XYZ Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation of the production cycle and must be bundled in single kits for each unit. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some units are spoiled due to undetectable materials defects. Inspection occurs when units are completed. Spoiled units generally constitute 3% of the good units. Data for December 2017 are as follows: WIP, beginning inventory 12/1/2017 Direct materials (100% complete) Conversion costs (20% complete) Started during December Completed and transferred out 12/31/2017 WIP, ending inventory 12/31/2017 Direct materials (100% complete) Conversion costs (80% complete) 17,600 units 60,900 units 58,200 units 18,000 units

XYZ Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation of the production cycle and must be bundled in single kits for each unit. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some units are spoiled due to undetectable materials defects. Inspection occurs when units are completed. Spoiled units generally constitute 3% of the good units. Data for December 2017 are as follows: WIP, beginning inventory 12/1/2017 Direct materials (100% complete) Conversion costs (20% complete) Started during December Completed and transferred out 12/31/2017 WIP, ending inventory 12/31/2017 Direct materials (100% complete) Conversion costs (80% complete) 17,600 units 60,900 units 58,200 units 18,000 units

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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