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: 4,400 units, which amounted to $23,600. Spacely Sprockets used direct materials for $251,000 and had conversions costs of $142,900 to place 80,500 sprockets into production. Ending WIP amounted to 8,500 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 Equivalent Units UNITS Whole Units Transferred In Direct Material Conversion Costs 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 Spacely Sprockets COSTS Transferred In Direct Materials Conversion Costs Total 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

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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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: 4,400 units, which amounted to $23,600. Spacely Sprockets used direct materials for $251,000 and had conversions costs of $142,900 to place 80,500 sprockets into production. Ending WIP amounted to 8,500 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

	Equivalent Units
UNITS	Whole Units	Transferred In	Direct Material	Conversion Costs
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

Spacely Sprockets

COSTS	Transferred In	Direct Materials	Conversion Costs	Total 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

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