Acct3333 P18 38 FIFO with spoilage

Acct3333 P18 38 FIFO with spoilage - $0 $52,500 To complete...

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Problem 18-38 Note: FIFO used FIFO method Step 1: Physical Reconciliation Step 2: E.U. Calculation Beginning inventory 12,500 units Transferred in 87,500 T.I. Mat CC To account for 100,000 units Trans out 62,500 62,500 62,500 Accounted for: From BI -12,500 0 -3,125 Transferred out 62,500 units 50,000 62,500 59,375 Spoilage: Normal 8,750 Normal spoilage 8,750 0 7,000 Spoilage: Abnormal 3,750 Abnormal spoilage 3,750 0 3,000 Ending inventory 25,000 EI 25,000 25,000 23,750 Units accounted for 100,000 units E.Units 87,500 87,500 93,125 Step 3: Costs added Added $3,192,875 $809,375 $819,000 $1,564,500 $3,192,875 $809,375 $819,000 $1,564,500 Step 4: Unit cost $35.4100 $9.25 $9.3600 $16.80 Step 5: Costs accounted for Total T.I. Mat CC Transferred out 62,500 units Costs from Beginning inventory $156,125 $103,625
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Unformatted text preview: $0 $52,500 To complete beginning inventory Transferred In $0 $0 Material component $117,000 $117,000 Conversion costs $157,500 $157,500 To complete beginning inventory $430,625 $103,625 $117,000 $210,000 Started and completed 50,000 $1,770,500 $462,500 $468,000 $840,000 Normal spoilage $198,538 $80,938 $- $117,600 $2,399,663 $647,063 $585,000 $1,167,600 Abnormal spoilage $85,088 $34,688 $- $50,400 Ending inventory Transferred in 25000 E.U.s $231,250 $231,250 Materials 25000 E.U.s $234,000 $234,000 Conversion costs 23750 E.U.s $399,000 $399,000 Total ending inventory $864,250 $231,250 $234,000 $399,000 Total costs accounted for $3,349,000 $913,000 $819,000 $1,617,000...
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This note was uploaded on 01/14/2011 for the course ACCT 3333 taught by Professor J.d during the Spring '08 term at Saint Mary's University Texas.

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