Question
Using the weighted-average method, summarize the total Dry and Packaging Department costs for week 37, and assign these costs to units completed (and transferred out)
Using the weighted-average method, summarize the total Dry and Packaging Department costs for week 37, and assign these costs to units completed (and transferred out) and to units in ending work in process.?
Please help me fill in the tables and provide explanation.
Steps of calculating costs 1 summarize the flow of physical units of output 2. compute output in terms of equivalent units 3 compute equivalent unit costs 4. summarize total costs to account for 5 assign total costs to units completed and to units in ending work in process Problem (attention: the item "transferred-in" is computed in the similar way as direct materials and conversion costs) Frito-Lay, Inc., manufactures convenience foods, including potato chips and corn chips. Production of corn chips occurs in four departments: cleaning, mixing, cooking and drying and packaging. Consider the Drying and Packaging Department, where direct materials (packaging) are added at the end of the process. Conversion costs are added evenly added during the process. Suppose the accounting records of a Frito-Lay plant provide the following information for corn chips in its Dry and Packaging Department during a weekly period (week 37): Physical Units (cases) Beginning work in process 1250 Transferred -in costs $29000 Direct materials Conversion $0 costs $9060 Transferred-in during week 37 5000 from cooking department Completed during week 37 5250 Ending work in process, week 1000 37 Costs added during week 37 $96000 $25200 $38400 Degree of completion: Beginning work in process: transferred-in costs, 100% direct materials.0%; conversion costs. 80%. Ending work in process: transferred-in costs, 100% direct materials.0%; conversion costs, 40%. Required Using the weighted-average method, summarize the total Dry and Packaging Department costs for week 37, and assign these costs to units completed (and transferred out) and to units in ending work in process. Weighted average method 1. Equivalent units: Physical Units (cases) Equivalent units Transferred Direct -in costs Conversion materials costs Beginning work in process Started during week 37 Completed during week 37. Ending work in process, week 37 Equivalent units of work done to date 2. Compute equivalent unit costs, summarize total costs to account for, and assign costs to units completed and to units in ending work in process Beginning work in process Costs added in week 37 Total costs to account for Completed during week 37 Ending work in process, week 37 Equivalent units of work done to date Unit costs Assignment of costs Completed and transferred out (5250 cases) Ending work in process Total production costs Transferred Direct -in costs materials Conversion costs
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