Requesting answers for d and e, please. All Things Brass produces brass handles for the furniture industry in a four-stage process -Mixing,Moulding, Polishing and Packaging. Costs incurred in the Polishing Department during January aresummarized as follows:WIP - Polishing Process A/CJanuary 1 Bal.Transfer from Moulding$ 01,310,00020,000Direct Materials Added391,600Direct Labour638,000307,400Manufacturing OverheadNormal losses are estimated to be 2%% of input during the period. Inspection takes place during theprocessing operation, at which point damaged handles are separated from good handles and sold as scrapto local furniture manufacturers at $85 each.At inspection, 2,000 handles were rejected as scrap. These units had reached the following degree ofcompletion:Transfer from Moulding100%Direct material added40%Conversion costs20%Work-in-progress at the end of January was 4,000 handles and had reached the following degree ofcompletion:Transfer from Moulding100%Direct material added80%Conversion costs50%Direct materials added and conversion costs are incurred uniformly throughout the process.Required:(a)Prepare a statement of equivalent production to determine the equivalent units for direct materials(From Moulding & Direct Material Added), and conversion costs and the cost per equivalent unit fordirect materials and conversion costs.(b)Calculate the:Total cost of units completed and transferred to the Packaging DepartmentCost of the unexpected lossesCost of ending work-in-process inventory in the Polishing Department(c)Complete All Things Brass Work-In-Process Inventory – Polishing Process T-account, clearly showing theending balance.(d)Prepare the journal entries for the:"assignment of direct materials, direct labour incurred, and the manufacturing overhead applied tothe Polishing Process"cost of the units completed and transferred out to the Packaging Procer(e)Given that 30% of the unexpected losses were because of pilferage, prepare the abnormal spoilagestatement, clearly showing All Things Brass true loss associated with the Polishing Process.

All Things Brass produces brass handles for the furniture industry in a four-stage process -Mixing, Moulding, Polishing and Packaging. Costs incurred in the Polishing Department during January are summarized as follows: WIP - Polishing Process A/C $ 0 1,310,000 391,600 January 1 Bal. Transfer from Moulding 20,000 Direct Materials Added Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2%% of input during the period. Inspection takes place during the processing operation, at which point damaged handles are separated from good handles and sold as scrap to local furniture manufacturers at $85 each. At inspection, 2,000 handles were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100% Direct material added 80% Conversion costs 50%

All Things Brass produces brass handles for the furniture industry in a four-stage process -Mixing, Moulding, Polishing and Packaging. Costs incurred in the Polishing Department during January are summarized as follows: WIP - Polishing Process A/C $ 0 1,310,000 391,600 January 1 Bal. Transfer from Moulding 20,000 Direct Materials Added Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2%% of input during the period. Inspection takes place during the processing operation, at which point damaged handles are separated from good handles and sold as scrap to local furniture manufacturers at $85 each. At inspection, 2,000 handles were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100% Direct material added 80% Conversion costs 50%

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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