Question

In: Accounting

1. Sanchez Corporation uses the weighted-average method in its process costing system. The Fitting Department is...

1. Sanchez Corporation uses the weighted-average method in its process costing system. The Fitting Department is the second department in its production process. The data below summarize the department's operations in March.

Units Percent Complete with respect to conversion
Beginning Work In Process Inventory 7,000 60%
Transferred in from prior department in March 52,000
Ending Work in Process Inventory 3,500 80%

The Fitting Department's cost per equivalent unit for conversion cost for March was $8.66.
How much conversion cost was assigned to the units transferred out of the Fitting Department during March?

2. In February, one of the processing departments at Carpentier Corporation had beginning work in process inventory of $14,000 and ending work in process inventory of $29,000. During the month, $148,000 of costs were added to production and the cost of units transferred out from the department was $133,000. In the department's cost reconciliation report for February, the total cost to be accounted for would be:

Solutions

Expert Solution

1) Beginning wip 7,000 completed & transferred out 55,500
units transferred in 52,000 Ending WIP 3,500
units to be accounted 59,000 units accounted for 59,000
thus conversion cost Assigned to units transferred out is
55,500 units *8.66
480630 answer
2) total cost to be accounted for
Beginning work in process 14,000
Cost added during the year 148,000
total cost to be accounted for 162,000

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