Craft Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation of the production cycle and must be bundled in single kits for each unit. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some units are spoiled due to nondetectible materials defects. Inspection occurs when units are 50% converted. Spoiled units generally constitute 5% of the good units. Data for December 2012 are as follows: WIP, beginning inventory 12/1/12--- Direct materials(100%complete) Conversion costs (75% complete) Started during December-- --80,000 units --16,000 units Completed and transferred out 12/31/12----76,800 units WIP, ending inventory 12/31/12-- Direct materials(100%complete) Conversion costs (65% complete) Costs for December WIP, beginning inventory Direct materials --20,000 units Conversion costs-- Direct materials added- Conversion costs added- -100,000 -60,000 --200,000 -280,000 What are the amounts of direct materials and conversion costs assigned to ending work in process using the weighted-average process-costing method?

Craft Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation of the production cycle and must be bundled in single kits for each unit. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some units are spoiled due to nondetectible materials defects. Inspection occurs when units are 50% converted. Spoiled units generally constitute 5% of the good units. Data for December 2012 are as follows: WIP, beginning inventory 12/1/12--- Direct materials(100%complete) Conversion costs (75% complete) Started during December-- --80,000 units --16,000 units Completed and transferred out 12/31/12----76,800 units WIP, ending inventory 12/31/12-- Direct materials(100%complete) Conversion costs (65% complete) Costs for December WIP, beginning inventory Direct materials --20,000 units Conversion costs-- Direct materials added- Conversion costs added- -100,000 -60,000 --200,000 -280,000 What are the amounts of direct materials and conversion costs assigned to ending work in process using the weighted-average process-costing method?

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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