The production data for Department 1 for August 2015 are as follows: Actual WIP, August 1...
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The production data for Department 1 for August 2015 are as follows: Actual WIP, August 1 (1/4 done as to conversion costs) Started in August Transferred out during August Spoiled units Cost of Beginning work-in process: Materials Conversion Costs Current Costs: Materials Conversion Costs Unit costs: Materials Conversion Costs Materials are added at the start of the process. Conversion costs are added evenly during the process. The company uses the FIFO method of costing. Inspection occurs, when production is 100% complete. Units 100,000 740,000 610,000 80,000 1,250,000 150,000 7,400,000 4,710,000 ? 6 Normal spoilage is 11% of good units transferred out during August. Req: What is the cost allocated to next department, work-in-process end in Department 1, and period cost? The production data for Department 1 for August 2015 are as follows: Actual WIP, August 1 (1/4 done as to conversion costs) Started in August Transferred out during August Spoiled units Cost of Beginning work-in process: Materials Conversion Costs Current Costs: Materials Conversion Costs Unit costs: Materials Conversion Costs Materials are added at the start of the process. Conversion costs are added evenly during the process. The company uses the FIFO method of costing. Inspection occurs, when production is 100% complete. Units 100,000 740,000 610,000 80,000 1,250,000 150,000 7,400,000 4,710,000 ? 6 Normal spoilage is 11% of good units transferred out during August. Req: What is the cost allocated to next department, work-in-process end in Department 1, and period cost?
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I Process costing is the costing method which surmises ... View the full answer
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0133392883
6th Canadian edition
Authors: Horngren, Srikant Datar, George Foster, Madhav Rajan, Christ
Posted Date:
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