Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The smelting department of Company X has following production and cost data for September: Production: Beginning work in process 200 units that are 100%
The smelting department of Company X has following production and cost data for September: Production: Beginning work in process 200 units that are 100% complete as to materials and 80% complete as to conversion costs; units started into production 1,000 units; units transferred out to next department 940 units; ending work in process are 100% complete as to materials and 48% complete as to conversion costs. Manufacturing costs: Beginning work in process TL8,800 materials, TL9,260 labor and TL2,800 manufacturing overhead costs. In current period, TL50,400 worth of materials, TL25,600 worth of labor and TL30,000 worth of manufacturing overhead costs are incurred. Q-1) Compute the material cost portion of the ending inventory if the company uses WA method to compute equivalent units. Q-2) Compute the conversion cost portion of the ending inventory if the company uses FIFO method to compute equivalent units. method to compute equivalent units. Q-3) Compute the material cost portion of the transferred out inventory if the company uses FIFO method to compute equivalent units. Q-4) Compute the conversion cost portion of the transferred out inventory if the company uses WA method to compute equivalent units.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started