Exercise 6.21 FIFO Method, Unit Cost, Valuation of Goods Transferred Out, and Ending Work in Process Dama Company produces women's blouses and uses the FIFO method to account for its manu- facturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department: Direct Materials Conversion Costs Units started and completed Units, beginning work in process: 10,000 x 0% 10,000 x 50% Units, ending work in process: 40,000 40,000 5,000 20,000 x 100% 20,000 x 25% 20,000 5,000 Equivalent units of output 60,000 50,000 Costs in beginning work in process were direct materials, $20,000; conversion costs, $80,000. Manufacturing costs incurred during April were direct materials, $240,000; conversion costs, $320,000. Required: 1. Prepare a physical flow schedule for April. 2. Compute the cost per equivalent unit for April. 3. Determine the cost of ending work in process and the cost of goods transferred out. 4. Prepare the journal entry that transfers the costs from Cutting to Sewing. Exercico 6 22 Weighted Averngo Mothed Eguivalent Units Unit Cost Multiele

Exercise 6.21 FIFO Method, Unit Cost, Valuation of Goods Transferred Out, and Ending Work in Process Dama Company produces women's blouses and uses the FIFO method to account for its manu- facturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department: Direct Materials Conversion Costs Units started and completed Units, beginning work in process: 10,000 x 0% 10,000 x 50% Units, ending work in process: 40,000 40,000 5,000 20,000 x 100% 20,000 x 25% 20,000 5,000 Equivalent units of output 60,000 50,000 Costs in beginning work in process were direct materials, $20,000; conversion costs, $80,000. Manufacturing costs incurred during April were direct materials, $240,000; conversion costs, $320,000. Required: 1. Prepare a physical flow schedule for April. 2. Compute the cost per equivalent unit for April. 3. Determine the cost of ending work in process and the cost of goods transferred out. 4. Prepare the journal entry that transfers the costs from Cutting to Sewing. Exercico 6 22 Weighted Averngo Mothed Eguivalent Units Unit Cost Multiele

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Description: Exercise 6.21 FIFO Method, Unit Cost, Valuation of Goods Transferred Out, andEnding Work in ProcessDama Company produces women's blouses and uses the FIFO method to account for its manu-facturing costs. The product Dama makes passes through two proc

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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