Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows: Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs Direct materials Conversion cost Total current period costs a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. Units 124,800 c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. 239,000 334,400 Costs $ 188,000 340,000 $520,000 Required: 1. Using the weighted-average method of process costing, complete each of the following steps: $ 503,400 644,000 1,147,400

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the
beginning of the manufacturing process. Information for the month of March follows:
Beginning work in process (30% complete)
Direct materials
Conversion cost
Total cost of beginning work in process
Number of units started i
Number of units completed and transferred to finished goods
Ending work in process (65% complete)
Current period costs:
Direct materials
Conversion cost
Total current period costs
a. Reconcile the number of physical units worked on during the period.
b. Calculate the number of equivalent units.
Units
124,800
c. Calculate the cost per equivalent unit.
d. Reconcile the total cost of work in process.
239,000
334,400
Costs
$ 188,000
340,000
$ 520,000
Required:
1. Using the weighted-average method of process costing, complete each of the following steps:
$ 503,400
644,000
1,147,400
Transcribed Image Text:Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows: Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started i Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs: Direct materials Conversion cost Total current period costs a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. Units 124,800 c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. 239,000 334,400 Costs $ 188,000 340,000 $ 520,000 Required: 1. Using the weighted-average method of process costing, complete each of the following steps: $ 503,400 644,000 1,147,400
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education