Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Finishing Department started the month with 400 units in process, received 1,400 units from the Assembly Department, and transferred 1,500 units to the finished

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

The Finishing Department started the month with 400 units in process, received 1,400 units from the Assembly Department, and transferred 1,500 units to the finished goods storage area. All direct materials are added at the beginning of the process. The units in process at the end of the month are 65% complete with respect to conversion costs. The department uses the weighted average method. The Finishing Department incurred the following costs: (Click the icon to view the costs.) Read the requirements Data Table month Total Transferred In Direct Materials Beginning WIP Added this month $ 4,360 $ 15,260 $ 520 1,820 1,150 2,918 $ 6,030 $ 19,998 $ 19,620 2,340 4,068 26,028 Conversion Costs Total 8. How many units are still in process at the end of the month? Determine the formula, then enter the amounts to calculate units in process at the end of the month. In process units 11 9. Compute the equivalent units of production for the Finishing Department. Production Cost Report - Finishing Department Physical Units Equivalent Units Transferred Direct Conversion In Materials Costs UNITS Units to account for: Total units to account for Units accounted for: Total units accounted for 10. Determine the cost per equivalent unit for transferred in, direct materials and conversion costs. (Enter cost per equivalent units to the nearest cent. Abbreviations: EUP = Equivalent Units of Production.) Production Cost Report - Finishing Department (Partial) Transferred Direct Conversion Total COSTS In Materials Costs Costs Costs to account for: Total costs to account for Cost per equivalent unit 11. Determine the cost to be transferred to Finished Goods Inventory. Begin by determining the formula to calculate the total cost to be transferred to Finished Goods Inventory. Costs transferred to Finished Goods Inventory The cost to be transferred to Finished Goods Inventory is $ Choose from any list or enter any number in the input fields and then continue to the next

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

Management Accounting Information for Decision-Making and Strategy Execution

Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

6th Edition

137024975, 978-0137024971

More Books

Students also viewed these Accounting questions

Question

What do you see as your biggest weakness? Biggest strength?

Answered: 1 week ago