Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish fillets for distribution to its retail sales department. Direct materials are added at the initiation of the cycle. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some fillets are spoiled due to nondetectible defects. Inspection occurs when units are 50% converted. Normally spoiled fillets generally constitute 4% of the good fillets passing inspection. Data for April 2015 are as follows: WIP, beginning inventory 4/1/2015 85,000 fillets Direct materials (100% complete) Conversion costs (50% complete) Started during April 130,000 fillets Completed and transferred out 4/31/2015 180,000 fillets WIP, ending inventory 4/31/2015 22,000 fillets Direct materials (100% complete) Conversion costs (20% complete) Costs for April: WIP, beginning Inventory: Direct materials $ 130,000 Conversion costs 95,910 Direct materials added 300,000 Conversion costs added 383,130 What is the amount of direct materials and conversion costs assigned to ending work in process using the weighted- average process-costing method? Question 17 options: $26,720; $25,020 $88,000; $25,080 $83,600; $88,000 $44,000; $11,041
Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish fillets for distribution to its retail sales department. Direct materials are added at the initiation of the cycle. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some fillets are spoiled due to nondetectible defects. Inspection occurs when units are 50% converted. Normally spoiled fillets generally constitute 4% of the good fillets passing inspection. Data for April 2015 are as follows: WIP, beginning inventory 4/1/2015 85,000 fillets Direct materials (100% complete) Conversion costs (50% complete) Started during April 130,000 fillets Completed and transferred out 4/31/2015 180,000 fillets WIP, ending inventory 4/31/2015 22,000 fillets Direct materials (100% complete) Conversion costs (20% complete) Costs for April: WIP, beginning Inventory: Direct materials $ 130,000 Conversion costs 95,910 Direct materials added 300,000 Conversion costs added 383,130 What is the amount of direct materials and conversion costs assigned to ending work in process using the weighted- average process-costing method? Question 17 options: $26,720; $25,020 $88,000; $25,080 $83,600; $88,000 $44,000; $11,041
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format
Transcribed Image Text:Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish fillets for
distribution to its retail sales department. Direct materials are added at the initiation of the cycle. Conversion costs are
incurred evenly throughout the production cycle. Before inspection, some fillets are spoiled due to nondetectible defects.
Inspection occurs when units are 50% converted. Normally spoiled fillets generally constitute 4% of the good fillets
passing inspection. Data for April 2015 are as follows:
WIP, beginning inventory 4/1/2015 85,000 fillets
Direct materials (100% complete)
Conversion costs (50% complete)
Started during April 130,000 fillets
Completed and transferred out 4/31/2015 180,000 fillets
WIP, ending inventory 4/31/2015 22,000 fillets
Direct materials (100% complete)
Conversion costs (20% complete)
Costs for April:
WIP, beginning Inventory:
Direct materials $ 130,000
Conversion costs 95,910
Direct materials added 300,000
Conversion costs added 383,130
What is the amount of direct materials and conversion costs assigned to ending work in process using the weighted-
average process-costing method?
Question 17 options:
$26,720; $25,020
$88,000; $25,080
$83,600; $88,000
$44,000; $11,041
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education