Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information (The following information applies to the questions displayed below.) Tamar Co. manufactures a single product in two departments. All direct materials are added

image text in transcribed
image text in transcribed
Required information (The following information applies to the questions displayed below.) Tamar Co. manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 29,250 units and transferred 30,700 units of product to the Assembly department. Its 4,700 units of beginning work in process consisted of $21,500 of direct materials and $298.440 of conversion costs. It has 3,250 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $521700 of direct materials costs and $3,031,560 of conversion costs were charged to the Forming department 1. Prepare the Forming department's process cost summary for May using the weighted average method. Total costs to account for: 0 Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Required information Total units accounted for Equivalent units of production (EUP)-weighted average method Units % Materials EUP-Materials % Conversion EUP-Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Costs EUP EUP Total costs - Equivalent units of production Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out 0 0 EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out EUP Costs of ending work in process Direct materials Total cost Cost per EUP $ 0.00 $ 0 $ 0.00 0 Conversion Total cost of ending work in process Total costs 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

Internal Control A Managers Journey

Authors: K. H. Spencer Pickett

1st Edition

0471402508, 978-0471402503

More Books

Students also viewed these Accounting questions

Question

1. Explain how business strategy affects HR strategy.

Answered: 1 week ago