question archive The following information is available for Department 2 of Lake Corporation during March
The following information is available for Department 2 of Lake Corporation during March
Subject:AccountingPrice: Bought3
The following information is available for Department 2 of Lake Corporation during March.
Units:
Work in process inventory, March 1
(80% complete as to direct materials,
30% complete as to conversion costs) 42,000
Transferred in from Dept. 1 in March 200,000
Completed during March 228,000
Work in process inventory, March 31 14,000
(50% complete for direct materials,
10% complete for conversion costs)
Costs:
Work in process inventory, March 1
Direct materials $ 68,950
Conversion 146,200
Transferred-in 94,000
Transferred in from Dept. 1 in March 1,600,000
Direct materials added in March 906,300
Conversion costs added in March 542,000
Compute the following using the weighted-average method in your calculations (10 points):
a) Equivalent units for direct materials, conversion costs, and transferred-in costs
b) Unit costs for direct materials, conversion costs, and transferred-in equivalent units
c) Total cost of units transferred to finished goods
d) Total cost of ending work in process inventory on March 31 in Department 2
Compute the following using the FIFO method in your calculations (10 points):
a) Equivalent units for direct materials, conversion costs, and transferred-in costs
b) Unit costs for direct materials, conversion costs, and transferred-in equivalent units
c) Total cost of units transferred to finished goods
d) Total cost of ending work in process inventory on March 31 in Department 2
