ABC Manufacturing manufactures a product in two departments and uses a process costing system with the...

  

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ABC Manufacturing manufactures a product in two departments and uses a process costing system with the FIFO method. In the first department, the nature of the manufacturing process is such that all materials are added when the conversion is 20% complete. Conversion costs are incurred uniformly throughout the process. The beginning inventory was 30% complete, while the ending inventory was 60% complete with respect to conversion. The following unit and cost information is available for the current month: Beginning work-in process inventory, May 1 (30% complete) Started in production during May Completed production during May Ending work-in-process inventory, May 31 (60% complete) Materials Conversion: Direct Labor Overhead Totals Current Period Beginning Inventory Total $32,000 $ 505,000 $ 537,000 44,024 358,416 123,240 1,083,584 $ 167,264 $ 1,442,000 $1,609,264 $ 199,264 $ 1,947,000 $2,146,264 402,440 1,206,824 Units 40,000 ? 182,000 60,000 The journal entry to record the completion of units in Department 1 would be: (4 pts) Debit Credit Using the weighted average method, the equivalent units of production for conversion is: (4 pts) units Using the weighted average method, the equivalent unit cost of conversion is: (4 pts) ROUND YOUR ANSWER TO THE NEAREST CENT. ABC Manufacturing manufactures a product in two departments and uses a process costing system with the FIFO method. In the first department, the nature of the manufacturing process is such that all materials are added when the conversion is 20% complete. Conversion costs are incurred uniformly throughout the process. The beginning inventory was 30% complete, while the ending inventory was 60% complete with respect to conversion. The following unit and cost information is available for the current month: Beginning work-in process inventory, May 1 (30% complete) Started in production during May Completed production during May Ending work-in-process inventory, May 31 (60% complete) Materials Conversion: Direct Labor Overhead Totals Current Period Beginning Inventory Total $32,000 $ 505,000 $ 537,000 44,024 358,416 123,240 1,083,584 $ 167,264 $ 1,442,000 $1,609,264 $ 199,264 $ 1,947,000 $2,146,264 402,440 1,206,824 Units 40,000 ? 182,000 60,000 The journal entry to record the completion of units in Department 1 would be: (4 pts) Debit Credit Using the weighted average method, the equivalent units of production for conversion is: (4 pts) units Using the weighted average method, the equivalent unit cost of conversion is: (4 pts) ROUND YOUR ANSWER TO THE NEAREST CENT.

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Production Cost ReportWAM InputOutput ReconciliationSummery of Quantity schedule Units be accounted for Units Units in beginning WIP Inventory 40000 U... View the full answer