Happy Company produces baseball bats and cricket paddles. It has two departments that process all products - Cutting Department and Finishing Department. In Finishing Department, direct materials (DM) are added at the start of the process and conversion costs (CC) are added evenly during the process. Company is using Weighted Average method for the Finishing Department. During July, beginning work in process in the Finishing Department was 80% complete as to conversion. Beginning inventories included $28,000 for transferred-in costs, $12,000 for direct materials, and $25,000 for conversion costs. Ending inventory was 30% complete as to CC. Additional information about the Finishing Department follows: Beginning work-in-process units Units transferred in this period Units completed & transferred out Ending work-in-process units Material costs added Conversion costs Transferred-in costs Finishing 24,000 68,000 72,000 20,000 $34,000 $68,600 $128,400

Happy Company produces baseball bats and cricket paddles. It has two departments that process all products - Cutting Department and Finishing Department. In Finishing Department, direct materials (DM) are added at the start of the process and conversion costs (CC) are added evenly during the process. Company is using Weighted Average method for the Finishing Department. During July, beginning work in process in the Finishing Department was 80% complete as to conversion. Beginning inventories included $28,000 for transferred-in costs, $12,000 for direct materials, and $25,000 for conversion costs. Ending inventory was 30% complete as to CC. Additional information about the Finishing Department follows: Beginning work-in-process units Units transferred in this period Units completed & transferred out Ending work-in-process units Material costs added Conversion costs Transferred-in costs Finishing 24,000 68,000 72,000 20,000 $34,000 $68,600 $128,400

Name: Happy Company produces baseball bats and cricket paddles. It has two
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Description: Happy Company produces baseball bats and cricket paddles. It has two departments that process all products - Cutting Departmentand Finishing Department..In Finishing Department, direct materials (DM) are added at the start of the process and convers

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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