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

See similar textbooks

Similar questions

What are the three key features of cost accounting?
Discuss the difference between cost accumulation, tracing and allocation. Since all manufacturing cost are eventually included in the unit cost of a product, what difference does it make? Discuss why the distinction matter in the calculation of CVP or other metrics.
.Which of the following is the format of the income statement that is MOST useful in decision-making? Select one: A.Contribution margin format B.Absorption costing format C.Single-step format D.Multiple-step format
Explain the term transferred in costs.
1. Discuss the significance of activity based costing(ABC) system in cost management. 2. For purposes of making decisions ,the concept of differential cost and revenue, opportunity cost and sunk cost are vitally important. Briefly explain each cost and its importance to decision making.
Explain in details what the textbook means by a “cost hierarchy”
ANSWER ANY TWO QUESTIONS 1. What is the meaning of cost accounting? Write any FIVE objectives of cost accounting. 2. Briefly explain the elements of cost.
What are the three common features of cost management?
Give an example, by using your own numbers, of calculating the Margin of Choosing a Cost Structure?
Define the Cost Pool, Cost Object and Cost Driver. Please help me I really need the answer, clear explanation please, thank you!