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Material is added at the beginning of the process. Beginning Units in process Transferred to finished goods Ending units in process 30% 20.00 625.00 60% 40.00 Direct material used 1,710.00 ????? Material purchased during month 2,200.00 $ 8,250.00 Direct labor used 1,132.00 $ 11,321.00 Variable overhead $ 6,839.00 Fixed overhead $ 8,796.00 Use FIFO method for the process cost report Company uses standard cost accounting. Process Cost Report Units to account for Beginning units in process Units started Units to account for Equivalent units Units transferred out Beginning units in process Units completed and transferred Amount needed to complete beginning units in process Ending units in process Equivalent units Cost to account for Direct material Direct labor Factory overhead Total costs to account for Costs accounted for Transferred to finished goods Ending units in process Units transferred out Units accounted for DM DL FO Beginning work in process DM DL FO Units started and completed Costs transferred to finished goods Ending work in process DM DL FO Cost for ending work in process Costs accounted for Journal entry to transfer to finished goods

Material is added at the beginning of the process. Beginning Units in process Transferred to finished goods Ending units in process 30% 20.00 625.00 60% 40.00 Direct material used 1,710.00 ????? Material purchased during month 2,200.00 $ 8,250.00 Direct labor used 1,132.00 $ 11,321.00 Variable overhead $ 6,839.00 Fixed overhead $ 8,796.00 Use FIFO method for the process cost report Company uses standard cost accounting. Process Cost Report Units to account for Beginning units in process Units started Units to account for Equivalent units Units transferred out Beginning units in process Units completed and transferred Amount needed to complete beginning units in process Ending units in process Equivalent units Cost to account for Direct material Direct labor Factory overhead Total costs to account for Costs accounted for Transferred to finished goods Ending units in process Units transferred out Units accounted for DM DL FO Beginning work in process DM DL FO Units started and completed Costs transferred to finished goods Ending work in process DM DL FO Cost for ending work in process Costs accounted for Journal entry to transfer to finished goods

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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Material is added at the beginning of the process. Beginning Units in process Transferred to finished goods Ending units in process 30% 20.00 625.00 60% 40.00 Direct material used 1,710.00 ????? Material purchased during month 2,200.00 $ 8,250.00 Direct labor used 1,132.00 $ 11,321.00 Variable overhead $ 6,839.00 Fixed overhead $ 8,796.00 Use FIFO method for the process cost report Company uses standard cost accounting. Process Cost Report Units to account for Beginning units in process Units started Units to account for Equivalent units Units transferred out Beginning units in process Units completed and transferred Amount needed to complete beginning units in process Ending units in process Equivalent units Cost to account for Direct material Direct labor Factory overhead Total costs to account for Costs accounted for Transferred to finished goods Ending units in process Units transferred out Units accounted for DM DL FO Beginning work in process DM DL FO Units started and completed Costs transferred to finished goods Ending work in process DM DL FO Cost for ending work in process Costs accounted for Journal entry to transfer to finished goods
Transcribed Image Text:Material is added at the beginning of the process. Beginning Units in process Transferred to finished goods Ending units in process 30% 20.00 625.00 60% 40.00 Direct material used 1,710.00 ????? Material purchased during month 2,200.00 $ 8,250.00 Direct labor used 1,132.00 $ 11,321.00 Variable overhead $ 6,839.00 Fixed overhead $ 8,796.00 Use FIFO method for the process cost report Company uses standard cost accounting. Process Cost Report Units to account for Beginning units in process Units started Units to account for Equivalent units Units transferred out Beginning units in process Units completed and transferred Amount needed to complete beginning units in process Ending units in process Equivalent units Cost to account for Direct material Direct labor Factory overhead Total costs to account for Costs accounted for Transferred to finished goods Ending units in process Units transferred out Units accounted for DM DL FO Beginning work in process DM DL FO Units started and completed Costs transferred to finished goods Ending work in process DM DL FO Cost for ending work in process Costs accounted for Journal entry to transfer to finished goods
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