Problem 2. Cena company employs Weighted Average process costing system in the assembly department and FIFO process costing system in the finishing department concerning its only product which undergoes production in assembly department and finishing department. The following data for the year ended December 31, 2020 are provided: ASSEMBLY DEPARTMENT Units Cost January 1, 2020 100,000 units - 40% completed Cost of Direct material - P3M as to conversion cost Cost of Direct labor - P5M Cost of Factory Overhead - P2M December 31, 2020 150,000 units - 80% completed ? as to conversion cost Units started during the year 400,000 units DM cost added during 2020 P12M DL cost added during 2020 P15M FOH cost added during 2020 P13M FINISHING DEPARTMENT Units 50,000 units conversion cost Cost 70% incomplete Cost of Transferred in - P10M January 1, 2020 Cost of Direct material - P6M Cost of Direct labor - P1M Cost of Factory Overhead - P3M December 31, 2020 30,000 units as to conversion cost 10% incomplete ? Units started during the year DM cost added during 2020 P30M DL cost added during 2020 P40M FOH cost added during 2020 P1OM
Problem 2. Cena company employs Weighted Average process costing system in the assembly department and FIFO process costing system in the finishing department concerning its only product which undergoes production in assembly department and finishing department. The following data for the year ended December 31, 2020 are provided: ASSEMBLY DEPARTMENT Units Cost January 1, 2020 100,000 units - 40% completed Cost of Direct material - P3M as to conversion cost Cost of Direct labor - P5M Cost of Factory Overhead - P2M December 31, 2020 150,000 units - 80% completed ? as to conversion cost Units started during the year 400,000 units DM cost added during 2020 P12M DL cost added during 2020 P15M FOH cost added during 2020 P13M FINISHING DEPARTMENT Units 50,000 units conversion cost Cost 70% incomplete Cost of Transferred in - P10M January 1, 2020 Cost of Direct material - P6M Cost of Direct labor - P1M Cost of Factory Overhead - P3M December 31, 2020 30,000 units as to conversion cost 10% incomplete ? Units started during the year DM cost added during 2020 P30M DL cost added during 2020 P40M FOH cost added during 2020 P1OM
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 8E: a. Based upon the data in Exercise 17-7, determine the following for December: 1. Direct materials...
Related questions
Question
In the assembly department, what is the cost assigned to December 31, 2020 work-in-process inventory?
a.13,436,400
b. 11,236,600
c. 13,548,800
d. 14,476,200
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning