Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Scroll down to complete all parts of this task. Autumn Manufacturing mass produces its product in three departments. A cost analysis for Department 1,

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Scroll down to complete all parts of this task. Autumn Manufacturing mass produces its product in three departments. A cost analysis for Department 1, the first department in the manufacturing cycle for the month of April, can be found in the exhibits. The company is analyzing costs as they have recently fluctuated significantly given an increase in raw material costs and labor. For items 1-6, enter the appropriate amount in the associated cell. If the amount is zero, enter a zero (0). Round all amounts to the nearest cent. For item 7, select from the option list provided the appropriate method. 1. Using the weighted-average method, what is the cost per equivalent unit for direct materials? 2. Using the weighted-average method, what is the cost per equivalent unit for conversion costs? 3. Using the weighted-average method, what is the total dollar value of Department 1's ending inventory on April 30? 4. Using the first-in, first-out method, what is the cost per equivalent unit for direct materials? 5. Using the first-in, first-out method, what is the cost per equivalent unit for conversion costs? 6. Using the first-in, first-out method, what is the total dollar value of Department 1's ending inventory on April 30? 7. Given the increase in costs during the month of April and projected future volatility in materials and labor, which method would provide more accurate costing for control purposes for the company? 123 123 123 123 123 123 Inventory Dashboard Transferred Out- - April 2,500 2,480 2,450 2,450 2,440 2,420 2,410 2,400 2,400 2.380 2,360 2,340 2,375 530 2,490 520 510 500 500 490 485 480 470 Ending Work in Process - April 520 497 525 2,320 2,300 460 Week 1 Week 2 Week 3 Week 4 Week 1 Week 2 Week 3 Week 4 Budget Actual Budget Actual Conversion Costs - April (5000 omitted) Conversion Costs - April $236,700 $299,7 $320 $310 $300 $290 $285,6 $280 $280 $270 $260 Week! Week 2 Week 3 Week 4 Budget Actual $250,000 $311,8 $220,900 $308,1 $205,400 $200,000 $190,800 $150,000 $175,000 $100,000 $50,000 Week 1 Week 2 Week 3 Week 4 Budget Actual - Beginning Work In Process Inventory - April 1 510 Units Direct Materials $6,920 25% Conversion Costs $36,590 90% Percentage of Completion Percentage of Completion Ending Work In Process Inventory - April 30 Direct Materials 40% Conversion Costs 80% Percentage of Completion Percentage of Completion

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

14th Edition

978-0132960649, 132960648, 132109174, 978-0132109178

More Books

Students also viewed these Accounting questions