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Furniture Inc. has two departments, Assembly and finishing. All materials are added at the beginning of the production process, while conversion costs are incurred evenly throughout the process. The inventory as of August 1 had a cost of $7,000. The Assembly Department has 3,600 tables in process at the beginning of August, and 2,100 at the end of August. Assembly transferred 5,500 tables to the Finishing department during the month. The inventory in process as of August 1 is 30% complete, and the inventory in process at the end of August is 40% complete. During August, Furniture Inc. allocated $11,975 of direct labor and $15,000 of direct materials to the Assembly Department. The company applied $3,800 of factory overhead to the Assembly Department. Step 4 1. Determine the costs incurred in the assembly department to be allocated to ending inventory in process. 2. Determine goods completed and transferred to the finishing department.

Furniture Inc. has two departments, Assembly and finishing. All materials are added at the beginning of the production process, while conversion costs are incurred evenly throughout the process. The inventory as of August 1 had a cost of $7,000. The Assembly Department has 3,600 tables in process at the beginning of August, and 2,100 at the end of August. Assembly transferred 5,500 tables to the Finishing department during the month. The inventory in process as of August 1 is 30% complete, and the inventory in process at the end of August is 40% complete. During August, Furniture Inc. allocated $11,975 of direct labor and $15,000 of direct materials to the Assembly Department. The company applied $3,800 of factory overhead to the Assembly Department. Step 4 1. Determine the costs incurred in the assembly department to be allocated to ending inventory in process. 2. Determine goods completed and transferred to the finishing department.

FINANCIAL ACCOUNTING
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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Furniture Inc. has two departments, Assembly and finishing. All materials are added at the beginning of the production process, while conversion costs are incurred evenly throughout the process. The inventory as of August 1 had a cost of $7,000. The Assembly Department has 3,600 tables in process at the beginning of August, and 2,100 at the end of August. Assembly transferred 5,500 tables to the Finishing department during the month. The inventory in process as of August 1 is 30% complete, and the inventory in process at the end of August is 40% complete. During August, Furniture Inc. allocated $11,975 of direct labor and $15,000 of direct materials to the Assembly Department. The company applied $3,800 of factory overhead to the Assembly Department. Step 4 1. Determine the costs incurred in the assembly department to be allocated to ending inventory in process. 2. Determine goods completed and transferred to the finishing department. Cost of Production Report
Transcribed Image Text:Furniture Inc. has two departments, Assembly and finishing. All materials are added at the beginning of the production process, while conversion costs are incurred evenly throughout the process. The inventory as of August 1 had a cost of $7,000. The Assembly Department has 3,600 tables in process at the beginning of August, and 2,100 at the end of August. Assembly transferred 5,500 tables to the Finishing department during the month. The inventory in process as of August 1 is 30% complete, and the inventory in process at the end of August is 40% complete. During August, Furniture Inc. allocated $11,975 of direct labor and $15,000 of direct materials to the Assembly Department. The company applied $3,800 of factory overhead to the Assembly Department. Step 4 1. Determine the costs incurred in the assembly department to be allocated to ending inventory in process. 2. Determine goods completed and transferred to the finishing department. Cost of Production Report
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