Concept explainers
1. What is the percentage of completion for (a) transferred‐in costs and direct
materials in beginning work‐in‐process inventory, and (b) transferred‐in costs
and direct materials in ending work‐in‐process inventory?
2. Calculate total costs assigned to completed and transferred out units to
Finished Goods and working process ending units in the testing department,
using the current
each step of the five‐step approach and your calculations clearly.
3. Suppose that Maxion Jantaş uses the FIFO method instead of the weighted‐
average method in all of its departments. Further assume that following
changes under the FIFO method are; total transferred‐in costs of beginning
work in process on August 1 are $2,881,875 (instead of $2,932,500) and that
total transferred‐in costs added during August are $7,735,250 (instead of
$7,717,500). Using the FIFO process‐costing method and the given
assumptions, repeat part 2
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