Judy LTD produces a medical device for Covid 19 patients in intensive care. The device goes...

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Judy LTD produces a medical device for Covid 19 patients in intensive care. The device goes through two departments: Department 1 and Department 2. The company uses the weighted-average method of process costing for both departments. During January of the current year, the following information was recorded for Department 2: Q Beginning work in process (BWIP) % of completion of BWIP Cost added during the period Transferred in during the month Physical units 2,500 22,500 Direct Materials (S) 4,500 100% $50,000 Transfer Packaging Conversion In Costs Costs (S) (S) 3,600 3,000 Good units completed and transferred out in the month Ending work in process (EWIP) at the end of the month (units) % of completion of EWIP 100% $0 $25,000 $15,000 Normal spoilage rate based on good units passed the inspection in the period. Inspection point (at 80% of completion) 0% 20% $30,000 20,000 2,000 90% 5% 0.80 Conversion costs are incurred evenly during the process. Direct materials costs are added at the beginning and transfer in' costs are added when production is 10% complete. The inspection point is at the 80% stage of production. The packaging is done at 95% level of completion. Normal spoilage is up to 5% of all good units that pass inspection in this period. Spoiled units are disposed of at zero net disposal value. Required: Prepare a full production cost statement (covering all five stages) for January for Department 2 using the weighted average method. Use actual numbers (with all decimal places) for all calculations but round the final answers to 2 decimal places when answering the numeric questions. Numeric answers must be presented without using any explanation, bracket, S, or any positive (+) or negative (-) sign. Judy LTD produces a medical device for Covid 19 patients in intensive care. The device goes through two departments: Department 1 and Department 2. The company uses the weighted-average method of process costing for both departments. During January of the current year, the following information was recorded for Department 2: Q Beginning work in process (BWIP) % of completion of BWIP Cost added during the period Transferred in during the month Physical units 2,500 22,500 Direct Materials (S) 4,500 100% $50,000 Transfer Packaging Conversion In Costs Costs (S) (S) 3,600 3,000 Good units completed and transferred out in the month Ending work in process (EWIP) at the end of the month (units) % of completion of EWIP 100% $0 $25,000 $15,000 Normal spoilage rate based on good units passed the inspection in the period. Inspection point (at 80% of completion) 0% 20% $30,000 20,000 2,000 90% 5% 0.80 Conversion costs are incurred evenly during the process. Direct materials costs are added at the beginning and transfer in' costs are added when production is 10% complete. The inspection point is at the 80% stage of production. The packaging is done at 95% level of completion. Normal spoilage is up to 5% of all good units that pass inspection in this period. Spoiled units are disposed of at zero net disposal value. Required: Prepare a full production cost statement (covering all five stages) for January for Department 2 using the weighted average method. Use actual numbers (with all decimal places) for all calculations but round the final answers to 2 decimal places when answering the numeric questions. Numeric answers must be presented without using any explanation, bracket, S, or any positive (+) or negative (-) sign.

Answer rating: 100% (QA)

Physical units beginning work in process 2500 Units started this period 22500 Total units to work on ... View the full answer