View the step-by-step solution to:

Malaga Industrials assembles its product in two departments: Cutting and Finishing. In the Finishing Department, direct materials (DM) are added at...

Malaga Industrials assembles its product in two departments: Cutting and Finishing. In the Finishing Department, direct materials (DM) are added at the end of the process. Malaga Industrials uses the First-in, First-out (FIFO) cost flow method. Additional information about the Finishing Department follows:

QQ截图20180517000617.png

Required: 1. Prepare (a) a quantity (physical flow) schedule; and (b) compute the equivalent units for all inputs.

2. Calculate the costs per equivalent unit for all inputs. Round up your answers to the nearest cent (e.g., $0.433= $0.43).

3.Calculate: a. the total cost of goods transferred out; and

b. the cost of ending Work in Process.

4. Prepare the WIP: Finishing Department ledger account. Enter the account balances and all transactions for the period showing clearly the contra accounts. 

QQ截图20180517000617.png

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question