Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April. The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs. Beginning WIP included: 4,300 units, which amounted to $22,000. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $156,910 to place 80,200 sprockets into production. Ending WIP amounted to 8,200 units, which were 100% completed for materials and 20% completed to conversions costs. Prepare a production report using the FIFO Method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April. The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs. Beginning WIP included: 4,300 units, which amounted to $22,000. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $156,910 to place 80,200 sprockets into production. Ending WIP amounted to 8,200 units, which were 100% completed for materials and 20% completed to conversions costs. Prepare a production report using the FIFO Method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April. The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs. Beginning WIP included: 4,300 units, which amounted to $22,000. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $156,910 to place 80,200 sprockets into production. Ending WIP amounted to 8,200 units, which were 100% completed for materials and 20% completed to conversions costs. Prepare a production report using the FIFO Method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.
The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs.
Beginning WIP included: 4,300 units, which amounted to $22,000. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $156,910 to place 80,200 sprockets into production. Ending WIP amounted to 8,200 units, which were 100% completed for materials and 20% completed to conversions costs.
Prepare a production report using the FIFO Method.
(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Transcribed Image Text:UNITS
Units to account
for:
Beginning work-in-
process
Materials Received
Total units to
account for
Units to be
assigned costs:
Beginning WIP
Started and
Completed
Transferred out
Ending work-in-
process
Total units
assigned costs
COSTS
Costs per
Equivalent Unit of
Production:
Total costs for the
month
Total Equivalent
Units
Costs per EUP
Costs Assigned to
Product:
Beginning WIP
Cost for the month
Total
Costs allocated to
units:
Beginning WIP
Cost to complete
WIP
Started and
Completed units
Transferred out
Ending WIP
Total Costs
Assigned
Spacely Sprockets
Whole Units
Transferred
In
Transferred
In
Spacely Sprockets
Equivalent Units
Direct
Material
Direct
Materials
Conversion
Costs
Conversion
Costs
Total Costs
Definition Definition Operation costing method employed to determine the value of a product at each process or stage of the production process, applicable where goods produced from a series of continuous operations or procedure. Process costing is employed by businesses that manufacture goods and where production is in repetitive inflow.
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