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Category > Accounting Posted 19 Aug 2017 My Price 9.00

Spangenberg Products

46.    LO.2 (WA EUP; cost assignment) Spangenberg Products manufactures computer cases. All material is added at the start of production and overhead is applied to each product at the rate of 70 percent of direct labor cost. At the beginning of July, there were

 

 

no units in the Finished Goods Inventory. The firm’s inventory cost records provide the following information:

 

 

 

Units

DM Cost

DL Cost

Work in Process Inventory, 7/1 (70% complete as to labor)

 

100,000

 

$  750,000

 

$  215,000

Units started in production

1,500,000

 

 

Costs for July

 

5,650,000

4,105,000

Work in Process Inventory, 7/31 (60% complete as to labor)

 

400,000

 

 

At the end of July, the cost of the Finished Goods Inventory was determined to be

$124,000.

a.     Compute the following:

1.    Equivalent units of production using the weighted average method.

2.    Unit production costs for material, labor, and overhead.

3.    Cost of goods sold.

b.    Prepare the journal entries to record the July transfer of completed goods and the July cost of goods sold.

Answers

Maurice Tutor
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Status NEW Posted 19 Aug 2017 12:08 AM My Price 9.00

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