Homework Help is Here – Start Your Trial Now!
Business
Accounting
please help me finish this in FIFO method!

please help me finish this in FIFO method!

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

cost accounting

 

 

please help me finish this in FIFO method!

ASSIGNMENT MATERIAL 765 18-37 Weighted-average method, packaging department (continuation of 18-35). In the Seafood Company's packaging department, conversion costs are added evenly during the process, and direct ma- terials are added at the end of the process. Spoiled units are detected upon inspection at the end of the process and are disposed of at zero net disposal value. All completed work is transferred to the next de- partment. The transferred-in costs for May equal the total cost of good units completed and transferred out in May from the cleaning department, which were calculated in Problem 18-35 using the weighted-average method of process costing. Summary data for May follow. Нome Insert Page Layout Formulas Data Review View A B C D Physical Transferred-In Direct Conversion The Seafood Company: Packaging Department Units Costs Materials Costs $33,698 2 Work in process, beginning inventory (May 1) Degree of completion of beginning work in process 4 Started during May 5 Good units completed and transferred out during May 6 Work in process, ending inventory (May 31) Degree of completion of ending work in process 8 Total costs added during May 9 Normal spoilage as a percentage of good units 10 Degree of completion of normal spoilage 11 Degree of completion of abnormal spoilage 12,600 $ $23,475 3 100% 0% 70% 24,600 26,400 8,400 7 100% 0% 40% ? $5,760 $40,845 8% 100% 100% 100% 100% For the packaging department, use the weighted-average method to summarize the total costs to account for and assign those costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process. Required
Transcribed Image Text:ASSIGNMENT MATERIAL 765 18-37 Weighted-average method, packaging department (continuation of 18-35). In the Seafood Company's packaging department, conversion costs are added evenly during the process, and direct ma- terials are added at the end of the process. Spoiled units are detected upon inspection at the end of the process and are disposed of at zero net disposal value. All completed work is transferred to the next de- partment. The transferred-in costs for May equal the total cost of good units completed and transferred out in May from the cleaning department, which were calculated in Problem 18-35 using the weighted-average method of process costing. Summary data for May follow. Нome Insert Page Layout Formulas Data Review View A B C D Physical Transferred-In Direct Conversion The Seafood Company: Packaging Department Units Costs Materials Costs $33,698 2 Work in process, beginning inventory (May 1) Degree of completion of beginning work in process 4 Started during May 5 Good units completed and transferred out during May 6 Work in process, ending inventory (May 31) Degree of completion of ending work in process 8 Total costs added during May 9 Normal spoilage as a percentage of good units 10 Degree of completion of normal spoilage 11 Degree of completion of abnormal spoilage 12,600 $ $23,475 3 100% 0% 70% 24,600 26,400 8,400 7 100% 0% 40% ? $5,760 $40,845 8% 100% 100% 100% 100% For the packaging department, use the weighted-average method to summarize the total costs to account for and assign those costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process. Required
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Database management system (DBMS)
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS