Schmitt Company makes camping lanterns using a single production process. The company uses FIFO process costing....

 

Transcribed Image Text:

Schmitt Company makes camping lanterns using a single production process. The company uses FIFO process costing. All direct materials are added at the beginning of the manufacturing process. Information for the month of July 2021 follows: a. b. C. d. Beginning work in process Direct materials e. f. Conversion cost (30% complete) Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Required: Ending work in process 35% complete with respect to conversion cost Direct materials cost incurred Conversion cost applied Total cost added during the month $ $ $ $ 23,100 units 121,000 184,000 305,000 62,500 units 77,400 units ? units 281,700 386,200 667,900 Determine the number of ending inventory in July 2021. (1 mark) Determine the equivalent units of production for direct materials in July 2021. (1 mark) Determine the equivalent units of production for conversion costs in July 2021. (1 mark) Determine direct materials cost per equivalent unit. (2 marks) Determine conversion cost per equivalent unit. (2 marks) Determine the total cost of a unit. (2 marks) Show ALL workings. Schmitt Company makes camping lanterns using a single production process. The company uses FIFO process costing. All direct materials are added at the beginning of the manufacturing process. Information for the month of July 2021 follows: a. b. C. d. Beginning work in process Direct materials e. f. Conversion cost (30% complete) Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Required: Ending work in process 35% complete with respect to conversion cost Direct materials cost incurred Conversion cost applied Total cost added during the month $ $ $ $ 23,100 units 121,000 184,000 305,000 62,500 units 77,400 units ? units 281,700 386,200 667,900 Determine the number of ending inventory in July 2021. (1 mark) Determine the equivalent units of production for direct materials in July 2021. (1 mark) Determine the equivalent units of production for conversion costs in July 2021. (1 mark) Determine direct materials cost per equivalent unit. (2 marks) Determine conversion cost per equivalent unit. (2 marks) Determine the total cost of a unit. (2 marks) Show ALL workings.

Answer rating: 100% (QA)

a Determine the number of ending inventory in July 2021 1 mark ANSWER Ending work in process 77400 x 35 23100 x 30 26590 units WORKING Ending work in process in units Units completed and transferred t... View the full answer