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

Answered: Image /qna-images/answer/a4feb3ec-18fc-4bcd-b745-70f92e8fa5df.jpg

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

See similar textbooks

Similar questions

1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 1,200 units, 60% completed Sept. 30 Smelting Dept., 27,000 units at $3.7 Sept. 30 Direct labor Sept. 30 Factory overhead Sept. 30 Finished goods Sept. 30 Bal., 3,500 units, 20% completed
What is the balance work in process inventory at the end of the month
1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department.
Use the dates above to identify the status of each job. Compute the following balances for Thrifty: a. Work-in-Process Inventory at August 31 b. Finished Goods Inventory at August 31 c. Cost of Goods Sold for
Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. (a) Transferred to work in process-Stitching (b) Transferred to finished goods (c) Cost of goods sold
A. Total manufacturing cost? B. Work in Process, 01/01/x1? C. Work in Process, 12/31/x1?
What is the total manufacturing cost charged to work in process during 2018 Calculate the cost of finished goods manufactured during 2018 Calculate cost of goods sold for 2018
Bastille Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the factory overhead item and the total in USD b. Identify the period cost and the total in USD c. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be.
a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period. $ 2. Cost of units transferred to finished goods during the period. $ 3. Cost of ending work in process inventory. $ 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent.
The appropriate cost accounting system to use when inventory items are produced on an assembly line is a. perpetual method. b. job-order costing. c. weighted average. d. process costing.
1. Which of the following statemens is true? a. The equivalent units in beginning work in process inventory plus the equivalent units for the work done during the period equals the units transferred out plus the equivalent units in ending work in process inventory. D. When materials are purchased in a process costing system, a work m process account is debited with the cost of the materials. C. Any difference in the equivalent units calculated under the weighted- average and the FIFO methods is due to the units in the ending work in process inventory. d. Under the FIFO method of product costing, equivalent units of production consider units in beginning inventory as if they were started and completed during the current period.
Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory Started during the month Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Completed and transferred out Ending work in process Total units to account for Costs to account for Beginning work in process Transferred in Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Costs to account for 20,000 75,000 71,000 100% 25% Materials Units Conversion Units Total Units 71,000 71,000 71,000 Materials $3,000 25,500 Conversion $17,000 37,075 0000 00 Total $20,000 62,875