Gebriel_chapter 17(1)(1)

Gebriel_chapter 17(1)(1) - CHAPTER 17 1. WEIGHTED-AVERAGE...

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Unformatted text preview: CHAPTER 17 1. WEIGHTED-AVERAGE METHOD Equivalent Units DIRECT MATERIALS CONVERSION FLOW OF PRODUCTION Work in process, beginning Transferred- in during May physical units to acctout for PHYSICAL UNITS 500 1,100 1,600 Completed and transferred out during June Work in process, ending 300*100% ; 75% Physical units accounted for Work done to date 1,300 300 1,600 1,300 300 1,300 225 1,600 1,525 Work in process, beginning costs added in June costs incurred to date divide by equivalent units Equivalent units Total cost to account for Assignment of costs: Completed and trans. Out TOTAL Production costs $2,395 16,555 DIRECT MATERIALS $1,575 10,250 $11,825 1,600 $7.39 CONVERSION COSTS $820 6,305 $7,125 1,525 $4.67 $18,950 $15,682 1,300 *(7.39+4.67) = work in process, ending Direct Materials Conversion costs Total work in process Total costs accounted for 2,217.00 1,050.75 3,268 300 225 7.39 4.67 18,949.33 The diffrence in rounding Physical Units 500 1,100 1,600 Direct Materials Conversion Costs 2. FIFO METHOD Work in process, beginning Transferred-in during May Physical units to account for Completed and transferred out during June: Work in process, beginning 800*0% 100%- 35% = 65% Started and Completed 800*100%; 100% Work in process, ending 300*100% 75% Pysical units accounted for Work done in June 0 1,300 800 300 1,600 1,100 Total Production Costs 2,395 16,555 300 325 800 225 1,350 Work in process, beginning Costs added in june divide by equivalent units Equivalent units Total costs to account for Direct Conversion Materials Costs Costs of work done before May 10,250 6,305 1100 1350 9.32 4.67 18,950 Assignment of costs: Completed and Trans out (1300) Work in process, beginning (500) Costs added in june Total from beginning inventory Started and completed (800) Total costs of units completed and trans out Work in process, ending (300) Total cost accounted for 2,395 1,518 3,913 11,191 15,104 3,846 18,950 1,518 7,455 2,795 3,736 1,051 May, 30 1-Jun 500 unfinished product 35% Conversion costs 100 % direct materialS 1,100 Units into production 1,300 Units completed transferred to the Testing department 30-Jun 300 Units of unfinished 75% completed as to convesion costs 100% as to direct materials $12.06 1 0.35 0.65 500 325 CompletedCompletedCompletedCompletedCompletedCompletedCompletedCompletedCompleted out (1300) out (130 and Trans out (1300) out (1300) out (1300) out (1300) out (1300) out (1300) out (1300) and Trans and Trans and Trans and Trans and Trans and Trans and Trans and Trans CompletedCompletedCompletedCompletedCompletedCompletedCompletedCompletedCompletedCompletedCompletedCompletedCompleted out (1300) and Trans out (1300) out (1300) out (1300) out (1300) out (1300) out (1300) out (1300) out (1300) out (1300) out (1300) out (1300) and Trans and Trans and Trans and Trans and Trans and Trans and Trans and Trans and Trans and Trans and Trans and Trans 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Weighted- Average Method Equivalent Units PHYSICAL UNITS Trans - in costs 15 75 90 FLOW OF PRODUCTION Work in process, beginning Transferred- in during May physical units to acctout for Units completed and transferred out Work in process, ending 10:100& 100% 60% Account for Work done to date 80 10 90 90 10 80 Work in process, beginning costs added in June costs incurred to date divide by equivalent units Equivalent units Total cost to account for Assignment of costs: Completed and trans. Out work in process, ending Transferred-in cost Direct Materials Conversion costs Total work in process Total costs accounted for TOTAL Production costs $260 2,418 Trans- in costs 125 $815 $940 90 $10 $2,678 $2,419.18 100 90 66 256 836 10 10 6 $2,675 Diffrence in rounding 2. FIFO METHOD Work in process, beginning Transferred-in during JUNE Physical units to account for Physical Units 15 75 90 TRANS-IN COSTS Completed and transferred out during June: 0(65 x 100%; 65 x 100%; 65 x 100%) Work in process, beginning 15*0%; 15*0%; 15*70% Work in process, ending 10*100% ; 100% ; 60% Pysical units accounted for Work done to date PHYSICAL UNITS 65 0 10 10 75 TRANS-IN COSTS 10 Work in process, beginning Costs added in june cost added in current per divide by equivalent units Equivalent units Total costs to account for Assignment of costs: Work in process, beginning 15 units Transferred-in Costs Direct materal added in june Conversion costs added in June Total work in process, beg Started and completed 65 units Total completed and trans. Out work in process, ending {10 Unit} Transferred-in Costs Direct materials Conversion costs Total work in process, endgin Total costs accounted for 260.04 2,418 2,678 125 815 940 75 $10.87 282 0 0 114 396 $2,039 2,435 108.70 97 65 0 0 10.5 $706.33 10 10 6 2,705 diffrence in rounding Equivalent Units DIRECT MATERIALS Conversion Units 80 10 80 6 90 86 DIRECT MATERIALS 85 $725 $810 90 $9.00 CONVERSION COSTS $50 878 928 86 11 72 0.7 $30.24 $720.00 10 9 11 $863.63 80 = completed and trans out * the equivalent u Direct Materials Conversion Costs 65 0 10 65 10.04 6 15 0.7 10.5 75 81.04 DIRECT MATERIALS CONVERSION COSTS 85 725 810 75 $9.67 50.04 878 928.04 81.04 $10.83 $31.37 10.87 9.67 10.83 $628.33 $704.22 65 10.87 9.67 10.83 ns out * the equivalent units ...
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