Fast Co. produces its product through two processing departments. Direct materials are added at the start...
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Fast Co. produces its product through two processing departments. Direct materials are added at the start of production in the Cutting department, and conversion costs are added evenly throughout each process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory-Cutting account has a balance of $96,300 as of October 1, which consists of $20,700 of direct materials and $75,600 of conversion costs. During the month, the Cuting department incurred the following costs: Direct materiala Conversion $ 139, 100 1,094, 320 At the beginning of the month, 36,000 units were in process. During October, the company started 152,000 units and transferred 162.000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 26,000 units that were BO% complete with respect to conversion costs. Required: 1. Prepare the Cutting department's process cost summary for October using the weighted-average method. 2. Prepare the journal entry dated October 31 to transfer the cost of the partially completed units to Assembly. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the Cutting department's process cost summary for October using the weighted-average method. (Round "Cost per EUP" to 2 decimal place Total costs to account for Costs of beginning work in process Costs incurred this period 96,300 Total costs to account for 96,300 Total costs accounted for Difference due to rounding costunit Unit reconciliation: Fast Co. produces its product through two processing departments. Direct materials are added at the start of production in the Cutting department, and conversion costs are added evenly throughout each process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory-Cutting account has a balance of $96,300 as of October 1, which consists of $20,700 of direct materials and $75,600 of conversion costs. During the month, the Cuting department incurred the following costs: Direct materiala Conversion $ 139, 100 1,094, 320 At the beginning of the month, 36,000 units were in process. During October, the company started 152,000 units and transferred 162.000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 26,000 units that were BO% complete with respect to conversion costs. Required: 1. Prepare the Cutting department's process cost summary for October using the weighted-average method. 2. Prepare the journal entry dated October 31 to transfer the cost of the partially completed units to Assembly. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the Cutting department's process cost summary for October using the weighted-average method. (Round "Cost per EUP" to 2 decimal place Total costs to account for Costs of beginning work in process Costs incurred this period 96,300 Total costs to account for 96,300 Total costs accounted for Difference due to rounding costunit Unit reconciliation:
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Solution 1 The cost charged to production Beginning Work In Process 9630000 Cost Added during the pe... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
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