quiz 1 solution - 1. Please fill in the blank with the...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1.  Please fill in the blank with the appropriate number using  FIFO Method  (2 points: .25 per line for a-f, .5  for g) (Step 1) (Step 2) Equivalent Units Flow of Production Physical Units Direct Materials Conversion Costs Work in process, beginning (given) Started during current period (given) To account for 100 50 0 60 0 (work done before current period) Completed and transferred out during current period: From beginning work in process § 100 a. 25 b. 70 Started and completed 380 c. 380 d. 380 Work in process, ending * (given) 120 ___ e. 84 f. 30 Accounted for 60 0 Work done in current period only 489 480 § Degree of completion in this department: direct materials, 75%; conversion costs, 30%. 480 physical units completed and transferred out minus 100 physical units completed and transferred out from beginning work-in-process inventory. *Degree of completion in this department: direct materials, 70%; conversion costs, 25%. Total Production Costs Direct Materials Conversion Costs ( Step 3 ) Work in process, beginning (given) $ 584,400 $ 493,360 $ 91,040 Costs added in current period (given) 4 , 612 , 000 3,220,000 1 , 392 , 000 Total costs to account for $5 , 196 , 400 $3,713,360 $1 , 483 , 040 ( Step 4 )** g. Costs added in current period Divide by equivalent units of work done in current period Cost per equiv. unit of work done in current period ** For Step 4, please fill in the line with the appropriate heading.   NOTE:  You do not  need to calculate any of the numbers .  
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2. Eyeheart BP II, a CPA manufacturing company, has two Production Departments – Machining and  Assembly – and two Service Departments – Cafeteria and Custodial.  Service costs from the Cafeteria 
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 5

quiz 1 solution - 1. Please fill in the blank with the...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online