Answered: Drawing Department Winding Department…

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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Question

Units of production data for the two departments of Atlantic Cable and Wire Company for July of the current fiscal year are as follows:

Attachment

Each department uses the average cost method.
a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department.
b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Winding Department.

Drawing Department
Winding Department
Work in process, July 1
Completed and transferred to next
processing department during July
Work in process, July 31
500 units, 50% completed
350 units, 30% completed
11,400 units
10,950 units
800 units, 25% completed
700 units, 55% completed

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