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Complete the 5 steps of computations for the process costing system, using FIFO for Department...

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Accounting

Complete the 5 steps of computations for the process costing system, using FIFO for Department A and weighted average for Department B; and journalize the transfers from Department A to Department B and from Department B to Finished Goods. Following are the data of production cost and units produced for Candid Productions Corp: PHYSICAL UNITS Completed as to Completed as to INPUTS Department A materials conversion costs Department B materials conversion costs Beginning WIP 2,000 15% 30% 4,000 80% 55% New units started 8,000 Refer to Dept A Abnormal spoilage 300 500 Normal spoilage 400 300 Ending WIP 1,300 35% 60% 2,200 70% 85% COSTS Department A Previous month Current month COSTS Department B Previous month Current month Direct labor 6,000 7,000 Direct labor 8,000 10,000 Factory Overhead 3,000 14,000 Factory Overhead 3,000 15,000 Materials 4,000 17,000 Materials 9,000 30,000 Transferred-in costs Refer to department A

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