LO.6 (Hybrid costing) Batwings makes one-size-fits-most capes. Each cape goes through the same conversion process, but three types of fabric (Dacron, denim, and cotton) are available. The company uses a standard costing system, and standard costs for each type of cape follow. Material (2 yards) Direct labor (1 hour) Overhead (based on 1.5 machine hours) Total Material Direct labor Overhead Dacron $10 9 6 $25 100% complete 25% complete 35% complete Denim $8 9 6 $23 Material is added at the start of production. In March 2010, there was no beginning WIP Inventory and 2,500 capes were started into production. Of these, 300 were Da- cron, 500 were denim, and 1,700 were cotton. At the end of March, 100 capes (50 Dacron, 20 denim, and 30 cotton) were not yet complete. The stage of completion for each cost component for the 100 unfinished capes is as follows: Cotton $12 9 6 $27 a. Determine the total cost of the capes completed and transferred to Finished Goods Inventory. b. Determine the total cost of the capes in the ending WIP Inventory.

LO.6 (Hybrid costing) Batwings makes one-size-fits-most capes. Each cape goes through the same conversion process, but three types of fabric (Dacron, denim, and cotton) are available. The company uses a standard costing system, and standard costs for each type of cape follow. Material (2 yards) Direct labor (1 hour) Overhead (based on 1.5 machine hours) Total Material Direct labor Overhead Dacron $10 9 6 $25 100% complete 25% complete 35% complete Denim $8 9 6 $23 Material is added at the start of production. In March 2010, there was no beginning WIP Inventory and 2,500 capes were started into production. Of these, 300 were Da- cron, 500 were denim, and 1,700 were cotton. At the end of March, 100 capes (50 Dacron, 20 denim, and 30 cotton) were not yet complete. The stage of completion for each cost component for the 100 unfinished capes is as follows: Cotton $12 9 6 $27 a. Determine the total cost of the capes completed and transferred to Finished Goods Inventory. b. Determine the total cost of the capes in the ending WIP Inventory.

Name: LO.6 (Hybrid costing) Batwings makes one-size-fits-most capes. Each c
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Description: LO.6 (Hybrid costing) Batwings makes one-size-fits-most capes. Each cape goesthrough the same conversion process, but three types of fabric (Dacron, denim, andcotton) are available. The company uses a standard costing system, and standard costsfor e

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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