Answered step by step
Verified Expert Solution
Question
1 Approved Answer
QUESTION 1 10 points Save Answer Manama Company manufactures car seats. Each car seat passes through the assembly department and the testing department. This problem
QUESTION 1 10 points Save Answer Manama Company manufactures car seats. Each car seat passes through the assembly department and the testing department. This problem focuses on the assembly department. The process-costing system at Manama Company has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added at the beginning of the process. Conversion costs are added evenly during the process. When the assembly department finishes work on each car seat, it is immediately transferred to testing Manama Company uses the weighted average method of process costing Data for the assembly department for October 2021 are as follows: Units Conversion Costs Physical (Car Seats) 5,000 Direct Materials $1,250,000 $402,750 Work in process, October 18 Started during October 2021 Completed during October 2021 Work in process, October 315 Total costs added during October 2021 20,000 22 500 2,500 $4,500,000 $2,337,500 Degree of completion: direct materials 100%; conversion costs, 60%. Degree of completion: direct materials, 100%; conversion costs, 70%. Required: 1. Prepare a production cost worksheet with supporting schedules (.e. showing all the five steps) using the Weighted average of process costing. r 2. Prepare the journal entries for all October 2021 transactions affecting Work in Process Assembly. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I US Paragraph Arial 10pt ?? [+ T > TTC ?? X X? ???? 6 ROC X da V TT (0) # HE ED PAD E DE EX 49 2 Activate Windows Go to Settings to activate Windows
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