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ACC - K-Bridge Company, Holmes products Inc., Fordman Company

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Question;Exercise 6.17;FIFO Method, valuation of Goods Transfered Out and Ending Work in Process;K-Bridge Company uses the FIFO Method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared;Units started and completed 28,000 28,000;Units, beginning work in process;10,000 x 0%;10,000 x 40%;Units, ending work in process;6,000 x 100%;6,000 x 75%;The cost of beginning work in process was direct materials, $40,000, conversion costs, $30,000.;Required;1. Determine the cost of ending work in process;2. Determine the cost of goods transfered out.;2. Prepare a physical flow scheddule;Exercise 6.20;Weighted Average Method, Unit Cost, Valuation of Good transfered Out and Ending Work in Process;Holmes products Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department;Cost assigned to beginning work in proicess: direct materials, $90,000, conversion costs, $33,750. Manufacturing costs incurred during April, direct materials. $75,000, conversion costs. $220,000. Holmes uses the weighted average method;Required;1. Compute the unit cost for April. If required, round your answers to the nearesr cent.;Determine the cost of ending work in process and the cost of good transfered out.;Exercise 6.23;FIFO Method, Equivalent Units, Unit Cost, Multiple Departments;Fordman Company has aproduct that passes through two processes: grinding and pol- ishing. During December, the grinding department transferred 20,000 units to the Polishing Department. The cost of the units transfered into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments.;The second department (Polishing) had the following physical flow schedule for December;Cost of Beginning work in process for the Polishing Department were direct materials, $5,000, conversion costs, $6,000, and transfered in, $8,000. Costs added during the month: direct materials, $32,000, conversion costs, $50,000, and transfered in, $40,000.;Assume the company uses the FIFO Method.;1. Prepare a schdeule of equivalent units. Enter percentages as whole numbers.;Compute the unit cost for the month of December. Round intermediate calculations and your final answer to the nearest cent.

 

Paper#44115 | Written in 18-Jul-2015

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