Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed
image text in transcribedimage text in transcribed
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: Units Costs Beginning work in process (363 complete) 117, 880 Direct materials $ 192,806 Conversion cost 344,809 Total cost of beginning work in process $ 536,606 Number of units started 243, 680 Number of units completed and transferred to finished goods 334, 860 Ending work in process (65% complete) Current period costs Direct materials $ 507,406 Conversion cost 648,890 Total current period costs $ 1, 155,400 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 1C Req 10 Using FIFO method of process costing, calculate the cost per equivalent unit. Note: Round Cost per Equivalent Unit to 5 decimal places. Direct Materials Conversion Cost per Equivalent Unit 0. Reconcile the total cost of work In process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 10 Using FIFO method of process costing, reconcile the total cost of work in process. Note: 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 Total Cost Direct Materials Conversion Beginning Inventory Started and Completed Ending Inventory Total Cost Accounted for 3 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

Survey Of Accounting

Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds

6th Edition

1260575292, 978-1260575293

More Books

Students also viewed these Accounting questions

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago