+1-415-670-9189
info@expertsmind.com
Use the same file name as you would have for the word
Course:- Accounting Basics
Reference No.:- EM13601465




Assignment Help
Assignment Help >> Accounting Basics

Engsbye Inc uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.

Work in process, beginning:
Units in process 200
Percent complete with respect to materials 80%
Percent complete with respect to conversion 10%

Costs in the beginning inventory
Materials cost $800
Conversion cost $406

Units started into production during the month 20,000
Units completed and transferred out 20,000
Costs added to production during the month:
Materials cost $96,000
Conversion cost $413,648

Work in process, ending:
Units in process 200
Percent complete with respect to materials 80%
Percent complete with respect to conversion 50%

REQUIRED:
Using the FIFO method, type in the correct answers below.

Alternatively you may create an Excel spreadsheet instead so you can use the add/subtract/ multiplication/division functions of excel. Remember to add a footer with your name, section# and ZID# to the excel spreadsheet if you decide to use one. Use the same file name as you would have for the word document file (except for the .xls file designation) SHOW ALL WORK and label everything clearly.:

a. Determine the equivalent units of production for materials and conversion costs.
b. Determine the cost per equivalent unit for materials and conversion costs.
c. Determine the cost of units transferred out of the department during the month.
d. Determine the cost of ending work in process inventory.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
From the auditors point of view which of the following is a preferable provision for imposition of civil liability for financial damages?
Investigate the steps involved in the preparation of an advance plan for the distribution of cash in a partnership liquidation to determine which step is the most difficult
A stock is expected to pay a dividend of $3.00 at the end of the year (i.e., D1 = $3.00), and it should continue to grow at a constant rate of 10% a year. If its required retu
The appraisal states that the system increased the value of Gabriel's residence by $1,000. Expenses qualifying for the medical deduction in the current year total:
Statistical sampling should always be used in tests of general controls, such as inspecting logs that document program changes, were the auditor wants to review the entire p
They sold the house in May for $795,000. Broker's commissions and other selling expenses amounted to $45,000. Since they both are age 68, they decide to rent an apartment. T
Donald and Marla Drumpf filed a joint 2013 federal income tax return claiming the Earned Income Tax Credit ("EITC") ($3,000), the American Opportunity Tax Credit ("AOTC") ($
Shue, a partner in the Financial Broker Partnership, has a 30% share in partnership profits and losses. Shue's capital account had a net decrease of $100,000 during 2003. Du