Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Curing Department of Carmon Company reported the following information for the month of November: Units Conversion % Completed Completed and transferred 31,000 Work in

The Curing Department of Carmon Company reported the following information for the month of November:

Units Conversion % Completed
Completed and transferred 31,000
Work in process, 11/1 5,000 80%
Work in process, 11/30 3,000 30%

Materials Labor and Overhead Transferred-In
Costs for November:
Work in process, 11/1 52,850 67,050 84,700
Added during the month 153,900 198,300 236,450

All materials are added at the beginning of the process. Inspection occurs 60 percent of the way through the process. (Round to two decimal places.)

Required:

a. What are the weighted average equivalent units for materials, transferred-in and conversion?

b. What are the FIFO equivalent units for materials, transferred-in, and conversion?

c. What is the weighted average cost per unit for conversion?

d. What is the weighted average cost per unit for materials?

e. What is the cost assigned to ending work in process using weighted average?

f. What is the cost assigned to transferred out using weighted average?

g. What is the FIFO cost per unit for conversion?

h. What is the FIFO cost per unit for materials?

i. What is the cost assigned to ending work in process using FIFO?

j. What is the cost assigned to transferred out using FIFO?

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

More Books

Students also viewed these Accounting questions