Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Round all answers to 2 decimals. Spelling Sports, which produces basketballs, has two departments: cutting and stitching. Each department has one direct-cost category (direct materials)
Round all answers to 2 decimals.
Spelling Sports, which produces basketballs, has two departments: cutting and stitching. Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the stitching department Basketballs that have undergone the cutting process are immediately transferred to the stitching department. Direct material is added when the stitching process is 70% complete. Conversion costs are added evenly during stitching operations. When those operations are done, the basketballs are immediately transferred to Finished Goods. Spelling Sports uses the weighted average method of process costing. The following is a summary of the March 2017 operations of the stitching department: Home Insert Formulas Page Layout 1 Data Review View Physical Units Transferred-In (basketballs) Costs 17,500 $ 45,360 100% 56,000 52.000 21,500 100% $154,560 D Direct Materials $ 0 0% Conversion Costs $17,660 60% 2 Beginning work in process 3 Degree of completion, beginning work in process 4 Transferred in during March 2017 5 Completed and transferred out during March 2017 6 Ending work in process, March 31 7 Degree of completion, ending work in process 8 Total costs added during March 0% $28,080 20% $89,310 Use this information for the next 4 questions. Question 33 1 pts Using the weighted average method, what are the dollars transferred out of the stitching department this period? Question 34 1 pts Using the weighted average method, what are the dollars in ending work in process in the stitching department this period? Question 35 1 pts Using the FIFO method, what are the dollars transferred out of the stitching department this period? Question 36 Using the FIFO method, what are the dollars in ending work in process in the stitching department this periodStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started