FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 process costing method. (weighted average method) Show
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

Physical Transferred-
In Costs
$2,932,500
Direct
Conversion Costs
Units
Materials
$0
$835,460
Work in process, August 1°
Started during August
7,500
2018
Completed during August
26,300
2018
Work in process, August
31
Total costs added during
August 2018
Degree of completion: transferred-in costs, ?% ;direct materials, ?%; conversion costs, 70%
Degree of completion: transferred-in costs, ?% ;direct materials, ?%; conversion costs, 60%
3,700
$7,717,500 $9,704,700
$3,955,900
b.
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Transcribed Image Text:Physical Transferred- In Costs $2,932,500 Direct Conversion Costs Units Materials $0 $835,460 Work in process, August 1° Started during August 7,500 2018 Completed during August 26,300 2018 Work in process, August 31 Total costs added during August 2018 Degree of completion: transferred-in costs, ?% ;direct materials, ?%; conversion costs, 70% Degree of completion: transferred-in costs, ?% ;direct materials, ?%; conversion costs, 60% 3,700 $7,717,500 $9,704,700 $3,955,900 b.
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