Rigby Ltd sccumuletes costs for its single product using process costing. Direct material is added et the beginning of the production process, and comversion activity occurs uniformly throughout the procesa. The following is a partially completed production report for May. Values given in the imege below. Required: a) Complete the following process costing stepa using the weighted everege method: i celculetion ofequivalent units. ii Calculation of unit coata. iii Analysis of total coata. (3 b) Prepere a journal entry to record the transfer of the cost of goods completed and transferred out during May. Preduction repr My Physal units Equivalent units Direct materials Percentage of completion with Conversion rmpect te cenerion Work in proces,I May Units stared during May 25.000 0000 Units completed and tranaterred out during May Work in process, 31 May Tota units cunted for 35.000 25,000 35.000 20000 20,000 16.000 Direct meteriel S141.000 Si65.000 Comversion Tetal Work in process, I May Costs incurred during May Total costs te acceunt for S47.70 3214.000 $2.791.00 $44.700 S2400
Rigby Ltd sccumuletes costs for its single product using process costing. Direct material is added et the beginning of the production process, and comversion activity occurs uniformly throughout the procesa. The following is a partially completed production report for May. Values given in the imege below. Required: a) Complete the following process costing stepa using the weighted everege method: i celculetion ofequivalent units. ii Calculation of unit coata. iii Analysis of total coata. (3 b) Prepere a journal entry to record the transfer of the cost of goods completed and transferred out during May. Preduction repr My Physal units Equivalent units Direct materials Percentage of completion with Conversion rmpect te cenerion Work in proces,I May Units stared during May 25.000 0000 Units completed and tranaterred out during May Work in process, 31 May Tota units cunted for 35.000 25,000 35.000 20000 20,000 16.000 Direct meteriel S141.000 Si65.000 Comversion Tetal Work in process, I May Costs incurred during May Total costs te acceunt for S47.70 3214.000 $2.791.00 $44.700 S2400
Chapter1: Financial Statements And Business Decisions
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