Maurice Tutor

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Category > Accounting Posted 23 Aug 2017 My Price 11.00

Fino Linens Inc

Problem 17-49  EQUIVALENT UNITS, UNIT COST, WEIGHTED   AVERAGE

Fino Linens Inc. manufactures bed and bath linens. The bath linens department sews terry cloth into towels of various sizes. Fino uses the weighted average method. All mate- rials are added at the beginning of the process. The following data are for the bath linens department for August:

 

Production:

 

 

Units in process, August 1, 60 percent  complete

20,000

Units completed and transferred  out

60,000

Units in process, August 31, 60 percent  complete

20,000

Costs:

WIP, August 1

$11,520

Current costs

  72,000

Total

$83,520

Required:

1.        Prepare a physical flow analysis for the bath linens department for August.

2.        Calculate equivalent units of production for the bath linens department for August.

3.        Calculate the unit cost for the bath linens department for August.

4.        Show that the cost per unit calculated in Requirement 3 is a weighted average of the cost per equivalent unit in BWIP and the current (FIFO) cost per equivalent unit. (Hint: The weights are in proportion to the number of units from each source.)

Answers

Maurice Tutor
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Status NEW Posted 23 Aug 2017 11:08 PM My Price 11.00

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