Exercise 20-26 Transferred to Packing Department Inventory in process, ending (30% completed) Equivalent Units of Production

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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please read the first picture and answer questions on the second page. Thanks for your time

Exercise 20-26
Transferred to Packing Department
Inventory in process, ending (30% completed)
Equivalent Units of Production
Transcribed Image Text:Exercise 20-26 Transferred to Packing Department Inventory in process, ending (30% completed) Equivalent Units of Production
Appendix
EX 20-26 Equivalent units of production: average cost method
The following information concerns production in the Finishing Department for May. The
Finishing Department uses the average cost method.
ACCOUNT Work in Process-Finishing Department
Date
Item
May 1 Bal., 4,200 units, 70% completed
31
Direct materials, 23,600 units
31
Direct labor
31
Factory overhead
31 Goods transferred, 24,700 units
31 Bal., 2 units, 30% completed
Debit
125,800
75,400
82,675
Credit
308,750
ACCOUNT NO.
Balance
Debit
36,500
162,300
237,700
320,375
11,625
11,625
Credit
a. Determine the number of units in work in process inventory at the end of the month.
b. Determine the number of whole units to be accounted for and to be assigned costs
and the equivalent units of production for May.
Transcribed Image Text:Appendix EX 20-26 Equivalent units of production: average cost method The following information concerns production in the Finishing Department for May. The Finishing Department uses the average cost method. ACCOUNT Work in Process-Finishing Department Date Item May 1 Bal., 4,200 units, 70% completed 31 Direct materials, 23,600 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 24,700 units 31 Bal., 2 units, 30% completed Debit 125,800 75,400 82,675 Credit 308,750 ACCOUNT NO. Balance Debit 36,500 162,300 237,700 320,375 11,625 11,625 Credit a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May.
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