(K) Company has two departments that process all products. During April, the beginning work in process in (A) department was half completed as to conversion, and complete as to direct materials. The beginning inventory included $40,000 for materials and $60,000 for conversion costs. Ending work- in-process inventory in (A) department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in (B) department was 80% complete as to conversion. Direct materials for finishing the units are added near the end of the process. Beginning inventories included $24,000 for transferred-in costs and $28,000 for conversion costs. Ending inventory was 30% complete. Additional information about the two departments follows: Beginning work-in-process units Units started this period Units transferred this period Ending work-in-process units 20,000 ?????"* 60,000 64,000 20,000 $48,000 28,000 128,000 Material costs added $34,000 68,500 Conversion costs Transferred-out cost Enter the first four digits "from the right" of your ID number instead of the question marks. For example, if your ID number is 0193192, then enter the number 3192. ... Required: Prepare a production cost worksheet "consists of five steps" to calculate (1) the cost of completed units in April and (2) the cost of work in process at the And of the month inn CICOfor/DA. artmont

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
can contain viuses Unless you need to edit, it's safer to stay in Protected View.
Enable Editing
ww.
included $40,000 for materials and $60,000 for conversion costs, Ending work-
in-process inventory in (A) department was 40% complete. Direct materials are
added at the beginning of the process.
Beginning work in process in (B) department was 80% complete as to
conversion. Direct materials for finishing the units are added near the end of
the process. Beginning inventories included $24,000 for transferred-in costs
and $28,000 for conversion costs. Ending inventory was 30% complete.
Additional information about the two departments follows:
Beginning work-in-process units
Units started this period
20,000
60,000
64,000
?????***
Units transferred this period
Ending work-in-process units
20,000
Material costs added
Conversion costs
Transferred-out cost
*** Enter the first four digits "from the right" of your ID number instead of the
question marks. For example, if your ID number is 0193192, then enter the
number 3192.
$48,000
28,000
128,000
$34,000
68,500
Required:
Prepare a production cost worksheet "consists of five steps" to calculate (1)
the cost of completed units in April and (2) the cost of work in process at the
end of the month, using FIFO for (B) department.
DFocus
32 C Haze
Transcribed Image Text:can contain viuses Unless you need to edit, it's safer to stay in Protected View. Enable Editing ww. included $40,000 for materials and $60,000 for conversion costs, Ending work- in-process inventory in (A) department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in (B) department was 80% complete as to conversion. Direct materials for finishing the units are added near the end of the process. Beginning inventories included $24,000 for transferred-in costs and $28,000 for conversion costs. Ending inventory was 30% complete. Additional information about the two departments follows: Beginning work-in-process units Units started this period 20,000 60,000 64,000 ?????*** Units transferred this period Ending work-in-process units 20,000 Material costs added Conversion costs Transferred-out cost *** Enter the first four digits "from the right" of your ID number instead of the question marks. For example, if your ID number is 0193192, then enter the number 3192. $48,000 28,000 128,000 $34,000 68,500 Required: Prepare a production cost worksheet "consists of five steps" to calculate (1) the cost of completed units in April and (2) the cost of work in process at the end of the month, using FIFO for (B) department. DFocus 32 C Haze
ayout
References
Mailings
Review
View
Help
Can contain viruses. Unless you need to edit, it's safer to stay in Protected View.
Enable Editing
4.
(K) Company has two departments that process all products, During April, the
beginning work in process in (A) department was half completed as to
conversion, and complete as to direct materials. The beginning inventory
included $40,000 for materials and $60,000 for conversion costs. Ending work-
in-process inventory in (A) department was 40% complete. Direct materials are
added at the beginning of the process.
Beginning work in process in (B) department was 80% complete as to
conversion. Direct materials for finishing the units are added near the end of
the process. Beginning inventories included $24,000 for transferred-in costs
and $28,000 for conversion costs. Ending inventory was 30% complete.
Additional information about the two departments follows:
A
B
Beginning work-in-process units
Units started this period
Units transferred this period
Ending work-in-process units
20,000
60,000
64,000
?????***
20,000
Material costs added
Conversion costs
$48,000
28,000
128,000
$34,000
68,500
Transferred-out cost
*** Enter the first four digits "from the right" of your ID number instead of the
question marks. For example, if your ID number is 0193192, then enter the
number 3192.
Required:
Prepare a production cost worksheet "consists of five steps" to calculate (1)
the cost of completed units in April and (2) the cost of work in process at the
ond of the mnnih
D Focus
32°C Haze
ENC
Transcribed Image Text:ayout References Mailings Review View Help Can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 4. (K) Company has two departments that process all products, During April, the beginning work in process in (A) department was half completed as to conversion, and complete as to direct materials. The beginning inventory included $40,000 for materials and $60,000 for conversion costs. Ending work- in-process inventory in (A) department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in (B) department was 80% complete as to conversion. Direct materials for finishing the units are added near the end of the process. Beginning inventories included $24,000 for transferred-in costs and $28,000 for conversion costs. Ending inventory was 30% complete. Additional information about the two departments follows: A B Beginning work-in-process units Units started this period Units transferred this period Ending work-in-process units 20,000 60,000 64,000 ?????*** 20,000 Material costs added Conversion costs $48,000 28,000 128,000 $34,000 68,500 Transferred-out cost *** Enter the first four digits "from the right" of your ID number instead of the question marks. For example, if your ID number is 0193192, then enter the number 3192. Required: Prepare a production cost worksheet "consists of five steps" to calculate (1) the cost of completed units in April and (2) the cost of work in process at the ond of the mnnih D Focus 32°C Haze ENC
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Costing Systems
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education