Question: need help filling out this attached table! 1. Process Costing FIFO (20 Points) Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly
need help filling out this attached table! 1. Process Costing FIFO (20 Points) Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly tarted production of 83,400 chairs. During the month .ebruary, the firm's Assembly .400 chairs. During the month, the Assembly department completed 78,400 chairs, and transferred them to the Finishing Department. The Finishing department ended the month with 15,200 chairs in ending inventory. There were 9,700 chairs in Finishing department beginning inventory. Direct materials costs are added at the beginning (20%) and end (80%) of the Finishing process and conversion costs are added uniformly throughout the process. The FIFO method of process costing is used by Comfort. Beginning work in process was 60% complete as to conversion costs, while ending work in process was 25% complete as to conversion costs. Finishing Beginning inventory: Transferred in costs $504,400 Direct materials $18,400 Conversion costs $35,900 15 Manufacturing costs added to Finishing during the accounting period: Transferred in costs $4,076,800 Direct materials $329,300 Conversion costs $478,440 a. How many of the units were started and completed in Finishing during February? (Prepare the physical flow of units) b. What were the equivalent units for transferred in, direct materials and conversion costs in Finishing during February? (calculate equivalent units) c. What is the amount of transferred in, direct materials and conversion costs assigned to ending work-in-process inventory at the end of February? d. What is the cost of the goods transferred out during February? e. Prepare the journal entries to record the activity in the Finishing department in February. You can prepare a complete production sheet for the Finishing department to answer the questions. Transferred in DDM CC Physical units 9700 U roes! Losting FI PO [Physical Units] Beg WIP Started Current Period To Account for Beg WIP (1-x) Startedt Completed Completed Tenstered End w IP(/) Equivalent units (Surmarize Total Costa) 78,400 88,100 9700 15,200 Beg WIP Started Total Costs Equir/unit (Assign Costs Bey WIP Arded to WIP Total fram Bay WIP Started tcompleted Total Pond Costs Transfered in OM CC Completed throwered and WIP Total costs
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
