Exercise: The Chatham Company makes chemical compounds in a single processing department. The following information about...

 

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Exercise: The Chatham Company makes chemical compounds in a single processing department. The following information about equivalent units and actual for July 2017 is available. Direct Materials Conversion Costs Flow of Production Equivalent units Total costs Equivalent units Total costs Work in process, July 1 20,000 $ 120,000 14,000 Work done during July 2017 30,000 210,000 To account for 50,000 $ 330.000 Completed during July 2017 34.000 28,000 42.000 34,000 $140.000 301.000 $ 441.000 Work in process, July 31 16.000 8.000 . Degree of completion: direct materials, 100%; Conversion Costs, 70%. Degree of completion: direct materials, 100%; Conversion Costs, 50%. Required: Summarize total costs to account for, and assign total costs to units completed (and transferred out) and to units in ending work in process. Using the Weighted-average and the FIFO method. Exercise: The Chatham Company makes chemical compounds in a single processing department. The following information about equivalent units and actual for July 2017 is available. Direct Materials Conversion Costs Flow of Production Equivalent units Total costs Equivalent units Total costs Work in process, July 1 20,000 $ 120,000 14,000 Work done during July 2017 30,000 210,000 To account for 50,000 $ 330.000 Completed during July 2017 34.000 28,000 42.000 34,000 $140.000 301.000 $ 441.000 Work in process, July 31 16.000 8.000 . Degree of completion: direct materials, 100%; Conversion Costs, 70%. Degree of completion: direct materials, 100%; Conversion Costs, 50%. Required: Summarize total costs to account for, and assign total costs to units completed (and transferred out) and to units in ending work in process. Using the Weighted-average and the FIFO method.