Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent complete; ending work in process is 40 percent complete. The following is an excerpt from the production report for Fincher Farms. Assume the company uses Weighted-Average Method. Required: Find the missing amounts. FINCHER FARMS Process Costing Production Report (Weighted-Average Method) For the Month Ended January 31, Current Year Physical Units Units to be accounted for Beginning work in process Started into production Total units 40,000 340,000
Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent complete; ending work in process is 40 percent complete. The following is an excerpt from the production report for Fincher Farms. Assume the company uses Weighted-Average Method. Required: Find the missing amounts. FINCHER FARMS Process Costing Production Report (Weighted-Average Method) For the Month Ended January 31, Current Year Physical Units Units to be accounted for Beginning work in process Started into production Total units 40,000 340,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vikram Bhai
![E3-22 (Static) Computing Missing Information from Production Report [LO 3-3]
Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning
of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent
complete; ending work in process is 40 percent complete.
The following is an excerpt from the production report for Fincher Farms.
Assume the company uses Weighted-Average Method.
Required:
Find the missing amounts.
FINCHER FARMS
Process Costing Production Report (Weighted-Average Method)
For the Month Ended January 31, Current Year
Physical
Units
Units to be accounted for
Beginning work in process
Started into production
Total units
Units accounted for
Completed and transferred
40,000
340,000
Physical
Units
Direct
Materials
Equivalent Units
Conversion
Cost
260,000
260,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e0c4a12-3dda-4e83-8860-4a516815cc46%2F942d6f54-412e-45bc-a0a8-fba1bdd0ff3f%2Fq1k9kb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:E3-22 (Static) Computing Missing Information from Production Report [LO 3-3]
Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning
of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent
complete; ending work in process is 40 percent complete.
The following is an excerpt from the production report for Fincher Farms.
Assume the company uses Weighted-Average Method.
Required:
Find the missing amounts.
FINCHER FARMS
Process Costing Production Report (Weighted-Average Method)
For the Month Ended January 31, Current Year
Physical
Units
Units to be accounted for
Beginning work in process
Started into production
Total units
Units accounted for
Completed and transferred
40,000
340,000
Physical
Units
Direct
Materials
Equivalent Units
Conversion
Cost
260,000
260,000
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