Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The 3 Broomsticks makes the world's best Butterbeer! Information about January and February 2 0 2 4 is as follows: Note: the ingredients are added

The 3 Broomsticks makes the world's best Butterbeer!
Information about January and February 2024 is as follows:
Note: the ingredients are added at the beginning and then it takes 4 days to heat, cool and stir the drink
January 31st 2024 Work in process 40,000 gallons complete with respect to materials 1/4 complete with respect to conversion
Work in process $155,000 $80,000 material ($2 per gallon) $75000 conversion
During February material added 220,000 gallons $440,000($2 per gallon)
conversion costs $999,000
On February 29th work in process 60,000 gallons 1/2 complete with respect to conversion
REQUIRED: A) USING WEIGHTED AVERAGE PROCESS COSTING DETERMINE (IN DOLLARS)
A1) FINISHED GOODS FEBRUARY
A2) WORK IN PROCESS FEBRUARY 29TH
B) USING FIFO PROCESS COSTING DETERMINE (IN DOLLARS)
B1) FINISHED GOODS STARTED JANUARY FINISHED FEBRUARY
B2) FINISHED GOODS STARTED AND ENDED IN FEBRUARY
B3) WORK IN PROCESS FEBRUARY 29TH

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_2

Step: 3

blur-text-image_3

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 Revised

Authors: Charles T. Horngren, Monte Wynder, William Maguire, Rebecca Tan, Srikant Datar, Lester E. Heitger

1st Australian Edition

1442554770, 978-1442554771

More Books

Students also viewed these Accounting questions