ACC 312 Midterm: FIFO Preparation
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Work in ProcessInventoryââ¬âPlating | |
March 1 balance | 35,350 |
Transferred-in from Shaping | 43,200 |
Direct materials | 25,200 |
Direct labour | 22,000 |
Manufacturing overhead | 35,500 |
The direct materialsâ (rubber pads) are added at the end of theplating process. Conversion costs are incurred evenly throughoutthe process. Work in process of the Plating Department on March 1consisted of 1,200 racks. The $35,350 beginning balance of Work inProcesslong dashâPlating includes $21,600 ofâ transferred-in costand $13,750 of conversion cost. Duringâ March, 2,400 racks weretransferred in from the Shaping Department. The Plating Departmenttransferred 2,100 racks to finished goods inventory in March and1,500 were still in process on March 31. This ending inventory wasâ50% of the way through the plating process.
ip SurgeProtectors | |||
AssemblyDepartment | |||
Flow of Physical Unitsand Computation of Equivalent Units | |||
Flowof | EquivalentUnits | ||
Physical | Direct | Conversion | |
Flow ofProduction | Units | Materials | Costs |
Start | ?% Completed | ?% Completed | |
Requirement 2. Prepare the March productioncost report for the Plating Department.
Before we can start the production cost report we must firstcompute the Platingâ Department's equivalent units. â(Forentries with a zeroâ balance, make sure to enterâ "0" in theappropriateâ cell.)
Classic Accessories | ||||
Plating Department | ||||
Equivalent Unit Computations (Weighted-Average) | ||||
Flow of | Equivalent Units | |||
Physical | Transferred- | Direct | Conversion | |
Flow of Production | Units | in | Materials | Costs |
Units accounted for: | ||||
Total equivalent units |
Now we will begin the production cost report by completing thefirst half of the report. Compute the cost per equivalent unit.â(For entries with a zeroâ balance, make sure to enterâ "0"in the appropriateâ column.)
Classic Accessories | ||||
Plating Department | ||||
Production Cost Report (Weighted-Average) | ||||
Transferred- | Direct | Conversion | ||
in | Materials | Costs | Total | |
Cost per equivalent unit |
Complete the March production cost report by assigning the coststo units completed and transferred out and to ending inventory.â(Enter quantitiesâ first, then the cost per equivalentunit amounts in the same order as calculated in the preceding step.For entries with a zeroâ balance, make sure to enterâ "0" in theappropriateâ cell(s). Round your answers to the nearest wholeâdollar.)
Complete the March production cost report by assigning the coststo units completed and transferred out and to ending inventory.â(Enter quantitiesâ first, then the cost per equivalent unitamounts in the same order as calculated in the preceding step. Forentries with a zeroâ balance, make sure to enterâ "0" in theappropriateâ cell(s). Round your answers to the nearest wholeâdollar.)
âââ
Classic Accessories | |||||||||||
Plating Department | |||||||||||
Production Cost Report (Weighted-Average Method) | |||||||||||
Transferred- | Direct | Conversion | Total | ||||||||
in | Materials | Costs | Costs |
Save Accounting Table... | + | |||
Copy to Clipboard... | + |
Assignment of total costs: | |||||||||||||
x ( | + | + | ) | ||||||||||
x | |||||||||||||
x | |||||||||||||
x | |||||||||||||
Total cost accounted for |
Requirement 3. Journalize all transactions affecting the PlatingDepartment duringâ March, including the entries that have alreadybeen posted.
Record the journal entry for the cost of the units transferredin from the Shaping Department. â(Record debitsâ first, thencredits. Explanations are notâ required.)
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Record the directâ materials, directâ labour, and manufacturingoverhead assigned to the Plating Department.
ââ
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Prepare the journal entry to record the cost of units completedand transferred out.
Journal Entry | ||||
Date | Accounts | Debit | Credit | |
Builder Products, Inc., manufactures a caulking compound thatgoes through three processing stages prior to completion.Information on work in the first department, Cooking, is givenbelow for May: |
Production data: | ||
Pounds in process, May 1; materials 100% complete; conversion 90%complete | 70,000 | |
Pounds started into production duringMay | 350,000 | |
Pounds completed and transferred out | ? | |
Pounds in process, May 31: materials 70% complete;conversion 30% complete | 30,000 | |
Costdata: | ||
Work in process inventory, May 1: | ||
Materials cost | $ | 86,900 |
Conversioncost | $ | 39,300 |
Cost added during May: | ||
Materials cost | $ | 451,510 |
Conversioncost | $ | 216,060 |
The company uses the weighted-average method.
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2.) Compute the costs per equivalent unit for the month.(Round your answers to 2 decimal places.)
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