using the 2 attached templates
1. Process Costing FIFO (20 Points) Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 83,400 chairs. During the month, the Assembly department completed 78,400 chairs, and transferred them to the Finishing Department. The Finishing department ended the month with 15,200 chairs in ending inventory. There were 9,700 chairs in Finishing department beginning inventory. Direct materials costs are added at the beginning (20%) and end (80%) of the Finishing process and conversion costs are added uniformly throughout the process. The FIFO method of process costing is used by Comfort. Beginning work in process was 60% complete as to conversion costs, while ending work in process was 25% complete as to conversion costs. Finishing Beginning inventory: Transferred in costs $504,400 Direct materials $18,400 Conversion costs $35,900 5 5C Manufacturing costs added to Finishing during the accounting period: Transferred in costs $4,076,800 Direct materials $329,300 Conversion costs $478,440 a. How many of the units were started and completed in Finishing during February? (Prepare the physical flow of units) b. What were the equivalent units for transferred in, direct materials and conversion costs in Finishing during February? (calculate equivalent units) c. What is the amount of transferred in, direct materials and conversion costs assigned to ending work-in-process inventory at the end of February? d. What is the cost of the goods transferred out during February? e. Prepare the journal entries to record the activity in the Finishing department in February. You can prepare a complete production sheet for the Finishing department to answer the questions. Physical Units WIP Beginning Started To Account For Equivalent Units Direct Materials Conversion Costs From Beginning WIP 1-% complete prior period Equivalent Units Beginning WIP Started and Completed Completed and transferred out WIP Ending % complete Equivalent Units Ending WIP Accounted for Equivalent Units Total Production Costs Direct Materials Conversion Costs WIP Beginning Costs Added Total costs to account for Costs Added in Current Period Equivalent Units Cost per equivalent unit WIP beginning Costs added to WIP Total from Begin WIP Started and completed Total completed and transferred WIP ending Total costs accounted for 1. Process Costing FIFO (20 Points) Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 83,400 chairs. During the month, the Assembly department completed 78,400 chairs, and transferred them to the Finishing Department. The Finishing department ended the month with 15,200 chairs in ending inventory. There were 9,700 chairs in Finishing department beginning inventory. Direct materials costs are added at the beginning (20%) and end (80%) of the Finishing process and conversion costs are added uniformly throughout the process. The FIFO method of process costing is used by Comfort. Beginning work in process was 60% complete as to conversion costs, while ending work in process was 25% complete as to conversion costs. Finishing Beginning inventory: Transferred in costs $504,400 Direct materials $18,400 Conversion costs $35,900 5 5C Manufacturing costs added to Finishing during the accounting period: Transferred in costs $4,076,800 Direct materials $329,300 Conversion costs $478,440 a. How many of the units were started and completed in Finishing during February? (Prepare the physical flow of units) b. What were the equivalent units for transferred in, direct materials and conversion costs in Finishing during February? (calculate equivalent units) c. What is the amount of transferred in, direct materials and conversion costs assigned to ending work-in-process inventory at the end of February? d. What is the cost of the goods transferred out during February? e. Prepare the journal entries to record the activity in the Finishing department in February. You can prepare a complete production sheet for the Finishing department to answer the questions. Physical Units WIP Beginning Started To Account For Equivalent Units Direct Materials Conversion Costs From Beginning WIP 1-% complete prior period Equivalent Units Beginning WIP Started and Completed Completed and transferred out WIP Ending % complete Equivalent Units Ending WIP Accounted for Equivalent Units Total Production Costs Direct Materials Conversion Costs WIP Beginning Costs Added Total costs to account for Costs Added in Current Period Equivalent Units Cost per equivalent unit WIP beginning Costs added to WIP Total from Begin WIP Started and completed Total completed and transferred WIP ending Total costs accounted for
