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1. Summarize total assembly department costs for April 2017, and assign them to units completed (and transferred out) and to units in ending work in process. 2. What issues should a manager focus on when reviewing the equivalent units calculation?

1. Summarize total assembly department costs for April 2017, and assign them to units completed (and transferred out) and to units in ending work in process. 2. What issues should a manager focus on when reviewing the equivalent units calculation?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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lundy Hanacraft is a nmanufacturer of picture frames for large retallers. Every picture frame pas assembly department. The process-costing system at Mundy has a single direct-cost category department process is 10% complete. Conversion costs are added evenly during the assembly assembly department in April 2017: GURE O ebart me and tre lem focu ed when the follov i Data Table Requirements Physical Units Direct Conversion (Frames) Materials Costs 140 $3,190 $192 1. Summarize total assembly department costs for April 2017, and assign them to units completed (and transferred out) and to units in ending work in process. Work in process, April 1° Started during April 2017 Completed during April 2017 505 2. What issues should a manager focus on when reviewing the equivalent units 465 calculation? 180 Work in process, April 30° Total costs added during April 2017 $16,160 $9,156 aDegree of completion: direct materials, 100%; conversion costs, 40%. 'Degree of completion: direct materials, 100%; conversion costs, 15%. Print Done Started during current period Print Done
Transcribed Image Text:lundy Hanacraft is a nmanufacturer of picture frames for large retallers. Every picture frame pas assembly department. The process-costing system at Mundy has a single direct-cost category department process is 10% complete. Conversion costs are added evenly during the assembly assembly department in April 2017: GURE O ebart me and tre lem focu ed when the follov i Data Table Requirements Physical Units Direct Conversion (Frames) Materials Costs 140 $3,190 $192 1. Summarize total assembly department costs for April 2017, and assign them to units completed (and transferred out) and to units in ending work in process. Work in process, April 1° Started during April 2017 Completed during April 2017 505 2. What issues should a manager focus on when reviewing the equivalent units 465 calculation? 180 Work in process, April 30° Total costs added during April 2017 $16,160 $9,156 aDegree of completion: direct materials, 100%; conversion costs, 40%. 'Degree of completion: direct materials, 100%; conversion costs, 15%. Print Done Started during current period Print Done
Mundy Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem focuses on the assembly department. The process-costing system at Mundy has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added when the assembly department process is 10% complete. Conversion costs are added evenly during the assembly department's process. Mundy uses the weighted-average method of process costing. Consider the following data for the assembly department in April 2017: E (Click the icon to view the data.) Read the requirements. Requirement 1. Summarize total assembly department costs for April 2017, and assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the physical units and equivalent units. Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Work in process, beginning Started during current period
Transcribed Image Text:Mundy Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem focuses on the assembly department. The process-costing system at Mundy has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added when the assembly department process is 10% complete. Conversion costs are added evenly during the assembly department's process. Mundy uses the weighted-average method of process costing. Consider the following data for the assembly department in April 2017: E (Click the icon to view the data.) Read the requirements. Requirement 1. Summarize total assembly department costs for April 2017, and assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the physical units and equivalent units. Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Work in process, beginning Started during current period
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