Exercise 6.21 FIFO Method, Unit Cost, Valuation of Goods Transferred Out, andEnding Work in ProcessDama Company produces women's blouses and uses the FIFO method to account for its manu-facturing costs. The product Dama makes passes through two processes: Cutting and Sewing.During April, Dama's controller prepared the following equivalent units schedule for theCutting Department:Direct MaterialsConversion CostsUnits started and completedUnits, beginning work in process:10,000 x 0%10,000 x 50%Units, ending work in process:40,00040,0005,00020,000 x 100%20,000 x 25%20,0005,000Equivalent units of output60,00050,000Costs in beginning work in process were direct materials, $20,000; conversion costs, $80,000.Manufacturing costs incurred during April were direct materials, $240,000; conversion costs,$320,000.Required:1. Prepare a physical flow schedule for April.2. Compute the cost per equivalent unit for April.3. Determine the cost of ending work in process and the cost of goods transferred out.4. Prepare the journal entry that transfers the costs from Cutting to Sewing.Exercico 6 22 Weighted Averngo Mothed Eguivalent Units Unit Cost Multiele

Name: Exercise 6.21 FIFO Method, Unit Cost, Valuation of Goods Transferred
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Exercise 6.21 FIFO Method, Unit Cost, Valuation of Goods Transferred Out, andEnding Work in ProcessDama Company produces women's blouses and uses the FIFO method to account for its manu-facturing costs. The product Dama makes passes through two proc