ACC 232 CH 3 Case Study (process costing) based on CS-1 in MAP workbook pp 64-65 updated for 22FAL Note to students regarding the ACC 232 case studies: prepare your work using the data provided in this file. Do not use the data and information given in the AME workbook. These case studies are updated and changed frequently. As always, use the text end-of-chapter Review Exercise and Solution to practice and prepare for case study work. GIVEN = gray and black YOUR WORK = blue CS-1 Information provided: results for the month of February: Number of standard chairs produced during the month of February Direct materials cost incurred Direct labor hours paid Direct labor hourly rate Manufacturing overhead as a percentage of direct labor cost Part a) Calculate the conversion costs incurred during the month of February. Units completed and transferred out Units left in ending inventory Conversion costs completed Direct materials are completed at the beginning of the manufacturing process. Part c) Refer to the cost of production report in part b . What are the cost per equivalent unit with respect to direct materials and conversion costs, the total costs transferred out to finished goods inventory, and the value of inventory at the end of February? Part d) Refer to the cost of production report in part b. Provide the journal entry to record direct materials, direct labor and manufacturing overhead. Also provide the journal entry to record the transfer of goods out of WIP and into finished goods inventory. Please use February 28th or 29th of the current year for the date of your journal entries. ACC 232 CH 3 Case Study (process costing) based on CS-1 in MAP workbook pp 64-65 updated for 22FAL Note to students regarding the ACC 232 case studies: prepare your work using the data provided in this file. Do not use the data and information given in the AME workbook. These case studies are updated and changed frequently. As always, use the text end-of-chapter Review Exercise and Solution to practice and prepare for case study work. GIVEN = gray and black YOUR WORK = blue CS-1 Information provided: results for the month of February: Number of standard chairs produced during the month of February Direct materials cost incurred Direct labor hours paid Direct labor hourly rate Manufacturing overhead as a percentage of direct labor cost Part a) Calculate the conversion costs incurred during the month of February. Units completed and transferred out Units left in ending inventory Conversion costs completed Direct materials are completed at the beginning of the manufacturing process. Part c) Refer to the cost of production report in part b . What are the cost per equivalent unit with respect to direct materials and conversion costs, the total costs transferred out to finished goods inventory, and the value of inventory at the end of February? Part d) Refer to the cost of production report in part b. Provide the journal entry to record direct materials, direct labor and manufacturing overhead. Also provide the journal entry to record the transfer of goods out of WIP and into finished goods inventory. Please use February 28th or 29th of the current year for the date of your journal entries
