Assignment 1 Weighted-average methed, inspection at 80% completion. (A. Atkinson) The Kim Company is a fur- niture manutacturer with two departments: molding and finishing. The company uses the FIFO method of process costing. In August, the following data were recorded for the finishing department 12,500 5 Units of beginning work in process inventory Percentage completion of beginning work in process units Cost of direct materials in beginning work in process Units started 87.500 62,500 25,000 95% 12,500 Units completed Units in ending inventory Percentage completion of ending work in process units Spoiled units Total costs added during current period Direct materials Direct manufacturing labor Manufacturing overhead Work in process, beginning Transferred-in costs Conversion costs Cost of units transferred in during current period S819.000 5794,500 S770,00 S103,625 S52.500 S809,375 Conversion costs are added evenly during the process. Direct material costs are added when production is 90% complete. The inspection point is at the 80% stage af production. Normal spoilage is 10% of all good units that pass inspection.

Spoiled units are disposed of at zero net disposal value. Instructions: For August, summarize total costs to account for and assign these costa to units completed and transferred out including normal spoilagel, to abnormal spoilage, and to units in ending work in process

cl 100 Joe 2:55 PM @ 88% Adrive.google.com assignment 1.pdf POF Assignment 1 Weighted average method, Inspection at 80's completion. (A. Atkinson) The Kim Company is a tur- niture manufacturer with two departments: molding and finishing. The company uses the FIFO method of process costing. In August, the following data were recorded for the finishing department Units of beginning work in process inventory 12.500 Percentage completion of beginning work in process units 25% Cost of direct materials in beginning work in process SO Units started 87,500 Units completed 62,500 Unitsin ending inventory 25,000 Percentage completion of ending work in process units 95% Spoiled units 12,500 Total costs added during current period Direct materials 5819,000 Direct manufacturing labor 5794.500 Manufacturing overhead 5770,000 Work in process, beginning Transferred-in costs 5103,525 Conversion costs 552,500 Cost of units transferred in during current period $809.375 Conversion conts are added evenly during the process. Direct material costs are added when production is 90% complete. The inspection point is at the 80% stage of production. Normal spoilage is 10% of all good units that pass inspection Spoiled units are disposed of at zer net disposal value Instructions: For August, summarize total costs to account for and assign these costs to units completed and transferred out (including natmal spoilagel. tu abnormal spoilage, and to units in unding work in process 1 / 1