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Weighted-Average Method Gifford, Inc. produces a single model of a popular cell phone in large 3. quantities. A single cell phone moves through two departments, assembly and testing. The manufac- turing costs in the assembly department during March follow: Direct materials added $187,500 Conversion costs 165,410 $352,910 The assembly department has no beginning work-in-process inventory. During the month, it started 25,000 cell phones, but only 22,000 were fully completed and transferred to the testing depart- ment. All parts had been made and placed in the remaining 3,000 cell phones, but only 60 percent of the conversion had been completed. The company uses the weighted-average method of process costing to accumulate product costs.

Weighted-Average Method Gifford, Inc. produces a single model of a popular cell phone in large 3. quantities. A single cell phone moves through two departments, assembly and testing. The manufac- turing costs in the assembly department during March follow: Direct materials added $187,500 Conversion costs 165,410 $352,910 The assembly department has no beginning work-in-process inventory. During the month, it started 25,000 cell phones, but only 22,000 were fully completed and transferred to the testing depart- ment. All parts had been made and placed in the remaining 3,000 cell phones, but only 60 percent of the conversion had been completed. The company uses the weighted-average method of process costing to accumulate product costs.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 54P: Preparation of Income Statement: Manufacturing Firm Laworld Inc. manufactures small camping tents....
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Weighted-Average Method Gifford, Inc. produces a single model of a popular cell phone in large quantities. A single cell phone moves through two departments, assembly and testing. The manufac- turing costs in the assembly department during March follow: Direct materials added $187,500 Conversion costs 165,410 $352,910 The assembly department has no beginning work-in-process inventory. During the month, it started 25,000 cell phones, but only 22,000 were fully completed and transferred to the testing depart- ment. All parts had been made and placed in the remaining 3,000 cell phones, but only 60 percent of the conversion had been completed. The company uses the weighted-average method of process costing to accumulate product costs. Write down step 1 to step 5 using weighted average method and FIFO method 3.
Transcribed Image Text:Weighted-Average Method Gifford, Inc. produces a single model of a popular cell phone in large quantities. A single cell phone moves through two departments, assembly and testing. The manufac- turing costs in the assembly department during March follow: Direct materials added $187,500 Conversion costs 165,410 $352,910 The assembly department has no beginning work-in-process inventory. During the month, it started 25,000 cell phones, but only 22,000 were fully completed and transferred to the testing depart- ment. All parts had been made and placed in the remaining 3,000 cell phones, but only 60 percent of the conversion had been completed. The company uses the weighted-average method of process costing to accumulate product costs. Write down step 1 to step 5 using weighted average method and FIFO method 3.
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