Neweway Plastics manufactures an acrylic compound used in automobile bumpers in a continuous flow process. Raw material
Question:
Neweway Plastics manufactures an acrylic compound used in automobile bumpers in a continuous flow process. Raw material is added at the beginning of the process and conversion costs are incurred uniformly over the process. The accompanying table summarizes the results of operations for May:
Required:
Compute the cost of goods transferred out and the ending work in process for the month of May using both the weighted average and FIFO methods.
Transcribed Image Text:
Beginning work in process (units) Raw materials Conversion costs (50%)* Units completed and transferred out Units started in May Ending work in process (units) Conversion costs incurred in May Material costs incurred in May *Percentages denote percentage complete. $2,680 892 6,000 $3,572 40,000 38,000 4,000 (70%)* $17,512 $19,760
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Related Book For
Accounting For Decision Making And Control
ISBN: 9780078136726
7th Edition
Authors: Jerold Zimmerman
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