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Belfast Inc. prints calendars. All direct materials are included at the inception of the printing process. The following data is provided for January 2012: Units: Beginning Wip 20,000 160,000 Started during the period Ending WIPW 36,000 Costs: Beginning WIP Direct materials $1,000 Conversion costs $3.760 $32,000 Direct materials added in current month Conversion costs in current month $21,960 Beginning WIP was 100% complete for materials and 60% complete for conversion costs Ending WIP was 100% complete for materials and 40% complete for conversion costs Required: Using the FIFO Method a) Prepare a schedule reconciling the Physical Flow of Units. b) Calculate the Equivalents Units for Direct Materials and Conversion Costs c) Calculate the Cost per Equivalent Units. d) Determine the Cost of Completed Units for January e) Determine the Cost assigned to Ending Work in Process Inventory for January.

Belfast Inc. prints calendars. All direct materials are included at the inception of the printing process. The following data is provided for January 2012: Units: Beginning Wip 20,000 160,000 Started during the period Ending WIPW 36,000 Costs: Beginning WIP Direct materials $1,000 Conversion costs $3.760 $32,000 Direct materials added in current month Conversion costs in current month $21,960 Beginning WIP was 100% complete for materials and 60% complete for conversion costs Ending WIP was 100% complete for materials and 40% complete for conversion costs Required: Using the FIFO Method a) Prepare a schedule reconciling the Physical Flow of Units. b) Calculate the Equivalents Units for Direct Materials and Conversion Costs c) Calculate the Cost per Equivalent Units. d) Determine the Cost of Completed Units for January e) Determine the Cost assigned to Ending Work in Process Inventory for January.

FINANCIAL ACCOUNTING
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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Tutorial Questions - Chp 3 Chapter 3 Question 1 Belfast Inc. prints calendars. All direct materials are included at the inception of the printing process. The following data is provided for January 2012: Units: Beginning Wip 20.000 160,000 Started during the period Ending WIPW 36,000 Costs: Beginning WIP Direct materials $1,000 Conversion costs $3,760 $32,000 Direct materials added in current month Conversion costs in current month $21,960 Beginning WIP was 100% complete for materials and 60% complete for conversion costs Ending WIP was 100% complete for materials and 40% complete for conversion costs Required: Using the FIFO Method a) Prepare a schedule reconciling the Physical Flow of Units. b) Calculate the Equivalents Units for Direct Materials and Conversion Costs c) Calculate the Cost per Equivalent Units. d) Determine the Cost of Completed Units for January e) Determine the Cost assigned to Ending Work in Process Inventory for January.
Transcribed Image Text:Tutorial Questions - Chp 3 Chapter 3 Question 1 Belfast Inc. prints calendars. All direct materials are included at the inception of the printing process. The following data is provided for January 2012: Units: Beginning Wip 20.000 160,000 Started during the period Ending WIPW 36,000 Costs: Beginning WIP Direct materials $1,000 Conversion costs $3,760 $32,000 Direct materials added in current month Conversion costs in current month $21,960 Beginning WIP was 100% complete for materials and 60% complete for conversion costs Ending WIP was 100% complete for materials and 40% complete for conversion costs Required: Using the FIFO Method a) Prepare a schedule reconciling the Physical Flow of Units. b) Calculate the Equivalents Units for Direct Materials and Conversion Costs c) Calculate the Cost per Equivalent Units. d) Determine the Cost of Completed Units for January e) Determine the Cost assigned to Ending Work in Process Inventory for January.
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