× red 22:44 Get live help whenever you need from online tutors! Work in process, October 1ª Started during October 2017 Assemory. Get up a account for work in Process Assembly and post your entries to it. 17-38 FIFO method (continuation of 17-36). 1. Do Problem 17-36 using the FIFO method of process costing. Explain any difference between the cost per equivalent unit in the assembly department under the weighted-average method and the FIFO method. 2. Should Larsen's managers choose the weighted-average method or the FIFO method? Explain briefly. 17-39 Transferred-in costs, weighted-average method (related to 17-36-17-38). Larsen Company, as you know, is a manufacturer of car seats. Each car seat passes through the assembly department and testing department. This problem focuses on the testing department. Direct materials are added when the testing department process is 90% complete. Conversion costs are added evenly during the testing department's process. As work in assembly is completed, each unit is immediately transferred to testing. As each unit is completed in testing, it is immediately transferred to Finished Goods. Larsen Company uses the weighted-average method of process costing. Data for the testing depart- ment for October 2017 are as follows: Completed during October 2017 Work in process, October 31 Total costs added during October 2017 Physical Units (Car Seats) 7,500 ? AA 26,300 3,700 Try bartleby tutor today Transferred- In Costs $2,932,500 $7,717,500 $9,704,700 "Degree of completion: transferred-in costs,?%; direct materials, ?%; conversion costs, 70%. Degree of completion: transferred-in costs,?%; direct materials, ?%; conversion costs, 60%. 1. What is the percentage of completion for (a) transferred-in costs and direct materials in beginning work-in-process inventory and (b) transferred-in costs and direct materials in ending work-in-process inventory? 2. For each cost category, compute equivalent units in the testing department. Show physical units in the first column of your schedule. 3. For each cost category, summarize total testing department costs for October 2017, calculate the cost per equivalent unit, and assign costs to units completed (and transferred out) and to units in ending work in process. 4. Prepare journal entries for October transfers from the assembly department to the testing department and from the testing department to Finished Goods. HUAWEI 17-40 Transferred-in costs, FIFO method (continuation of 17-39). Refer to the information in Problem 17-39. Suppose that Larsen Company uses the FIFO method instead of the weighted-average method in all of its depart- mante The only channes to Prohlam 17.29 under the FIFO mathod are that total tranefarrad.in enete of haninninn mante The only channes to Prohlam 17.29 indar the FIFO mothnd are that total tranefarrad.in enete of haninninn stead of the weighted average method in all of its depart- Direct Materials $ bartleby.com LTE Conversion Costs 0 $ 835,460 ASSIGNMENT MATERIAL $3,955,900 Required 17 Ć JL 735

× red 22:44 Get live help whenever you need from online tutors! Work in process, October 1ª Started during October 2017 Assemory. Get up a account for work in Process Assembly and post your entries to it. 17-38 FIFO method (continuation of 17-36). 1. Do Problem 17-36 using the FIFO method of process costing. Explain any difference between the cost per equivalent unit in the assembly department under the weighted-average method and the FIFO method. 2. Should Larsen's managers choose the weighted-average method or the FIFO method? Explain briefly. 17-39 Transferred-in costs, weighted-average method (related to 17-36-17-38). Larsen Company, as you know, is a manufacturer of car seats. Each car seat passes through the assembly department and testing department. This problem focuses on the testing department. Direct materials are added when the testing department process is 90% complete. Conversion costs are added evenly during the testing department's process. As work in assembly is completed, each unit is immediately transferred to testing. As each unit is completed in testing, it is immediately transferred to Finished Goods. Larsen Company uses the weighted-average method of process costing. Data for the testing depart- ment for October 2017 are as follows: Completed during October 2017 Work in process, October 31 Total costs added during October 2017 Physical Units (Car Seats) 7,500 ? AA 26,300 3,700 Try bartleby tutor today Transferred- In Costs $2,932,500 $7,717,500 $9,704,700 "Degree of completion: transferred-in costs,?%; direct materials, ?%; conversion costs, 70%. Degree of completion: transferred-in costs,?%; direct materials, ?%; conversion costs, 60%. 1. What is the percentage of completion for (a) transferred-in costs and direct materials in beginning work-in-process inventory and (b) transferred-in costs and direct materials in ending work-in-process inventory? 2. For each cost category, compute equivalent units in the testing department. Show physical units in the first column of your schedule. 3. For each cost category, summarize total testing department costs for October 2017, calculate the cost per equivalent unit, and assign costs to units completed (and transferred out) and to units in ending work in process. 4. Prepare journal entries for October transfers from the assembly department to the testing department and from the testing department to Finished Goods. HUAWEI 17-40 Transferred-in costs, FIFO method (continuation of 17-39). Refer to the information in Problem 17-39. Suppose that Larsen Company uses the FIFO method instead of the weighted-average method in all of its depart- mante The only channes to Prohlam 17.29 under the FIFO mathod are that total tranefarrad.in enete of haninninn mante The only channes to Prohlam 17.29 indar the FIFO mothnd are that total tranefarrad.in enete of haninninn stead of the weighted average method in all of its depart- Direct Materials $ bartleby.com LTE Conversion Costs 0 $ 835,460 ASSIGNMENT MATERIAL $3,955,900 Required 17 Ć JL 735

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Description: ×red22:44Get live help whenever youneed from online tutors!Work in process, October 1ªStarted during October 2017Assemory. Get up a account for work in Process Assembly and post your entries to it.17-38 FIFO method (continuation of 17-36).1. Do Prob

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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