method of process costing, calculate the cost per equivalent unit. (Round Cost per Equivalent Unit to 5 decimal places.) Direct Materials Conversion Cost per Equivalent Unit Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 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 Direct Materials Conversion Beginning Inventory Started and Completed Ending Inventory Total Cost Accounted for Prior Period Costs Total Cost S 0 $ 0 S 0 S 0

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

Accounting For Inventory

Authors: Steven M. Bragg

2nd Edition

1938910648, 9781938910647

More Books

Students also viewed these Accounting questions