Haas Company manufactures microchips on a highly automated assembly line. Haas's costing system uses two cost categories,direct materials, and conversion costs. Direct Materials are added at the beginning of the production process.Conversion costs are added evenly throughout the production.CostBeginning WIP20,000 Units$126,600$77,150Direct MaterialsConversion (35% Complete)Started72,000 Units$604,800$385,090Direct MaterialsConversionEnding WIP14,000 Units (60% Complete)Calculate Haas's physical flow of units, equivalent units, cost per equivalent unit and assign costs toFinished Goods and Ending Work-in-Process Inventories using the FIFO method of processing costing.

Computation of Physical units Working: Answer:

Answered: Haas Company manufactures microchips on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dengar
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Haas Company manufactures microchips on a highly automated assembly line. Haas's costing system uses two cost categories, direct materials, and conversion costs. Direct Materials are added at the beginning of the production process. Conversion costs are added evenly throughout the production. Cost Beginning WIP 20,000 Units Direct Materials $126,600 $77,150 Conversion (35% Complete) Started 72,000 Units $604,800 $385,090 Direct Materials Conversion Ending WIP 14,000 Units (60% Complete) Calculate Haas's physical flow of units, equivalent units, cost plequivalent unit and assign costs to Finished Goods and Ending Work-in-Process Inventories using the Weighted Average method of processing costing.

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