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mpany produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Units 34,500 149,000 159,000 24,500 Direct Materials Conversion Percent Percent Complete Complete $ 19,800 73,500 182,050 1,015,960 100% $ 93,300 1,198,010 80%

mpany produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Units 34,500 149,000 159,000 24,500 Direct Materials Conversion Percent Percent Complete Complete $ 19,800 73,500 182,050 1,015,960 100% $ 93,300 1,198,010 80%

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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Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 34,500 149,000 159,000 24,500 Direct Materials Conversion Percent Percent Complete Complete $ 19,800 73,500 182,050 1,015,960 100% $ 93,300 1,198,010 $1,291,310 80%
Transcribed Image Text:Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 34,500 149,000 159,000 24,500 Direct Materials Conversion Percent Percent Complete Complete $ 19,800 73,500 182,050 1,015,960 100% $ 93,300 1,198,010 $1,291,310 80%
Ustreation Units to account for Total units account for Equive of Production Equivalent units of produc Cost per eund und Cast Asi Come and van Journal entry worksheet Note: Enter debits before credits. FAST COMPANY Cutting Depart Production Cost Report-Weighted Average M For Me End October 31 Date October 31 Record the transfer of goods to next department. Record entry EUP General Journal Clear entry Cost EUP M Cost EUP EUP Direct Ma Debit Cost EUP Tatal cast Credit Conversion ELF Casin View general journal
Transcribed Image Text:Ustreation Units to account for Total units account for Equive of Production Equivalent units of produc Cost per eund und Cast Asi Come and van Journal entry worksheet Note: Enter debits before credits. FAST COMPANY Cutting Depart Production Cost Report-Weighted Average M For Me End October 31 Date October 31 Record the transfer of goods to next department. Record entry EUP General Journal Clear entry Cost EUP M Cost EUP EUP Direct Ma Debit Cost EUP Tatal cast Credit Conversion ELF Casin View general journal
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