Problem no. 3 Keepin makes fencing in a two-stage production system. In the Cutting Department, wood is cut and assembled into 6-foot fence sections. In the Coating Department, the sections are pressure-treated to resist the effects of weather and then coated with a preservative. The following production and cost data are available for March 2022 (units are 6-foot fence sections): Units Beginning WIP Inventory (March 1) Complete as to material Complete as to conversion Units started in March Units completed in March Ending WIP Inventory (March 31) Complete as to material Complete as to conversion Costs Beginning WIP Inventory Transferred in Material Conversion Current Transferred in Material Conversion Required: 1. 2. Cutting Dept. 1,300 80% 75% 4,800 ? 1,100 40% 20% n/a $ 8,345 7,720 n/a 35,200 21,225 Coating Dept. 900 0% 60% ? 4,500 ? 0% 40% $11,840 0 1,674 ? 4,950 11,300 Prepare, in good form, a weighted average cost of production report for the Cutting and Coating Department for March 2022. Prepare, in good form, a First In First Out cost of production report for the Cutting and Coating Department for March 2022.

Problem no. 3 Keepin makes fencing in a two-stage production system. In the Cutting Department, wood is cut and assembled into 6-foot fence sections. In the Coating Department, the sections are pressure-treated to resist the effects of weather and then coated with a preservative. The following production and cost data are available for March 2022 (units are 6-foot fence sections): Units Beginning WIP Inventory (March 1) Complete as to material Complete as to conversion Units started in March Units completed in March Ending WIP Inventory (March 31) Complete as to material Complete as to conversion Costs Beginning WIP Inventory Transferred in Material Conversion Current Transferred in Material Conversion Required: 1. 2. Cutting Dept. 1,300 80% 75% 4,800 ? 1,100 40% 20% n/a $ 8,345 7,720 n/a 35,200 21,225 Coating Dept. 900 0% 60% ? 4,500 ? 0% 40% $11,840 0 1,674 ? 4,950 11,300 Prepare, in good form, a weighted average cost of production report for the Cutting and Coating Department for March 2022. Prepare, in good form, a First In First Out cost of production report for the Cutting and Coating Department for March 2022.

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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