Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Assembly Department of Flounder Company has the following production and cost data at the end of May, 2022, its first period of operations. Production:

image text in transcribed
image text in transcribed
image text in transcribed
The Assembly Department of Flounder Company has the following production and cost data at the end of May, 2022, its first period of operations. Production: 27,000 units started into production; 22,500 units completed and transferred out and 4,500 units 100% completed as to materials and 40% completed as to corrversion costs. Materials added at beginning of process, $83,700; labor, $67,500; overhead $56,430. Prepare a production cost report for the month of May using weighted-average process costing. (Do not leave any answer field blank. Enter O for amounts) (Round unit costs answers to 2 decimal ploces, es. 52.75.) Total units accounted for 27000 COSTS Materials Conversion Unit costs Costs in May Equivalent units of production Unit costs Costs to be accounted for Work in process, May 1 Started into production Total costs to be accounted for Cost Reconciliation Schedule Costs accounted for Completed and transferred out Work in process inventory, May 31 Materials Conversion costs Total costs accounted for 5 5

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

IFRS edition volume 2

978-0470613474, 470613475, 978-0470616314

More Books

Students also viewed these Accounting questions