40 cost of goods completed and transferred out of the

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Unformatted text preview: ts that were both started and completed during November: 36,000 $9.78 number of units total cost per equivalent unit $352,080 Costs transferred to the next department Total cost of goods completed and transferred out $352,080 Cost remaining in November 30 work-in-process inventory Check: Cost of goods completed and transferred out Cost of November 30 work-in-process inventory Total costs accounted for Wang 2013 -0$352,080 -0$352,080 57 Sequential Production Departments: FIFO Method PRODUCTION REPORT: SATURATING DEPARTMENT (FIFO Method) Percentage Equivalent Units of Completion Physical Transferred with Units Conversion in Respect to Conversion Work in process, November 1 1,600 50% Units transferred in during November 36,000 Total units to account for 37,600 To complete November 1 work in process Units started and completed during November Work in process, November 30 Total units accounted for 50% 100% 50% 0 34,000 2,000 800 34,000 1,000 36,000 Wang 2013 1,600 34,000 2,000 37,600 35,800 58 Sequential Production Departments: FIFO Method Work in process, November 1 Costs incurred during November Total costs to account for Equivalent units for November only Costs per equivalent unit Transferred in Conversion These costs were incurred during a previous month. They are not included in the unit cost calculation for November. $352,080* $85,920 36,000 $9.78 35,800 $2.40 Total $ 17,600 438,000 $455,600 $12.18 *Cost of goods completed and transferred out of Grading Department during November, under the FIFO method. Wang 2013 59 Sequential Production Departments: FIFO Method Cost of goods completed and transferred out of the Saturating Department during November: Cost of November 1 work-in-process inventory Under FIFO, don't do any allocation costs in current period $ 17,600 Cost from previous period Cost incurred to complete the November 1 work-in-process inventory: 800 $2.40 number of equivalent units of conversion conversion cost per equivalent unit 1,920 Cost from current period incurred to complete beg WIP Cost incurred to produce units that were both started and completed during November: 34,000 $12.18 number of units total cost per equivalent unit Total cost of goods completed and transferred out Wang 2013 414,120 $433,640 60 Sequential Production Departments: FIFO Method Cost remaining in November 30 work-in-process inventory in the Saturating Department: Transferred-in costs: 2,000 $9.78 Conversion: 1,000 $2.40 number of equivalent units of transferred-in cost number of equivalent units of conversion transferred-in cost per equivalent unit $19,560 conversion cost per equivalent unit 2,400 Total cost of November 30 work in process Check: Cost of goods completed and transferred out Cost of November 30 work-in-process inventory Total costs accounted for $21,960 $433,640 21,960 $455,600 This has to be same as input Wang 2013 61...
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This document was uploaded on 03/06/2014.

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