Top Posters
Since Sunday
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
ruskin ruskin
wrote...
Go to Answer
Posts: 664
Rep: 12 1
6 years ago
The Skate Board Company uses a process cost system for making skateboard wheels. Materials are added at the beginning of the process and conversion costs are uniformly incurred. At the beginning of September the work-in-process is 40 percent complete and at the end of the month it is 60 percent complete. Spoilage is detected at the end of the process. Other data for the month include:

Beginning work-in-process inventory   1,600 units
Units started   20,000 units
Units placed in finished goods   12,000 units
Ending work-in-process inventory   1,200 units
Normal spoilage % on all units finished   20 percent

Conversion costs   $40,320
Cost of direct materials   $40,000
Beginning work-in-process costs:
Materials   $4,000
Conversion   $4,032

Required:
a.   Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used.
b.   Prepare journal entries to record transferring out of cost from the work-in-process accounts.
Textbook 
Cost Accounting: A Managerial Emphasis, Canadian Edition

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
Authors:
Read 624 times
9 Replies
Replies
Answer verified by a subject expert
btpsandbtpsand
wrote...
#1
Top Poster
Posts: 1199
Rep: 31 0
6 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
This verified answer contains over 350 words.

Related Topics

wrote...
#2
3 years ago
Thank you!
wrote...
#3
3 years ago
amazing thank u so much
wrote...
#4
3 years ago
thank you!
wrote...
#5
3 years ago
thank you
wrote...
#6
3 years ago
thank you!
wrote...
#7
3 years ago
Thank you
wrote...
#8
3 years ago
Thank you
wrote...
#9
3 years ago
Thanks you
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1286 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 749
  
 292
  
 180
Your Opinion
Who will win the 2024 president election?
Votes: 3
Closes: November 4
Previous poll results: Do you believe in global warming?