Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use below information for Questions 1 to 4 : The smelting department of Company X has following production and cost data for September: - Production:

image text in transcribed Use below information for Questions 1 to 4 : 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 70% complete as to conversion costs; units started into production 1,000 units; ending work in process 220 in units that are 100% complete as to materials and 50% complete as to conversion costs. - Manufacturing costs: Beginning work in process TL8,000 materials, TL9,200 labor and TL2,200 manufacturing overhead costs. In current period, TL50,200 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 transferred out inventory if the company uses WA method to compute equivalent units. Q-2) Compute the conversion cost portion of the transferred out 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 ending inventory if the company uses FIFO method to compute equivalent units. Q-4) Compute the conversion cost portion of the ending inventory if the company uses WA method to compute equivalent units

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions