Compute cost of goods transferred out and the cost of ewip

Assignment Help Financial Accounting

Reference no: EM13939944

Process Costing

Now suppose that Springville Company uses the FIFO method for inventory valuations. Springville produces a product that passes through two departments: Blending and Cooking. In the blending department, all materials are added at the beginning of the process. All other manufacturing inputs are added uniformly. The following information pertains to the blending department for February:

a. BWIP, February 1: 100,000 pounds, 40 percent complete with respect to conver- sion costs. The costs assigned to this work are as follows:

Materials	$20,000
Labor	10,000
Overhead	30,000

b. EWIP, February 28: 50,000 pounds, 60 percent complete with respect to conver- sion costs.

c. Units completed and transferred out: 370,000 pounds. The following costs were added during the month:

Materials	$211,000
Labor	100,000
Overhead	270,000

Required:

1. Prepare a physical flow schedule.

2. Prepare a schedule of equivalent units.

3. Compute the cost per equivalent unit.

4. Compute the cost of goods transferred out and the cost of EWIP.

Reference no: EM13939944

Questions Cloud

Create set methods for color and height, but not for price : Create a class for the business named Candle that contains data fields for color, height, and price. Create get methods for all three fields

Develop an emergency response plan for riverbend city : In the media piece, you were asked to select 10 individuals to invite to participate in a roundtable discussion to develop an emergency response plan for Riverbend City

What are requirements for being a student affiliate of apa : What do the following examples show us about the need for empirical research? Provide not only your answer to each question, but your rationale for your answer.

Report for an educational organization on the development : Write a report for an educational organization on the development of a high quality and sustainable e-Learning environment. In the report you should: Identify your vision for e-Learning within the educational institution; briefly explain how this ..

Compute cost of goods transferred out and the cost of ewip : Prepare a physical flow schedule. Prepare a schedule of equivalent units. Compute the cost per equivalent unit. Compute the cost of goods transferred out and the cost of EWIP.

Facilitate the successful implementation of diversity policy : How can managers facilitate the successful implementation of diversity policy?

Calculate the channel capacity : Calculate the channel capacity and what is the minimum transmission time to required transfer all characters over the channel without error?

What was the attention to details : Ideas and links for obtaining a recent (less than 6 months old) article from the popular press (newspaper or magazine) and a peer reviewed journal article on the same or similar topic are included. Advice on how to clearly summarize each article i..

Display the average height and name of the tallest person : A person has a name and a height in centimeters. Implement a dataset to process a collection of Person objects. Display the average height and the name of the tallest person.

User Account

All Pages