Question: 3. Bishop Company uses the FIFO method in its process costing system. The Mixing Department started the month with 500 units in process that were

 3. Bishop Company uses the FIFO method in its process costingsystem. The Mixing Department started the month with 500 units in processthat were 20% complete, started in production 2,000 units, and transferred 2,100

3. Bishop Company uses the FIFO method in its process costing system. The Mixing Department started the month with 500 units in process that were 20% complete, started in production 2,000 units, and transferred 2,100 units to the finished goods storage area. All materials are added at the beginning of the process and conversion costs occur evenly. The units in process at the end of the month are 45% complete with respect to conversion costs. The department incurred the following costs: 1 (Click the icon to view the costs.) Read the requirements 2. 14A. How many units are still in process at the end of the month? Determine the formula, then enter the amounts to calculate units in process at the end of the month. ++==lnprocessunits 15A. Compute the equivalent units of production for the Mixing Department for the current month. Bishop Company Production Cost Report - Mixing Department 16A. Determine the cost per equivalent unit for the current period for direct materials and conversion costs. (Enter cost per equivalent units to the nearest cent. Abbreviations used: EUP = Equivalent Units of Production; WIP= Work in Process.) Bishop Company Production Cost Report - Mixing Department 17A. Determine the cost to be transferred to the next department. Complete the partial cost of production report through the calculation of "Transferred to finished goods." (Complete all input fields. Enter a "0" for any zero balances. Abbreviations used: WIP = Work in Process.) Bishop Company Production Cost Report - Mixing Department (partial) 1: Data Table 2: Requirements 14A. How many units are still in process at the end of the month? 15A. Compute the equivalent units of production for the Mixing Department for the current month. 16A. Determine the cost per equivalent unit for the current period for direct materials and conversion costs. 17A. Determine the cost to be transferred to the next department. (1) BeginningbalanceStartedinproductionTransferredout(2)BeginningbalanceStartedinproductionTransferredout(3)BeginningbalanceStartedinproductionTransferredout (4) Started and completed Beginning work-in-process Started in production Completed and transferred out Ending work-in-process (5) Started and completed Beginning work-in-process Started in production Completed and transferred out Ending work-in-process (6) Started and completed Beginning work-in-process Started in production Completed and transferred out Ending work-in-process (7) Started and completed Beginning work-in-process Started in production Completed and transferred out Ending work-in-process (8) Started and completed Beginning work-in-process Started in production Completed and transferred out Ending work-in-process (9) (10) (11) Beginningwork-in-processCostsaddedduringtheperiodCoststocompletebeginningWIPEndingwork-in-processStartedandcompleted (12) Ending work-in-process Beginning work-in-process Started and completed Costs added during the period Costs to complete beginning WIP Costs to complete beginning WIP Divided by: Costs accounted for this period Divided by: EUP this period Divided by: Units to account for this period (13)Beginningwork-in-processCostsaddedduringtheperiodCoststocompletebeginningWIPEndingwork-in-processStartedandcompleted (14) Beginningwork-in-processCostsaddedduringtheperiodCoststocompletebeginningWIPEndingwork-in-processStartedandcompleted (15) Ending work-in-process Beginning work-in-process Started and completed Costs added during the period Costs to complete beginning WIP

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!