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Tricycles Costs accounted for: Transferred out Work in process, March 31 Materials Conversion costs Total costs LA I $ $ LA

Tricycles Costs accounted for: Transferred out Work in process, March 31 Materials Conversion costs Total costs LA I $ $ LA

FINANCIAL ACCOUNTING
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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Tricycles Costs accounted for: Transferred out Work in process, March 31 Materials Conversion costs Total costs LA I LA $ LA
Transcribed Image Text:Tricycles Costs accounted for: Transferred out Work in process, March 31 Materials Conversion costs Total costs LA I LA $ LA
Concord Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Concord Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Production Data-Bicycles Work in process units, March 1 Units started into production Work in process units, March 31 Cost Data-Bicycles Work in process units, March 1 Direct materials. Direct labor Manufacturing overhead Units 210 Direct labor 1.260 290 $19,030 50,400 26,300 30,100 Percentage Complete 80 % 40 % Production Data-Tricycles Work in process units, March 1 Units started into production Work in process units, March 31 Cost Data-Tricycles Work in process units, March 1 Direct materials Manufacturing overhead Units 140 990 60 $6,290 30,690 14,500 19,800 Percentage Complete 75 % 25 %
Transcribed Image Text:Concord Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Concord Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Production Data-Bicycles Work in process units, March 1 Units started into production Work in process units, March 31 Cost Data-Bicycles Work in process units, March 1 Direct materials. Direct labor Manufacturing overhead Units 210 Direct labor 1.260 290 $19,030 50,400 26,300 30,100 Percentage Complete 80 % 40 % Production Data-Tricycles Work in process units, March 1 Units started into production Work in process units, March 31 Cost Data-Tricycles Work in process units, March 1 Direct materials Manufacturing overhead Units 140 990 60 $6,290 30,690 14,500 19,800 Percentage Complete 75 % 25 %
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