Question 4 : a company, manufactures educational toys using process costing system. Plastic is molded into the appropriate shapes in the Molding Department. Molded components are transferred to the Assembly Department where the toys are assembled. Molding Beginning inventory: Units Prior department Materials 500 $2,500.00 $1,050.00 Conversion costs Started or transferred in: Units 1,000 February costs: Prior department Materials $5,000.00 Conversion costs $7,660.00 200 Ending inventory in units Beginning and ending work in process for the department showed the following degee of completion: Molding Degree of completion: Beginning work in process, materials Beginning work in process, conversion costs 30 Ending work in process, materials Ending work in process, conversion costs 100% 100 20 Required : 1. Calculate the Modeling Department's equivalent units of production for materials and conversion in July using FIFO method. 2.Summarize total costs to account for and assign total costs to units completed and transferred out. and to units in ending work in process.

Question 4 : a company, manufactures educational toys using process costing system. Plastic is molded into the appropriate shapes in the Molding Department. Molded components are transferred to the Assembly Department where the toys are assembled. Molding Beginning inventory: Units Prior department Materials 500 $2,500.00 $1,050.00 Conversion costs Started or transferred in: Units 1,000 February costs: Prior department Materials $5,000.00 Conversion costs $7,660.00 200 Ending inventory in units Beginning and ending work in process for the department showed the following degee of completion: Molding Degree of completion: Beginning work in process, materials Beginning work in process, conversion costs 30 Ending work in process, materials Ending work in process, conversion costs 100% 100 20 Required : 1. Calculate the Modeling Department's equivalent units of production for materials and conversion in July using FIFO method. 2.Summarize total costs to account for and assign total costs to units completed and transferred out. and to units in ending work in process.

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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