The Chatham Company makes a water-treatment chemical in a single processing department. Direct materials are added...
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The Chatham Company makes a water-treatment chemical in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Chatham uses the weighted-average method of process costing. The following information for July 2007 is available: Equivalent Units Physical Direct Conversion Units Materials Costs Work in process, 1 July Started during July Completed and transferred out during July Work in process, 31 July * Degree of completion: direct materials 100%; conversion costs 70% ** Degree of completion: direct materials 100%; conversion costs 50% 10 000* 10 000 7 000 40 000 34 000 16 000 34 000 34 000 16 000** 8 000 Total Costs for July 2007 Work in process, beginning Direct materials R60 000 Conversion costs R70 000 R130 000 Direct materials added during July Conversion costs added during July R280 000 R370 000 R781 000 Total costs to account for Required: Prepare the production report using the weighted-average method. Prepare the production report using the FIFO method. 4.1 4.2 The Chatham Company makes a water-treatment chemical in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Chatham uses the weighted-average method of process costing. The following information for July 2007 is available: Equivalent Units Physical Direct Conversion Units Materials Costs Work in process, 1 July Started during July Completed and transferred out during July Work in process, 31 July * Degree of completion: direct materials 100%; conversion costs 70% ** Degree of completion: direct materials 100%; conversion costs 50% 10 000* 10 000 7 000 40 000 34 000 16 000 34 000 34 000 16 000** 8 000 Total Costs for July 2007 Work in process, beginning Direct materials R60 000 Conversion costs R70 000 R130 000 Direct materials added during July Conversion costs added during July R280 000 R370 000 R781 000 Total costs to account for Required: Prepare the production report using the weighted-average method. Prepare the production report using the FIFO method. 4.1 4.2
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Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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