# quiz 5 solution

1325 Words Nov 23rd, 2014 6 Pages
Question 1

XYZ Company operates two departments, the assembly department and the finishing department. During June, the assembly department reported the following information:

units % complete DM % complete conversion work in process, June 1 24,000 75% 40% units completed during June 50,000 work in process, June 30 37,000 80% 20%

The cost of beginning work in process and the costs added during June were as follows:

DM Conversion Total cost work in process, June 1 \$ 43,360 \$ 70,000 \$113,360 costs incurred during June 529,760 234,220
\$ 8.60 (\$529,760 ÷ 61,600)
Conversion costs ............ 4.90 (\$234,220 ÷ 47,800)
Total unit cost ............. 13.50

Cost of ending work in process:
Direct materials ............ \$254,560 (29,600 x \$8.60)
Conversion costs ............ 36,260 (7,400 x \$4.90)
Total ....................... \$290,820

Question 4

XYZ Company operates two departments, the assembly department and the finishing department. During June, the assembly department reported the following information:

units % complete DM % complete conversion work in process, June 1 24,000 75% 40% units completed during June 50,000 work in process, June 30 37,000 80% 20%

The cost of beginning work in process and the costs added during June were as follows:

DM Conversion Total cost work in process, June 1 \$ 43,360 \$ 70,000 \$113,360 costs incurred during June 529,760 234,220 763,980 total costs \$573,120 \$304,220 \$877,340

Calculate the total cost of the 24,000 units in beginning work in process using the FIFO process costing method.