The inspection department at Swifty Industries receives manufactured parts from its own production department and then meticulously checks every part before packaging it for sale. This month, the production department focused on automobile side mirrors. The inspection department began April with just 180 side mirrors in process. These beginning units were 70% of the way through the inspection process. During April, 4,010 more side mirrors were transferred-in from the production department. By month's end, 3,770 units had been fully inspected and packaged (packaging occurs when the units reach the 95% completion point in the inspection department). April's ending WIP Inventory units in the inspection department were 40% of the way through the inspection process. (a) Determine Swifty's equivalent units for transferred-in costs, DM, and conversion costs in April, assuming the company uses the FIFO method of process costing. Total equivalent units of work done Transferred-in DM Conversion Cost Determine equivalent units for all three cost categories in part (a), assuming Swifty instead uses the weighted-average method of process costing. Total equivalent units of work done eTextbook and Media Save for Later Transferred-in DM Conversion Cost Attempts: 0 of 2 used Submit Answer (d) Which of the two methods more accurately reflects how the work in the inspection department is done?
The inspection department at Swifty Industries receives manufactured parts from its own production department and then meticulously checks every part before packaging it for sale. This month, the production department focused on automobile side mirrors. The inspection department began April with just 180 side mirrors in process. These beginning units were 70% of the way through the inspection process. During April, 4,010 more side mirrors were transferred-in from the production department. By month's end, 3,770 units had been fully inspected and packaged (packaging occurs when the units reach the 95% completion point in the inspection department). April's ending WIP Inventory units in the inspection department were 40% of the way through the inspection process. (a) Determine Swifty's equivalent units for transferred-in costs, DM, and conversion costs in April, assuming the company uses the FIFO method of process costing. Total equivalent units of work done Transferred-in DM Conversion Cost Determine equivalent units for all three cost categories in part (a), assuming Swifty instead uses the weighted-average method of process costing. Total equivalent units of work done eTextbook and Media Save for Later Transferred-in DM Conversion Cost Attempts: 0 of 2 used Submit Answer (d) Which of the two methods more accurately reflects how the work in the inspection department is done?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The inspection department at Swifty Industries receives manufactured parts from its own production department and then
meticulously checks every part before packaging it for sale. This month, the production department focused on automobile side
mirrors. The inspection department began April with just 180 side mirrors in process. These beginning units were 70% of the way
through the inspection process. During April, 4,010 more side mirrors were transferred-in from the production department. By
month's end, 3,770 units had been fully inspected and packaged (packaging occurs when the units reach the 95% completion point in
the inspection department). April's ending WIP Inventory units in the inspection department were 40% of the way through the
inspection process.
(a)
Determine Swifty's equivalent units for transferred-in costs, DM, and conversion costs in April, assuming the company uses the
FIFO method of process costing.
Total equivalent units of work
done
Transferred-in
DM
Conversion Cost
Transcribed Image Text:Determine equivalent units for all three cost categories in part (a), assuming Swifty instead uses the weighted-average method of
process costing.
Total equivalent units of work
done
eTextbook and Media
Save for Later
Transferred-in
DM
Conversion Cost
Attempts: 0 of 2 used Submit Answer
(d)
Which of the two methods more accurately reflects how the work in the inspection department is done?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 1 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education