Develop, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $750,000 on direct materials and $810,000 on conversion costs, for a total manufacturing cost of$1,560,000. During February 10,000 cameras are placed into production, but only 9,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 1,000 cameras. However, on average, theseremaining 1,000 cameras are only 60% complete as to conversion costs.(Click the icon to view the data on the cameras.)Read the requirement.copus jesnimi vingDateJE 3ניBal.JE 1JE 2JE 3Bal.ܕ ܪ ܕ ܪ ܫܡܝܪܕܝܪܪܝܕWork in Process-Testingvyo www.www.Show the postings to the Work in Process account.Work in Process-Assembly Department07500008100001434420Journal EntryAccountsWork in Process-AssemblyBal.Debit1,434,420Credit1,434,420ReferenceCosts incurred during the periodEquivalent units of work done in current periodCost per equivalent unitPrintDirect Materials Conversion Costs750,000 $10,00075.00 $$$Done810,0009,60084.38 $Total-159.38X remaining 1,000 cameras are only 60% complete as to conversion costs. (Click the icon to view the data on thecameras.) Read the requirement.

For determine the equivalent units and cost per equivalent unit, the management prepares the…

Develop, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $750,000 on direct materials and $810,000 on conversion costs, for a total manufacturing cost of $1,560,000. During February 10,000 cameras are placed into production, but only 9,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 1,000 cameras. However, on average, these remaining 1,000 cameras are only 60% complete as to conversion costs. (Click the icon to view the data on the cameras.) Read the requirement. Date JE 3 Bal. JE 1 JE 2 JE 3. Bal. Work in Process-Testing Show the postings to the Work in Process account. Work in Process-Assembly Department 0 Work in Process-Assembly M. 750000 810000 Journal Entry Accounts 1434420 Bal. 1000 Debit 1,434,420 Credit 1,434,420 Reference Costs incurred during the period Equivalent units of work done in current period Cost per equivalent unit Print Direct Materials Conversion Costs 750,000 $ 10,000 810,000 9,600 75.00 $ $ $ Done 84.38 $ Total - X 159.38

Develop, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $750,000 on direct materials and $810,000 on conversion costs, for a total manufacturing cost of $1,560,000. During February 10,000 cameras are placed into production, but only 9,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 1,000 cameras. However, on average, these remaining 1,000 cameras are only 60% complete as to conversion costs. (Click the icon to view the data on the cameras.) Read the requirement. Date JE 3 Bal. JE 1 JE 2 JE 3. Bal. Work in Process-Testing Show the postings to the Work in Process account. Work in Process-Assembly Department 0 Work in Process-Assembly M. 750000 810000 Journal Entry Accounts 1434420 Bal. 1000 Debit 1,434,420 Credit 1,434,420 Reference Costs incurred during the period Equivalent units of work done in current period Cost per equivalent unit Print Direct Materials Conversion Costs 750,000 $ 10,000 810,000 9,600 75.00 $ $ $ Done 84.38 $ Total - X 159.38

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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