Required:a. What is the unit cost of each model transferred to finished goods in August?b. What is the balance of the Work-in-Process Inventory on August 31 for Stitching? For Customizing?Complete this question by entering your answers in the tabs below.Required ARequired BWhat is the balance of the Work-in-Process Inventory on August 31 for Stitching? For Customizing? (Round intermediatecalculations to nearest whole number.)Work-in-ProcessInventoryStitchingCustomizing< Required ARequired B > Miller Outdoor Equipment (MOE) makes four models of tents. The model names are Rookie, Novice, Hiker, and Expert. MOEmanufactures the tents in two departments: Stitching and Customizing. All four models are processed initially in Stitching where allmaterial is assembled and sewn into a basic tent. The Rookie model is then transferred to finished goods. After processing in Stitching,the other three models are transferred to Customizing for additional add-ons, and then transferred to finished goods.There were no beginning work-in-process inventories on August 1. Data for August are shown in the following table. Ending work inprocess is 45 percent complete in Stitching and 40 percent complete in Customizing. Conversion costs are allocated based on thenumber of equivalent units processed in each department.TotalRookieNoviceHikerExpertUnits started710550330230Units completed in StitchingUnits completed in CustomizingMaterials645490280185465255165$69,360 $25,560 $19,800 $10,890 $13,110Conversion costs:StitchingCustomizingTotal conversion costs$58, 26031,000$89, 260Required:a. What is the unit cost of each model transferred to finished goods in August?b. What is the balance of the Work-in-Process Inventory on August 31 for Stitching? For Customizing?Complete this question by entering your answers in the tabs below.Required ARequired BWhat is the unit cost of each model transferred to finished goods in August? (Round intermediate calculations to nearestwhole number.)ProductUnit CostRookieNoviceHikerExpert

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Answered: a. What is the unit cost of each model…

a. What is the unit cost of each model transferred to finished goods in August? b. What is the balance of the Work-in-Process Inventory on August 31 for Stitching? For Customizing?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for June Year 2 is provided: Determination of Equivalent Units Beginning inventory Units started Total Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Units Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation Transferred to Finishing Department Ending work in process inventory Total 500 1,500 1,750 250 Direct Direct % Complete Material Labor Overhead 75% Actual 40% $18, 276 $7,620 $4,564 Total…
1. The number of units in work in process inventory at the end of the period. 2. Equivalent units of production for direct materials and conversion 3. Costs per equivalent unit for direct materials and conversion. 4. Cost of the units started and completed during the period.
Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units
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When does the cost of purchasing raw materials become an expense? When the goods being produced with that inventory are finished. When the company pays for the raw materials purchased. When the goods are moved into the inventory production process. When the finished good produced with those materials is sold.
Cost of goods manufactured is the sum of all jobs in Finished goods at the end of a period average value of the Work in process account value of all jobs transferred from Finished goods to Cost of goods sold O sum of all jobs transferred from Work in process to Finished goods