FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company...

Question

Question

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company...

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process

Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department:

	Direct Materials		Conversion Costs
Units started and completed		40,000		40,000
Units, beginning work in process:
12,000 × 0%		—		—
12,000 × 50%		—		6,000
Units, ending work in process:
20,000 × 100%		20,000		—
20,000 × 25%		—		5,000
Equivalent units of output		60,000		51,000

Costs in beginning work in process were direct materials, $25,000; conversion costs, $70,000. Manufacturing costs incurred during April were direct materials, $240,000; conversion costs, $326,400.

Required:

1. Prepare a physical flow schedule for April.


Dama Company
Physical Flow Schedule
Units to account for:
Started and completed Units, beginning work in process Units, ending work in process
Started and completed Units, ending work in process Units started
Total units to account for
Units accounted for:
Started and completed Units started
Units, beginning work in process Units started
Units, ending work in process Units started
Total units accounted for

Feedback

2. Compute the cost per equivalent unit for April. If required, round your answer to the nearest cent.
$ per equivalent unit

3. Determine the cost of ending work in process and the cost of goods transferred out.

Cost of ending work in process	$
Cost of goods transferred out	$

Feedback

4. Prepare the journal entry that transfers the costs from Cutting to Sewing.

	Cash Finished Goods Materials Overhead Work in Process-Cutting Work in Process-Sewing
	Cash Finished Goods Materials Overhead Work in Process-Cutting Work in Process-Sewing

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Dama Company Physical Flow Schedule Equivalent Units Physical Units Direct Materials Conversion Costs Units to account for: B

Add a comment

Answer 2

Similar Homework Help Questions

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company...

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department: Direct Materials Conversion Costs Units started and completed 40,000 40,000 Units, beginning work in process: 20,000 × 0% — — 20,000 × 50% — 10,000...
FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company...

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department: Direct Materials Conversion Costs Units started and completed 40,000 40,000 Units, beginning work in process: 20,000 × 0% — — 20,000 × 50% — 10,000...
NUMBER #3. PLEASE FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in...

NUMBER #3. PLEASE FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department: Conversion Costs Direct Materials Units started and completed 45,000 45,000 Units, beginning work in process: 14,000 x 0% 14,000 x 50% 7,000...

Exercise 6.21 FIFO M OBJECTI se 6.21 FIFO Method, Unit Cost, Valuation of Goods Transferred Out,...

Exercise 6.21 FIFO M OBJECTI se 6.21 FIFO Method, Unit Cost, Valuation of Goods Transferred Out, and Ending Work in Process Dama Company produces women's blouses and uses the FIFO method to account for its manu- facturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department: Direct Materials Conversion Costs Units started and completed 40,000 40,000 Units, beginning work in process: 10,000 X...
FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the...

FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs Units started and completed 28,000 28,000 Units, beginning work in process: 10,000 × 0% — — 10,000 × 40% — 4,000 Units, ending work in process: 6,000 × 100% 6,000 — 6,000 × 75% — 4,500 Equivalent...
Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes...

Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Direct Materials Conversion Costs Units completed 25,000 25,000 Units, ending work in process × Percentage complete: 8,000 × 100% 8,000 — 8,000 × 50% — 4,000 Equivalent units of output 33,000 29,000 Costs assigned to beginning...

Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes...

Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Direct Materials Conversion Costs Units completed 25,000 25,000 Units, ending work in process × Percentage complete: 7,000 × 100% 7,000 — 7,000 × 50% — 3,500 Equivalent units of output 32,000 28,500 Costs assigned to beginning...
FIFO Muskoge Company FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures...

FIFO Muskoge Company FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the...
FIFO Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through...

FIFO Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for: Units,...

FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that...

FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and...

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company...

Homework Answers

Add Answer to:
FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company...

Post as a guest

Earn Coins