Phoenix Company makes product for lovers only in two departments: Forming and Scenting. Forming began the month with 500 products for lovers only in process that were 100% complete as to material and 40% complete as to conversion. During the month, 6,500 products only for lovers were started. At month end, Forming had 2,100 products for lovers only that were still in process that were 100% complete as to material and 50% complete as to conversion. Assume Forming uses the weighted average method of process costing. Costs in the Forming Department are as follows: Beginning Work in process costs: Material P1, 000 Conversion 1,500 Current Costs: Material P3, 200 Conversion 5,045 The Scenting Department had 600 products for lovers only in process at the beginning of the month that were 80% complete as to material but 10% incomplete as to conversion. The department had 300 units in ending Work in Process that were 50% complete as to material but 25% incomplete as to conversion. Scenting uses the FIFO Method of process costing, and costs associated with Scenting are: Beginning WIP Inventory: Transferred In 1,170 Material 4,320 Conversion 6, 210 Current Period: Transferred In ? Material P 67,745 Conversion 95,820 A. What was the cost transferred out of forming during the month? B. How many units were transferred to scenting during the month?
Phoenix Company makes product for lovers only in two departments: Forming and Scenting. Forming began the month with 500 products for lovers only in process that were 100% complete as to material and 40% complete as to conversion. During the month, 6,500 products only for lovers were started. At month end, Forming had 2,100 products for lovers only that were still in process that were 100% complete as to material and 50% complete as to conversion. Assume Forming uses the weighted average method of process costing. Costs in the Forming Department are as follows: Beginning Work in process costs: Material P1, 000 Conversion 1,500 Current Costs: Material P3, 200 Conversion 5,045 The Scenting Department had 600 products for lovers only in process at the beginning of the month that were 80% complete as to material but 10% incomplete as to conversion. The department had 300 units in ending Work in Process that were 50% complete as to material but 25% incomplete as to conversion. Scenting uses the FIFO Method of process costing, and costs associated with Scenting are: Beginning WIP Inventory: Transferred In 1,170 Material 4,320 Conversion 6, 210 Current Period: Transferred In ? Material P 67,745 Conversion 95,820 A. What was the cost transferred out of forming during the month? B. How many units were transferred to scenting during the month?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Phoenix Company makes product for lovers only in two departments: Forming and Scenting. Forming
began the month with 500 products for lovers only in process that were 100% complete as to material
and 40% complete as to conversion. During the month, 6,500 products only for lovers were started. At
month end, Forming had 2,100 products for lovers only that were still in process that were 100%
complete as to material and 50% complete as to conversion. Assume Forming uses the weighted
average method of process costing. Costs in the Forming Department are as follows:
Beginning Work in process costs:
Material P1, 000
Conversion 1,500
Current Costs:
Material P3, 200
Conversion 5,045
The Scenting Department had 600 products for lovers only in process at the beginning of the month that
were 80% complete as to material but 10% incomplete as to conversion. The department had 300 units
in ending Work in Process that were 50% complete as to material but 25% incomplete as to conversion.
Scenting uses the FIFO Method of process costing, and costs associated with Scenting are:
Beginning WIP Inventory:
Transferred In 1,170
Material 4,320
Conversion 6, 210
Current Period:
Transferred In ?
Material P 67,745
Conversion 95,820
A. What was the cost transferred out of forming during the month?
B. How many units were transferred to scenting during the month?
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