During August 2010, Berman Company’s Department Y equivalent unit product costs, computed under the weighted average method, were as follows: Material $2 Conversion 6 Transferred In 10 All material is introduced at the end of the process in Department Y. August’s ending Work in Process Inventory contained 4,000 units that were 40 percent complete as to conversion. 20,000 units were transferred out during August to Finished Goods Inventory. a. Compute the total costs that should be assigned to the August 31, 2010 Work in Process. b. Compute the total cost of units transferred to finished goods. c. Prepare the journal entry that Berman Company’s accountant should make at the end of August related to the units transferred out.
During August 2010, Berman Company’s Department Y equivalent unit product costs, computed under the weighted average method, were as follows: Material $2 Conversion 6 Transferred In 10 All material is introduced at the end of the process in Department Y. August’s ending Work in Process Inventory contained 4,000 units that were 40 percent complete as to conversion. 20,000 units were transferred out during August to Finished Goods Inventory. a. Compute the total costs that should be assigned to the August 31, 2010 Work in Process. b. Compute the total cost of units transferred to finished goods. c. Prepare the journal entry that Berman Company’s accountant should make at the end of August related to the units transferred out.
Chapter5: Process Costing
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Problem 3PB: Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is...
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During August 2010, Berman Company’s Department Y equivalent unit product costs, computed under the weighted average method, were as follows:
| Material | $2 |
| Conversion | 6 |
| Transferred In | 10 |
All material is introduced at the end of the process in Department Y. August’s ending Work in Process Inventory contained 4,000 units that were 40 percent complete as to conversion. 20,000 units were transferred out during August to Finished Goods Inventory.
a. Compute the total costs that should be assigned to the August 31, 2010 Work in Process.
b. Compute the total cost of units transferred to finished goods.
c. Prepare the
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