The company of Apples makes apples. All direct materials and conversion costs are applied to all of
Question:
The company of Apples makes apples. All direct materials and conversion costs are applied to all of the products at an even rate throughout the manufacturing process. For August, the beginning work in process inventory for the Finishing Department was 16,000 units that averaged 15 percent complete for conversion costs. Materials were completely 65 percent done.
The ending work in process inventory was 24,000 units averaged 75 percent complete for conversion costs. Direct materials are 25 percent completed. Production data shows 22,000 units were started during the period. Beginning work in process prime costs totaled $16,000, while $7,300 was the cost for conversion. MOH was $5,000. For the month of August, additional costs totaling $75,000 for direct materials and $111,100 for conversion costs were added in the production department period.
1) Prepare in good form a process report.
2) Prepare the journal entry to move costs to finished goods.
3) Prepare any journal entry, if required, for costs remaining in WIP.
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson