Frito-Lay Inc. manufactures convenience foods, including potato chips and corn chips. Production of corn chips occurs in
Question:
REQUIRED
1. Using the weighted-average method, summarize the total Drying and Packaging department costs for week 37, and assign total costs to units completed (and transferred out) and to units in ending work in process.
2. Assume that the FIFO method is used for the Drying and Packaging department. Under FIFO, the transferred-in costs for work-in-process beginning inventory in week 37 are $28,920 (instead of $29,000 under the weighted-average method), and the transferred-in costs during the week from the Cooking department are $94,000 (instead of $96,000 under the weighted-average method). All other data are unchanged. Summarize the total Drying and Packaging department costs for week 37 and assign total costs to units completed and transferred out and to units in ending work in process using the FIFO method.
Step by Step Answer:
Cost Accounting A Managerial Emphasis
ISBN: 978-0133392883
6th Canadian edition
Authors: Horngren, Srikant Datar, George Foster, Madhav Rajan, Christ