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Author Question: The Laramie Factory produces expensive boots. It has two departments that process all the items. ... (Read 122 times)

TFauchery

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The Laramie Factory produces expensive boots. It has two departments that process all the items. During January, the beginning work in process in the tanning department was 40% complete as to conversion and 100% complete as to direct materials. The beginning inventory included $6,000 for materials and $18,000 for conversion costs. Ending work-in-process inventory in the tanning department was 40% complete. Direct materials are added at the beginning of the process.
 
Beginning work in process in the finishing department was 60% complete as to conversion. Beginning inventories included $7,000 for transferred-in costs and $10,000 for conversion costs. Ending inventory was 30% complete. 

Additional information about the two departments follows: 

TanningFinishing
Beginning work-in-process units5,0004,000
Units started this period14,000?
Units transferred this period16,00018,000
Ending work-in-process units?2,000
Material costs added$18,000?
Conversion costs32,000$19,000
Transferred-out cost50,000?

Required: 
Prepare a production cost worksheet using weighted-average costing for the finishing department.


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Marked as best answer by TFauchery on Mar 6, 2021

Swizqar

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TFauchery

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Reply 2 on: Mar 6, 2021
Excellent


adammoses97

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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