B. Check mMiller Outdoor Equipment (MOE) makes four models of tents. The model names are Rookie, Novice, Hiker, and Expert. MOEmanufactures the tents in two departments- Stitching and Customizing. All four models are processed initially in Stitching where allmaterial is assembled and sewn into a basic tent. The Rookie model is then transferred to finished goods. After processing in Stitching,the other three models are transferred to Customizing for additional add-ons, and then transferred to finished goods.There were no beginning work-in-process inventories on August 1. Data for August are shown in the following table. Ending work inprocess is 40 percent complete in Stitching and 20 percent complete in Customizing. Conversion costs are allocated based on thenumber of equivalent units processed in each department.TotalRookieNoviceHikerExpertUnits started600480290150ces270120Units completed in StitchingUnits completed in CustomizingMaterials540450440250100$59,580 $18,000 $17,280 $13,050 $11,250Conversion costs:StitchingCustomizingTotal conversion costs$60,31228,800$89,112Required:a. What is the unit cost of each model transferred to finished goods in August?b. What is the balance of the Work-in-Process Inventory on August 31 for Stitching?? For Customizing?

Particulars Material Cost No.of Units Material Cost per Unit Rookie 18000 600 $30 Novice…

Miller Outdoor Equipment (MOE) makes four models of tents. The model names are Rookie, Novice, Hiker, and Expert MOE manufactures the tents in two departments- Stitching and Customizing. All four models are processed initially in Stitching where all material is assembled and sewn into a basic tent. The Rookie model is then transferred to finished goods. After processing in Stitching. the other three models are transferred to Customizing for additional add-ons, and then transferred to finished goods.

Miller Outdoor Equipment (MOE) makes four models of tents. The model names are Rookie, Novice, Hiker, and Expert MOE manufactures the tents in two departments- Stitching and Customizing. All four models are processed initially in Stitching where all material is assembled and sewn into a basic tent. The Rookie model is then transferred to finished goods. After processing in Stitching. the other three models are transferred to Customizing for additional add-ons, and then transferred to finished goods.

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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Question

Check m
Miller Outdoor Equipment (MOE) makes four models of tents. The model names are Rookie, Novice, Hiker, and Expert. MOE
manufactures the tents in two departments- Stitching and Customizing. All four models are processed initially in Stitching where all
material is assembled and sewn into a basic tent. The Rookie model is then transferred to finished goods. After processing in Stitching,
the other three models are transferred to Customizing for additional add-ons, and then transferred to finished goods.
There were no beginning work-in-process inventories on August 1. Data for August are shown in the following table. Ending work in
process is 40 percent complete in Stitching and 20 percent complete in Customizing. Conversion costs are allocated based on the
number of equivalent units processed in each department.
Total
Rookie
Novice
Hiker
Expert
Units started
600
480
290
150
ces
270
120
Units completed in Stitching
Units completed in Customizing
Materials
540
450
440
250
100
$59,580 $18,000 $17,280 $13,050 $11,250
Conversion costs:
Stitching
Customizing
Total conversion costs
$60,312
28,800
$89,112
Required:
a. What is the unit cost of each model transferred to finished goods in August?
b. What is the balance of the Work-in-Process Inventory on August 31 for Stitching?? For Customizing?

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