acg 3341- process cost take-home quiz

acg 3341- process cost take-home quiz - Steps 1 and 2:...

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(Step 1) (Step 2) Weighted-Average Method of Process Costing: Baking Department Year 1 Flow of Production Work in process, beginning 100 Started during current period 800 To account for 900 Completed and transferred out during current period: 850 850 850 Work in process, ending 50 (100% X 50; 40% X 50) 50 20 Accounted for 900 Work done to date 900 870 Work in process, beginning $88.00 $80.00 $8.00 Costs added in current period $1,100.00 $720.00 $380.00 Total costs to account for $1,188.00 $800.00 $388.00 Costs incurred to date $800.00 $388.00 Divide by euivalent units of work done to date 900 870 Cost per equivalent unit of work done to date $0.89 $0.45 Assignment of costs: Completed and transferred out (850 units) $1,134.64 $755.56 $379.08 Work in process, ending (50 units) $53.36 $44.44 $8.92 Total costs accounted for $1,188.00 $800.00 $388.00 Steps 1 and 2: Summarize Output in Physical Units and Compute Output in Equivalent Units Physical Units Direct Materials Conversion Costs Total Production Costs Direct Materials Conversion Costs (Step 3)
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1) Work in Process-Baking Department 720 Accounts Payable Control 720 (To record direct materials purchased and used in production for Year 1) 2) Work in Process-Baking Department 380 380 (To record conversion costs for Year 1) 3) Work in Process-Frosting Department 1134.64 Work in Process-Baking Department 1134.64 (To record cost of goods completed and transferred out from Baking to Frosting)
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acg 3341- process cost take-home quiz - Steps 1 and 2:...

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