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 40% as to conversions costs.Beginning WIP included: 4,800 units, which amounted to $21,800. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $147,770 to place 80,000 sprockets into production. Ending WIP amounted to 8,000 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). UNITSUnits to account for:Beginning work-in-processMaterials ReceivedTotal units to account forUnits to be assigned costs:Beginning WIPStarted and CompletedTransferred outEnding work-in-processTotal units assigned costsCOSTSCosts per Equivalent Unit ofProduction:Total costs for the monthTotal Equivalent UnitsCosts per EUPCosts Assigned to Product:Beginning WIPCost for the monthTotalCosts allocated to units:Beginning WIPCost to complete WIPStarted and Completed unitsTransferred outEnding WIPTotal Costs AssignedSpacely SprocketsEquivalent UnitsWhole Units Transferred In Direct Material Conversion CostsSpacely SprocketsTransferredInDirectMaterialsConversionCostsTotal Costs

Equivalent Units: An equivalent unit of production is an indication of the amount of work done by…

Answered: Spacely Sprockets makes key components…

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 40% as to conversions costs.

Beginning WIP included: 4,800 units, which amounted to $21,800. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $147,770 to place 80,000 sprockets into production. Ending WIP amounted to 8,000 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).

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
Equivalent Units
Whole Units Transferred In Direct Material Conversion Costs
Spacely Sprockets
Transferred
In
Direct
Materials
Conversion
Costs
Total Costs

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