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Unformatted text preview: 1619 1633 (continued) (1) (continued) Costs Assigned Aging To units completed and transferred to finished goods inventory Prior production 325 equivalent units @ $61 = $19,825 Conversion 325 equivalent units @ $13 = 4,225 $24,050 To ending (March 31) goodsinprocess inventory (in Aging) Prior production 25 equivalent units @ $61 = $ 1 ,525 Conversion 10 equivalent units @ $13 = 130 1 ,655 Total costs assigned $25,705 (2) Assets = Liabilities + Stockholders' Equity GoodsinProcess Assembly GoodsinProcess Inventory: Aging Finished Goods Inventory Bal $20,210 Bal $ 8, a 105 --$1,600 +$1,600 7 7 ________ --$24,050 +$24,050 Bal $ 2,610 Bal $ 1 ,655 a$3,750+ $460 + $3,895 MAKING EVALUATIONS 1634 A job order cost accounting system is best suited for The Machine Shop. A job order cost accounting system can trace costs to a great variety of products requiring different combinations of manufacturing operations. Costs of direct materials and direct labor can be traced from a single operation to many different job orders. For example, welding operations are necessary in the fabrication of many machine parts and are among the most common operations required in the repair of farm equipment. Using raw materials requisitions and labor tickets, costs incurred in The Machine Shop's welding operation can be assigned to the specific job orders for which they were incurred. ...
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This homework help was uploaded on 04/08/2008 for the course ACC 102 taught by Professor Drucker during the Fall '07 term at Coastal Carolina University.
- Fall '07