Reference no: EM132517336
Accessory World makes floor mats for the automobile industry. Finished sets of mats must pass through two departments: Cutting and Coating. The following info pertains to May activity in the cutting department:
Cost Data
Total cost of beginning inventory on May 1 $44,800
Direct Materials Cost incurred in May 200,000
Conversion costs incurred in May 87,200
Physical Unit data
Units in process in May 8,000 sets
Units started in May 50,000 sets
Units in process in May 31 10,000 sets
Percentage of completion data
Direct materials May 1 100%
Conversion May 1 80%
Direct Materials May 31 100%
Conversion, May 31 20%
Question A. Show a schedule showing (1) the number of mat sets transferred from Cutting to Coating in May and (2) the number of mat sets started and completed by the cutting department.
Question B. Compute the equivalent units of input resources for the cutting department in May
Question C. Compute the cost per equivalent unit of input resource for the Cutting Department in May
Question D. Prepare the summary journal entry required to transfer the cost of completed mat sets from the cutting dept to the coating dept in May
Question E. Compute the total cost assigned to the cutting dept ending inventory on May 31