Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department forJune Year 2 is provided:Determination of Equivalent UnitsBeginning inventoryUnits startedTotalBeginning work in processStarted during the monthCompleted during the monthEnding work in processCosts added during monthRequired:a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determineequivalent units.Cost of Production ReportAssembly DepartmentMonth Ended June 30Transferred to Finishing DepartmentEnding inventoryTotalUnitsDetermination of Cost per UnitCost accumulation:Beginning inventoryMaterialsLaborOverheadTotal product costsDivide by equivalent unitsCost per equivalent unitCost AllocationTransferred to Finishing DepartmentEnding work in process inventoryTotal5001,5001,750250DirectDirect% Complete Material Labor Overhead75%Actual40%$18, 276 $7,620 $4,564Total$9,500EquivalentUnits$30,460

Name: Wetzel Manufacturing Company has two departments, Assembly and Finish
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Description: Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department forJune Year 2 is provided:Determination of Equivalent UnitsBeginning inventoryUnits startedTotalBeginning work in processStarte

Process costing : Operation costing method employed to determine the value of a product at each…

Business

Accounting

Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department fo June Year 2 is provided: Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Determination of Equivalent Units Beginning inventory Units started Total Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Direct Direct Units % Complete Material Labor Overhead 75% Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation 500 1,500 1,750 250 Transferred to Finishing Department Ending work in process inventory Total Actual 40% $18,276 $7,620 $4,564 Total $9,500 Equivalent Units $30,460

Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department fo June Year 2 is provided: Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Determination of Equivalent Units Beginning inventory Units started Total Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Direct Direct Units % Complete Material Labor Overhead 75% Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation 500 1,500 1,750 250 Transferred to Finishing Department Ending work in process inventory Total Actual 40% $18,276 $7,620 $4,564 Total $9,500 Equivalent Units $30,460

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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