yout References Mailings Review View Help Picture Format Chapter 17 Practice Problem #1 Fall 2024 The following information concerns production in the food processing department of ABC Corporation for the month of January 2024. All direct materials are placed in process at the beginning of production. All inventories are costed by the First In, First Out Method Work in process, Jan 1: 33,100 units Direct Materials costs for 33,100 units Conversion costs for 33,100 units, 90% completed Total inventory in process, Jan 1 Direct Materials Costs for Jan: 320,500 units Conversion Costs for Jan Total production costs to account for Units Transferred Out in Jan includes: Units Transferred Out: Unknown Inventory in process Jan 31: 125,600 units 20% completed as to Conversion Costs Directions: A A $ 289,500 $ 460,795 $ 750,295 LA LA LA $ 3,605,625 $ 3,908,275 $ 8,264,195 Unknown Unknown Use the above information to prepare the Cost of Production Report for the Month of Jan 31, 2024 using the First In, First Out Method. Round dollars to two decimal points [Ex: $36.95]. Step #1: Calculate Total units to be accounted for Step #2: Calculate Total units to be accounted for Step #3: Calculate Equivalent units for Direct Materials and Conversion Costs Step #4: Calculate the Cost per Equivalent Units & Total Costs
yout References Mailings Review View Help Picture Format Chapter 17 Practice Problem #1 Fall 2024 The following information concerns production in the food processing department of ABC Corporation for the month of January 2024. All direct materials are placed in process at the beginning of production. All inventories are costed by the First In, First Out Method Work in process, Jan 1: 33,100 units Direct Materials costs for 33,100 units Conversion costs for 33,100 units, 90% completed Total inventory in process, Jan 1 Direct Materials Costs for Jan: 320,500 units Conversion Costs for Jan Total production costs to account for Units Transferred Out in Jan includes: Units Transferred Out: Unknown Inventory in process Jan 31: 125,600 units 20% completed as to Conversion Costs Directions: A A $ 289,500 $ 460,795 $ 750,295 LA LA LA $ 3,605,625 $ 3,908,275 $ 8,264,195 Unknown Unknown Use the above information to prepare the Cost of Production Report for the Month of Jan 31, 2024 using the First In, First Out Method. Round dollars to two decimal points [Ex: $36.95]. Step #1: Calculate Total units to be accounted for Step #2: Calculate Total units to be accounted for Step #3: Calculate Equivalent units for Direct Materials and Conversion Costs Step #4: Calculate the Cost per Equivalent Units & Total Costs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![yout
References
Mailings
Review
View Help Picture Format
Chapter 17 Practice Problem #1 Fall 2024
The following information concerns production in the food processing department of ABC Corporation
for the month of January 2024. All direct materials are placed in process at the beginning of production.
All inventories are costed by the First In, First Out Method
Work in process, Jan 1: 33,100 units
Direct Materials costs for 33,100 units
Conversion costs for 33,100 units, 90% completed
Total inventory in process, Jan 1
Direct Materials Costs for Jan: 320,500 units
Conversion Costs for Jan
Total production costs to account for
Units Transferred Out in Jan includes:
Units Transferred Out: Unknown
Inventory in process Jan 31: 125,600 units
20% completed as to Conversion Costs
Directions:
A A
$
289,500
$
460,795
$
750,295
LA LA LA
$
3,605,625
$
3,908,275
$
8,264,195
Unknown
Unknown
Use the above information to prepare the Cost of Production Report for the Month of Jan 31, 2024
using the First In, First Out Method. Round dollars to two decimal points [Ex: $36.95].
Step #1: Calculate Total units to be accounted for
Step #2: Calculate Total units to be accounted for
Step #3: Calculate Equivalent units for Direct Materials and Conversion Costs
Step #4: Calculate the Cost per Equivalent Units & Total Costs](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2cfe3b71-e1c5-41a4-b0ae-91f3a50ad38e%2Ffa6703e6-27da-491e-b89e-aebba1a7d5ba%2Fyvvayz9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:yout
References
Mailings
Review
View Help Picture Format
Chapter 17 Practice Problem #1 Fall 2024
The following information concerns production in the food processing department of ABC Corporation
for the month of January 2024. All direct materials are placed in process at the beginning of production.
All inventories are costed by the First In, First Out Method
Work in process, Jan 1: 33,100 units
Direct Materials costs for 33,100 units
Conversion costs for 33,100 units, 90% completed
Total inventory in process, Jan 1
Direct Materials Costs for Jan: 320,500 units
Conversion Costs for Jan
Total production costs to account for
Units Transferred Out in Jan includes:
Units Transferred Out: Unknown
Inventory in process Jan 31: 125,600 units
20% completed as to Conversion Costs
Directions:
A A
$
289,500
$
460,795
$
750,295
LA LA LA
$
3,605,625
$
3,908,275
$
8,264,195
Unknown
Unknown
Use the above information to prepare the Cost of Production Report for the Month of Jan 31, 2024
using the First In, First Out Method. Round dollars to two decimal points [Ex: $36.95].
Step #1: Calculate Total units to be accounted for
Step #2: Calculate Total units to be accounted for
Step #3: Calculate Equivalent units for Direct Materials and Conversion Costs
Step #4: Calculate the Cost per Equivalent Units & Total Costs
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