Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent complete; ending work in process is 40 percent complete. The following is an excerpt from the production report for Fincher Farms. Assume the company uses Weighted-Average Method. Required: Find the missing amounts. FINCHER FARMS Process Costing Production Report (Weighted-Average Method) For the Month Ended January 31, Current Year Physical Units Units to be accounted for Beginning work in process Started into production Total units 40,000 340,000

Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent complete; ending work in process is 40 percent complete. The following is an excerpt from the production report for Fincher Farms. Assume the company uses Weighted-Average Method. Required: Find the missing amounts. FINCHER FARMS Process Costing Production Report (Weighted-Average Method) For the Month Ended January 31, Current Year Physical Units Units to be accounted for Beginning work in process Started into production Total units 40,000 340,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 4CMA: A company is using process costing with the first-in, first-out (FIFO) method, and all costs are...

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Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units Direct Materials Percent Complete Conversion Percent Complete 78,000 873,000 745,000 100% 80% 206,000 100% 90% $ 370,890 139,560 $ 510,450 2,482,110 2,651,640 5,133,750 $ 5,644,200 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Note: Round "Cost per EUP" to 2…