The processing department at Sheffield Corporation evaluated the costs associated with manufacturing paper towels for the...
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The processing department at Sheffield Corporation evaluated the costs associated with manufacturing paper towels for the past month. Beginning and newly added costs for May are as follows. Step 3: Account for costs Costs in beginning WIP Inventory (from last period) Costs added to WIP Inventory this period Total costs to account for Total costs $1,930 12,810 $14,740 DM $1,630 8,910 $10,540 Conversion Costs $300 3,900 $4,200 (a) Show the T-account for Sheffield's WIP Inventory reflecting all of the appropriate costs above. Beginning Balance Ending Balance New Conversion Costs New DM Save for Later WIP Inventory > I Attempts: 0 of 2 used Submit Answer Assuming Sheffield uses the FIFO method of process costing, complete Step 4 to determine its cost per equivalent unit for both DM and conversion costs. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) Total equivalent units of work done this period (FIFO) Calculate Cost Per Equivalent Unit DM The beginning WIP Inventory costs 27,000 STEP 4 Costs Added to WIP Inventory This Period Cost per Equivalent Unit Total Equivalent Units of Work Done This Period Are beginning WIP Inventory costs included in these calculations? Conversion Costs DM 26,000 $ Conversion Cost included in the cost per equivalent unit calculations. Assuming Sheffield instead uses the weighted-average method of process costing, complete Step 4 to determine its cost per equivalent unit for both DM and conversion costs. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) Total equivalent units of work done (weighted-average) Calculate Cost Per Equivalent Unit STEP 4 The beginning WIP Inventory costs DM 31,000 DM Cost per Equivalent Unit Total Costs to Account For Total Equivalent Units of Work Done Are beginning WIP Inventory costs included in these calculations? Conversion Costs 28,000 Conversion Cost included in the cost per equivalent unit calculations. The processing department at Sheffield Corporation evaluated the costs associated with manufacturing paper towels for the past month. Beginning and newly added costs for May are as follows. Step 3: Account for costs Costs in beginning WIP Inventory (from last period) Costs added to WIP Inventory this period Total costs to account for Total costs $1,930 12,810 $14,740 DM $1,630 8,910 $10,540 Conversion Costs $300 3,900 $4,200 (a) Show the T-account for Sheffield's WIP Inventory reflecting all of the appropriate costs above. Beginning Balance Ending Balance New Conversion Costs New DM Save for Later WIP Inventory > I Attempts: 0 of 2 used Submit Answer Assuming Sheffield uses the FIFO method of process costing, complete Step 4 to determine its cost per equivalent unit for both DM and conversion costs. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) Total equivalent units of work done this period (FIFO) Calculate Cost Per Equivalent Unit DM The beginning WIP Inventory costs 27,000 STEP 4 Costs Added to WIP Inventory This Period Cost per Equivalent Unit Total Equivalent Units of Work Done This Period Are beginning WIP Inventory costs included in these calculations? Conversion Costs DM 26,000 $ Conversion Cost included in the cost per equivalent unit calculations. Assuming Sheffield instead uses the weighted-average method of process costing, complete Step 4 to determine its cost per equivalent unit for both DM and conversion costs. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) Total equivalent units of work done (weighted-average) Calculate Cost Per Equivalent Unit STEP 4 The beginning WIP Inventory costs DM 31,000 DM Cost per Equivalent Unit Total Costs to Account For Total Equivalent Units of Work Done Are beginning WIP Inventory costs included in these calculations? Conversion Costs 28,000 Conversion Cost included in the cost per equivalent unit calculations.
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a 1 Show the Taccount for Sheffields WIP Inventory reflecting all of the appropriate costs above Here is the Taccount for Sheffield Corporations Worki... View the full answer
Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Posted Date:
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