Happy Company produces baseball bats and cricket paddles. It has two departments that process all products - Cutting Department and Finishing Department. In Finishing Department, direct materials (DM) are added at the start of the process and conversion costs (CC) are added evenly during the process. Company is using Weighted Average method for the Finishing Department. During July, beginning work in process in the Finishing Department was 80% complete as to conversion. Beginning inventories included $28,000 for transferred-in costs, $12,000 for direct materials, and $25,000 for conversion costs. Ending inventory was 30% complete as to CC. Additional information about the Finishing Department follows: Beginning work-in-process units Units transferred in this period Units completed & transferred out Ending work-in-process units Material costs added Conversion costs Transferred-in costs Finishing 24,000 68,000 72,000 20,000 $34,000 $68,600 $128,400

Happy Company produces baseball bats and cricket paddles. It has two departments that process all products - Cutting Department and Finishing Department. In Finishing Department, direct materials (DM) are added at the start of the process and conversion costs (CC) are added evenly during the process. Company is using Weighted Average method for the Finishing Department. During July, beginning work in process in the Finishing Department was 80% complete as to conversion. Beginning inventories included $28,000 for transferred-in costs, $12,000 for direct materials, and $25,000 for conversion costs. Ending inventory was 30% complete as to CC. Additional information about the Finishing Department follows: Beginning work-in-process units Units transferred in this period Units completed & transferred out Ending work-in-process units Material costs added Conversion costs Transferred-in costs Finishing 24,000 68,000 72,000 20,000 $34,000 $68,600 $128,400

Name: Happy Company produces baseball bats and cricket paddles. It has two
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Description: Happy Company produces baseball bats and cricket paddles. It has two departments that process all products - Cutting Departmentand Finishing Department..In Finishing Department, direct materials (DM) are added at the start of the process and convers

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 21E: Dama Company produces womens blouses and uses the FIFO method to account for its manufacturing...

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Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
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