Homework Help is Here – Start Your Trial Now!
Business
Accounting
Question 1: The following information relates to Grimsley Company: ey ny A DEPARTMENTS Units: Beginning units in process: Direct materials 100% complete; conversion costs 30% complete Direct materials 100% complete; conversion costs 60% complete Started in process during the period Units received from Department 1 Units added to production Transferred to finished goods inventory Ending units in process: Direct materials 100% complete; conversion costs 65% complete Direct materials 100% complete; conversion costs 40% complete 10,000 5,000 40,000 44,000 4,000 45,000 6,000 8,000 Costs: Beginning work-in-process inventory: From preceding department Direct materials $ 15,000 18,000 7,000 $ 40,000 $ 40,000 30,000 25,000 12,000 $107,000 Direct labor Factory overhead Total Added during the period: Direct materials Direct labor $ 80,000 110,000 50,000 $240,000 $ 50,000 70,000 40,000 $160,000 Factory overhead (applied) Total Additional Information: All direct materials are added at the beginning of each depart- ment; conversion costs are incurred evenly throughout the process. Required: Prepare a cost of production report and journal entries for both departments under the: I Weighted average method 2 Fifo method

Question 1: The following information relates to Grimsley Company: ey ny A DEPARTMENTS Units: Beginning units in process: Direct materials 100% complete; conversion costs 30% complete Direct materials 100% complete; conversion costs 60% complete Started in process during the period Units received from Department 1 Units added to production Transferred to finished goods inventory Ending units in process: Direct materials 100% complete; conversion costs 65% complete Direct materials 100% complete; conversion costs 40% complete 10,000 5,000 40,000 44,000 4,000 45,000 6,000 8,000 Costs: Beginning work-in-process inventory: From preceding department Direct materials $ 15,000 18,000 7,000 $ 40,000 $ 40,000 30,000 25,000 12,000 $107,000 Direct labor Factory overhead Total Added during the period: Direct materials Direct labor $ 80,000 110,000 50,000 $240,000 $ 50,000 70,000 40,000 $160,000 Factory overhead (applied) Total Additional Information: All direct materials are added at the beginning of each depart- ment; conversion costs are incurred evenly throughout the process. Required: Prepare a cost of production report and journal entries for both departments under the: I Weighted average method 2 Fifo method

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please help me
Question 1: The following information relates to Grimsley Company: ey ny A DEPARTMENTS Units: Beginning units in process: Direct materials 100% complete; conversion costs 30% complete Direct materials 100% complete; conversion costs 60% complete Started in process during the period Units received from Department 1 Units added to production Transferred to finished goods inventory Ending units in process: Direct materials 100% complete; conversion costs 65% complete Direct materials 100% complete; conversion costs 40% complete 10,000 5,000 40,000 44,000 4,000 45,000 6,000 8,000 Costs: Beginning work-in-process inventory: From preceding department Direct materials $ 15,000 18,000 7,000 $ 40,000 $ 40,000 30,000 25,000 12,000 $107,000 Direct labor Factory overhead Total Added during the period: Direct materials Direct labor $ 80,000 110,000 50,000 $240,000 $ 50,000 70,000 40,000 $160,000 Factory overhead (applied) Total Additional Information: All direct materials are added at the beginning of each depart- ment; conversion costs are incurred evenly throughout the process. Required: Prepare a cost of production report and journal entries for both departments under the: I Weighted average method 2 Fifo method
Transcribed Image Text:Question 1: The following information relates to Grimsley Company: ey ny A DEPARTMENTS Units: Beginning units in process: Direct materials 100% complete; conversion costs 30% complete Direct materials 100% complete; conversion costs 60% complete Started in process during the period Units received from Department 1 Units added to production Transferred to finished goods inventory Ending units in process: Direct materials 100% complete; conversion costs 65% complete Direct materials 100% complete; conversion costs 40% complete 10,000 5,000 40,000 44,000 4,000 45,000 6,000 8,000 Costs: Beginning work-in-process inventory: From preceding department Direct materials $ 15,000 18,000 7,000 $ 40,000 $ 40,000 30,000 25,000 12,000 $107,000 Direct labor Factory overhead Total Added during the period: Direct materials Direct labor $ 80,000 110,000 50,000 $240,000 $ 50,000 70,000 40,000 $160,000 Factory overhead (applied) Total Additional Information: All direct materials are added at the beginning of each depart- ment; conversion costs are incurred evenly throughout the process. Required: Prepare a cost of production report and journal entries for both departments under the: I Weighted average method 2 Fifo method
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS