Donnies Frozen Pizzas uses FIFO process costing. Selected production and cost data follow for April 2013. Requirements
Question:
Donnie’s Frozen Pizzas uses FIFO process costing. Selected production and cost data follow for April 2013.
Requirements
1. Calculate the following:
a. On March 31, the Mixing Department beginning Work-in-Process Inventory was 60% complete for materials and 75% complete for conversion costs. This means that for the beginning inventory _____% of the materials and _____% of the conversion costs were added during April.
b. On April 30, the Mixing Department ending Work-in-Process Inventory was 70% complete for materials and 20% complete for conversion costs. This means that for the ending inventory _____% of the materials and _____% of the conversion costs were added during April.
c. On March 31, the Cooking Department beginning Work-in-Process Inventory was 60% complete for materials and 80% complete for conversion costs. This means that for the beginning inventory _____% of the materials and _____% of the conversion costs were added during April.
d. On April 30, the Cooking Department ending Work-in-Process Inventory was 65% complete for materials and 55% complete for conversion costs. This means that for the ending inventory _____% of the materials and _____% of the conversion costs were added during April.
2. Use the information in the table and the information in Requirement 1 to compute the equivalent units of production for transferred-in costs, direct materials, and conversion costs for both the Mixing and the Cooking Departments.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Step by Step Answer:
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura