In: Accounting
Liz Electronics makes game consules in three processes:
assembly, programming and packaging. Direct materials are added at
the beginning of the assembly process. Conversion costs are
incurred evenly throughout the process. The Assembly Department had
no work-in-process inventory on October 31.
Requirements:
1. prepare a production cost report for the assembly department for
november. the company uses the weighted-average method.
2. prepare a t-account for work-in-process inventory---assembly to
show its activity during november, including november 30
balance.
additional information: in mid-november, Liz electronics started
production to 115,000 game consules. of this number, 99,000 game
consules were assembled during november and transferred out to the
programming department. the november 30 work-in-process inventory
in the assembly department was 45% of the way through the assembly
process. Direct materials costing $345,000 were placed in
production in assembly during november, direct labor of $150,000
was assigned, and manufacturing overhead of $62,400 was allocated
to that department.