Quiz 03_Solution - 6A:130 Fall 2007 Quiz 3 QUIZ 3 (Solution...

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6A:130 – Fall 2007 Quiz 3 QUIZ 3 (Solution – 10/04) Quiz 3 is due at beginning of class; Section 1 – Tuesday, 10/2; Section 2 – Wednesday 10/3. To receive credit you must show your work . Sports Ltd. manufactures life size aluminum baseball players in a two-stage molding and finishing operation. The company uses the FIFO method of process costing. During October, the following information was recorded for the Finishing Department: Units in BWIP 12,000 Percent complete of BWIP 75% BWIP Costs o Transferred in costs 84,000 $ o Conversion costs 45,000 $ o cost of DM 0 $ Costs added during the period o Direct materials 720,000 $ o Direct labor 675,000 $ o Manufacturing overhead 685,000 $ o Cost of units transferred in during the period 630,000 $ Units started 70,000 Units completed 52,000 Units in EWIP 20,000 Percent complete of EWIP 90% Spoiled units 10,000 Conversion is added evenly during the process. Direct material costs are added when production is 85% complete. Units are inspected when they reach the 70% stage of production. Normal spoilage is 10% of
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This test prep was uploaded on 04/07/2008 for the course ACCT 130 taught by Professor Hartman during the Fall '07 term at University of Iowa.

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Quiz 03_Solution - 6A:130 Fall 2007 Quiz 3 QUIZ 3 (Solution...

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