Question: Process costing, weightedaverage and FIFO methods with transferredin cost. Sam's Company has two dept., an assembly dept. and a finishing dept. The following information relates

Process costing, weightedaverage and FIFO methods with transferredin cost.

Sam's Company has two dept., an assembly dept. and a finishing dept. The following information relates to the finishing department:

WIP June 1 15 units
Transferred-in: 100% complete $125
Direct material: 100% complete 85
Conversion: 30% complete 72
Balance in work-in-process, June 1 282
Units transferred in from assembly dept. during June 75 units
Units completed during June and transferred out to finished goods inventory 80 units
WIP, June 30 10 units
Transferred-in : 100% complete
Direct materials : 100% complete

Conversion: 60% complete
Costs incurred during June:
Transferred-in $815
Direct materials 725
Conversion 878
Total current costs $2,418

Required:

1.Prepare a production cost worksheet for June using the weightedaverage method.

2.Prepare a production cost worksheet for June using the FIFO method.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Hello, may I please get guidance on this. I am really struggling to understand, thank you. Cost Accounting Summer 2021 Chapter 17 Extra Credit Problems (7.5 points each): Process costing, weighted...

Q:

Please help with the entire thing! Wanda Company produces its finished product in two processing departments --Mixing and Finishing. The following information is available for the month of March:...

Q:

THE NEXT LINE DOWN IS TOTAL ACCOUNTED FOR (SHOWN) AFTER WIP (ABOVE). I ONLY NEED FIRST PART OF FIFO METHOD TABLE COMPLETED (ALL NUMBERS IN NARRATIVE ABOVE TO DO SO) Self-Study Problem 6-2...

Q:

Management wants to know the difference between using the weighted average and FIFO methods. Every picture frame passes through two departments: the assembly department and the finishing department....

Q:

Management wants to know the difference between using the weighted average and FIFO methods. Every picture frame passes through two departments: the assembly department and the finishing department....

Q:

Self-Study Problem 6-2 Weighted-Average Method versus FIFO Method with Transferred-in Cost Reed Company has two departments, a machining department and a finishing department. The following...

Q:

Which of the following is true of a lean manufacturing system? a. It helps to increase efficiency by allowing a minimum tolerable level of defects in products. b. It allows managers to maximize...

Q:

Self-Study Problem 6-2 Weighted-Average Method versus FIFO Method with Transferred-in Cost Reed Company has two departments, a machining department and a finishing department. The following...

Q:

GroFast Company manufactures a high-quality fertilizer, which is used primarily by commercial vegetable growers. Two departments are involved in the production process. In the Mixing Department,...

Q:

GroFast Company manufactures a high-quality fertilizer, which is used primarily by commercial vegetable growers. Two departments are involved in the production process. In the Mixing Department,...

Q:

1. Explain what screening is. 2. Explain why employers employ screens. 3. Explain why employers promote from within their company, rather than hire outsiders. 4. Explain how screening for low...

Q:

With a GPS system attached to each insured vehicle, insurance companies are able to charge usage-based insurance rates, depending on how much, when, and where the insured vehicle is driven....

Q:

Compare Amazon's operating cash flow with its net income and explain what it reveals about Amazon's operational efficiency and cash generation from its core business

Q:

According to the path - goal model of leadership, which of the following is true about directive and supportive leader behavior? Multiple Choice effective managers exhibit high levels of directive...

Q:

1. Working in teams of four to six, choose a job with which you are familiar and identify the most important KSAOs needed for someone doing the job to perform well.

Q:

OUTCOME 4 Explain how firms evaluate the information they collect on a group of candidates and the decision strategies they use to select employees.

Q:

OUTCOME 2 Describe the tools used to initially screen applicants, the types of employment interviews and methods to administer them, and the post-screening tools that organizations use.