Wang 2013 50 process costing in sequential production

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Unformatted text preview: imated to be 50% complete both at the beginning and end of November. The material used in the Grading Department weighed 36,000 pounds. Costs of production for November are as follows: Costs of Production Grading Department Saturating Department Materials Used Conversion Costs $265,680 $86,400 - $85,920 Required: Use the weighted-average method and the FIFO method to prepare production reports respectively. Wang 2013 51 Sequential Production Departments: Weighted-Average Method PRODUCTION REPORT: HOME GARDEN COMPANY - GRADING DEPARTMENT (Weighted-Average Method) Percentage of Equivalent Units Completion Physical Units with Respect to (pounds) Direct Material Conversion Conversion Work in process, November 1 -0— Units started during November 36,000 Total units to account for 36,000 Units completed and transferred out during November Work in process, November 30 Total units accounted for Wang 2013 36,000 100% 36,000 36,000 -036,000 — -0_____ 36,000 -0_____ 36,000 52 Sequential Production Departments: Weighted-Average Method Direct Material Work in process, November 1 Costs incurred during November Total costs to account for Equivalent units Costs per equivalent unit -0$265,680 $265,680 36,000 $7.38 Conversion -0$86,400 $86,400 36,000 $2.40 Total -0$352,080 $352,080 $9.78 Cost of goods completed and transferred out of the Grading Department during November: number of units transferre d out total cost per equivalent unit 36,000 * $9.78 $352,080 Cost remaining in November 30 work-in-process inventory in the Grading Department Check: Cost of goods completed and transferred out Cost of November 30 work-in-process inventory (Ending WIP) Total costs accounted for -0- $352,080 -0$352,080 Costs transferred to the next department Wang 2013 53 Sequential Production Departments: Weighted-Average Method PRODUCTION REPORT: HOME GARDEN COMPANY - SATURATING DEPARTMENT (Weighted-Average Method ) Equivalent Units Percentage of Completion with Physical Units Respect to Transferred in Conversion (pounds) Conversion Work in process, November 1 1,600 50% Units transferred in during November 36,000 Total units to account for 37,600 Units completed and transferred out during November Work in process, November 30 Total units accounted for Work in process, November 1 Costs incurred during November Total costs to account for Equivalent units Costs per equivalent unit Wang 2013 35,600 100% 2,000 37,600 No Materials added in for 2nd dpt) 35,600 35,600 2,000 _____ 37,600 1,00...
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This document was uploaded on 03/06/2014.

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