Answer to Question #223956 in Economics for yoyo

Question

Spoiled units are disposed at zero net disposal prices and are 1% of the finished output of good units. That is, for every 10 good units produced, there is 1 unit of normal spoilage. Physical units for November 2015WIP, beginning inventory (November 1) 1,000 units, Direct materials (100% completed) Conversion costs (50% completed)

Started during November 10,150 units Good unit completed & transferred out in July 9,000 units WIP, ending inventory (November 30) 2,000 units Direct materials (100% completed) Conversion costs (50% completed) Total costs for November 2015

WIP, beginning inventory Direct materials $1,423 Conversion cost $1,110 $2,533

Direct material costs added during Nov $12,18 Conversion costs added during Nov $27,750 Total cost to account for $39,930 Required: Prepare a cost of production report & journalize the necessary entries using: a) Weighted average method b) FIFO method

Answer 1

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