Can someone please fill in this table for me? i have provided the information needed for it. USE FIFO
Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process.
Following is a summary of production costs incurred during October:
Direct Materials | Conversion Costs | ||||||
Beginning work-in-process | $ | 3,750 | |||||
Costs added in October | $ | 9,600 | 4,200 | ||||
Total costs | $ | 9,600 | $ | 7,950 | |||
Smith Electronic Company | |||
Chip Mounting Production Department FIFO Production Cost Report | |||
Production Quantity Information | |||
Step 1 Analyze flow of Physical Units | Step 2 Calculate equivalent units | ||
Physical Units | Direct Materials | Conversion Costs | |
Input : | |||
Beginning work in process inventory | 300 | ||
Completion Percentage | 50% | ||
Direct Materials | 32 | ||
Conversion | 12.5 | ||
Started this period | 800 | ||
Total Units to account for | 1100 | ||
Output | 900 | ||
Completed | 100% | ||
Ending work-in-process inventory | 200 | ||
Completion Percentage | 70% | ||
Direct Materials | |||
Conversion | 3.82 | ||
Total Units to account for | 200 | ||
Total work performed to date | 70% | ||
Beginning work in process inventory | 200 | ||
Total work performed this period(FIFO equivalent units) | 900 | ||
Unit Cost Determination | |||
Step 3: Determine total costs to account for flow | Direct Materials | Conversion Costs | Total |
Beginning work in process inventory | 3,750 | 3,750 | |
Current cost | 9,600 | 4,200 | 13,800 |
Total costs to account for | 17,550 | ||
Step 4: Compute unit costs | |||
Cost per equivalent units | 32 | 16.32 | |
Cost Assignment | 32 | 16.32 | |
Step 5 : Assign Total Manufacturing Costs | Completed and transferred out | Ending work-in-process | Total |
Units completed and transferred out | 900 | ||
Beginning work-in-process | 300 | ||
Current cost to complete | 13,800 | ||
Materials | 9,600 | ||
Conversion | 4,200 | ||
Total from beginning work-in-process | 3,750 | ||
Units started and finished | 900 | ||
Total costs completed and transferred out | 17,550 | ||
Ending work-in-process | 200 | ||
Materials | - | ||
Conversion | 3.82 | ||
Total costs accounted for | 17,550 | 764 | 18,314 |
Can someone please fill in this table for me? i have provided the information needed for...
Can someone please help me fill in this table???!!! I have attached it as a picture and provided the information needed for it. Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were...
Self-Study Problem 6-1 Weighted-Average Method versus FIFO Method Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production...
Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 900 units into production and completed 1,000 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory...
Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 900 units into production and completed 1,000 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory...
Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory...
Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory...
I have provided all the information needed for this problem with most of the questions already answered. I need help on the last part QUESTION 3 -- PART "D" and "E", and the journal entries at the end. Weighted Average Method, Journal Entries 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...
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