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Please answer quickly(more thumps up) 1) Lala Land is a manufacturer of electronic dog whistles...

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Question

Accounting

Please answer quickly(more thumps up)

1) Lala Land is a manufacturer of electronic dog whistles in a single processing department, assembly. DMs are added at the start of the process and conversion costs are added evenly throughout the process. The following information for July is available:

Required (Show all your work)

a) Calculate the total costs transferred out and the cost of ending WIP under the weighted-average method.

b) Calculate the total costs transferred out and the cost of ending WIP under the FIFO method.

Units:

WIP, July 1:

1,500 units; DMs 100%; conversion costs 60%

Started in July:

8,000 units

Completed in July:

7,500 units

WIP, July 31:

2,000 units; DMs 100%; conversion costs 35%

Costs:

WIP, July 1:

DM $8,000; conversion costs $35,300

Started in July:

DM $68,000; conversion costs $153,300

Answer & Explanation Solved by verified expert
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