er the following data for November 2012 from McKnight Manufacturing Company, which makes silk pennants and uses a process-costing syste ct materials are added at the beginning of the process, and conversion costs are added evenly during the process. e is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. ght Manufacturing Company uses the FIFO method of process costing. Work in process, (November 1) a Started in November 2012 Good units completed and transferred out during November 2012 Normal spoilage Abnormal spoilage Work in process, (November 30) b Total costs added during November 2012 Physical Units (Pennants) 1,300 ? Flow of Production Work in process, beginning Started during current period To account for 8,700 110 70 1,900 Direct Materials $1,614 $11,376 Conversion Costs $1,928 *Degree of completion: direct materials, 100%; conversion costs, 60%. "Degree of completion: direct materials, 100%; conversion costs, 25%. Enter the physical units in first, then calculate the equivalent units. (Complete all answer boxes.) $27,440 Equivalent Units Physical Direct Conversion Units Materials Costs
er the following data for November 2012 from McKnight Manufacturing Company, which makes silk pennants and uses a process-costing syste ct materials are added at the beginning of the process, and conversion costs are added evenly during the process. e is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. ght Manufacturing Company uses the FIFO method of process costing. Work in process, (November 1) a Started in November 2012 Good units completed and transferred out during November 2012 Normal spoilage Abnormal spoilage Work in process, (November 30) b Total costs added during November 2012 Physical Units (Pennants) 1,300 ? Flow of Production Work in process, beginning Started during current period To account for 8,700 110 70 1,900 Direct Materials $1,614 $11,376 Conversion Costs $1,928 *Degree of completion: direct materials, 100%; conversion costs, 60%. "Degree of completion: direct materials, 100%; conversion costs, 25%. Enter the physical units in first, then calculate the equivalent units. (Complete all answer boxes.) $27,440 Equivalent Units Physical Direct Conversion Units Materials Costs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Consider the following data for November 2012 from McKnight Manufacturing Company, which makes silk pennants and uses a process-costing system.
All direct materials are added at the beginning of the process, and conversion costs are added evenly during the process.
Spoilage is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value.
McKnight Manufacturing Company uses the FIFO method of process costing.
Work in process, (November 1) ª
Started in November 2012
Good units completed and transferred out
during November 2012
Normal spoilage
Abnormal spoilage
Work in process, (November 30) b
Total costs added during November 2012
Physical Units
(Pennants)
1,300
?
Normal spoilage
Flow of Production
8,700
110
70
1,900
Abnormal spoilage
Work in process, ending
Accounted for
Work done in current period only
Direct
Materials
$1,614
$11,376
*Degree of completion: direct materials, 100%; conversion costs, 60%.
"Degree of completion: direct materials, 100%; conversion costs, 25%.
Enter the physical units in first, then calculate the equivalent units. (Complete all answer boxes.)
Work in process, beginning
Started during current period
To account for
Good units completed and transferred out during current period:
From beginning work in process
Started and completed
Conversion
Costs
$1,928
$27,440
Physical
Units
Equivalent Units
Direct Conversion
Materials
Costs
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