ABC Company manufactures a product through three process departments. In the first process, all direct materials...

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Accounting

ABC Company manufactures a product through three processdepartments. In the first process, all direct materials are addedat the beginning of the process. The following information pertainsto the month of September.
Production units:
In process, September 1 (20% complete)
1,000 units
Started during September
5,000 units
In process, September 30 (60% complete) 1,500 unitsManufacturing costs:
Work in process, beginning $14,730
Direct materials $45,000
Conversion costs $154,440
Assume the beginning balance of work in process includes directmaterials $1,770.
(1) Prepare production report for September using FIFO processcosting.
(2) Prepare all necessary journal entries for the first processusing FIFO.
(3) Determine the ending balance of work in process usingweighted average.

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UNITS TO ACCOUNT FOR Beginning Work in Process units 1000 Add Units Started in Process 5000 Total Units to account for 6000 UNITS TO BE ACCOUNTED FOR Units completed from Beginning WIP 1000 Units started and completed 3500 Ending Work in Process 1500 Total Units to be accounted for 6000 Equivalent Units Material Cost Conversion Completion Units Completion Units Units completed from Beg WIP 0 0 80 800 Units started and completed 100 3500 100 3500 Ending Work in Process 100 1500 80 900 Total Equivalent units See Answer

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ABC Company manufactures a product through three processdepartments. In the first process, all direct materials are addedat the beginning of the process. The following information pertainsto the month of September.Production units:In process, September 1 (20% complete)1,000 unitsStarted during September5,000 unitsIn process, September 30 (60% complete) 1,500 unitsManufacturing costs:Work in process, beginning $14,730Direct materials $45,000Conversion costs $154,440Assume the beginning balance of work in process includes directmaterials $1,770.(1) Prepare production report for September using FIFO processcosting.(2) Prepare all necessary journal entries for the first processusing FIFO.(3) Determine the ending balance of work in process usingweighted average.