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Category > Management Posted 04 Feb 2018 My Price 9.00

Atlantic City Taffy Company

 

 

Atlantic City Taffy Company produces various kinds of candy, but salt-water taffy is by far its most important product. The company accumulates costs for its product using process costing. Direct mate- rial is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process.

Production Report For August 20x1



 

 

Physical Units


Percentage of Completion with Respect to Conversion


Equivalent Units

 

Direct

Material       Conversion


Work in process, August 1 .............................................                         40,000               80%

Units started during August ............................................  80,000

Total units to account for ...............................................  120,000

Units completed and transferred out during August .........                          100,000                             100,000     100,000 Work in process, August 31 ...........................................                                    20,000                  30%                20,000            6,000

Total units accounted for ................................................ 120,000

 

 

Work in process, August 1 ....................................................................

$ 42,000

 

$ 305,280

 

$ 347,280

Costs incurred during August ................................................................

96,000

 

784,400

 

880,400

Total costs to account for .....................................................................

$138,000

 

$1,089,680

 

$1,227,680

Required:         Use weighted-average process costing in completing the following requirements.

 

1.      Prepare a schedule of equivalent units.

2.      Compute the costs per equivalent unit.

3.      Compute the cost of goods completed and transferred out during August.

4.      Compute the cost remaining in the work-in-process inventory on August 31.

5.      Prepare a journal entry to record the transfer of the cost of goods completed and transferred out.

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Feb 2018 08:02 PM My Price 9.00

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