The Oak Rocking chair company manufactures and sells rockers to Walmart. The Seat & Arm Department produces the chair seats and arms and transfers the parts to the Assembly Department where the chairs are assembled. This problem focuses on the Assembly Department. During February, the firm's Assembly Department had 15,000 chairs in beginning inventory on Feb 1 and started production of 75,000 chairs during February. During the month, the firm completed 80,000 chairs. The Assembly department had 10,000 chairs in ending inventory on Feb 28. Direct materials (screws, glue, etc) are added when the chairs are 50% complete and conversion costs are added uniformly throughout the production process. Beginning work in process was 30% complete as to conversion costs, while ending work in process was 80% complete as to conversion costs. The FIFO method of process costing is used. What is the TOTAL Equivalent Units for Transferred In (TI)? What is the TOTAL Equivalent units for Direct Materials (DM)?
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Hello the question below:
The Oak Rocking chair company manufactures and sells rockers to Walmart. The Seat & Arm Department produces the chair seats and arms and transfers the parts to the Assembly Department where the chairs are assembled. This problem focuses on the Assembly Department. During February, the firm's Assembly Department had 15,000 chairs in beginning inventory on Feb 1 and started production of 75,000 chairs during February. During the month, the firm completed 80,000 chairs. The Assembly department had 10,000 chairs in ending inventory on Feb 28. Direct materials (screws, glue, etc) are added when the chairs are 50% complete and conversion costs are added uniformly throughout the production process. Beginning work in process was 30% complete as to conversion costs, while ending work in process was 80% complete as to conversion costs. The FIFO method of
What is the TOTAL Equivalent Units for Transferred In (TI)?
What is the TOTAL Equivalent units for Direct Materials (DM)?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
