Question 1 Happy Manufacturing Company assembles its product in several departments. It has two departments...
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Accounting
Question 1
Happy Manufacturing Company assembles its product in several departments. It has two departments that process all units. During October, the beginning work in process in the sewing department was half completed as to conversion, and completed as to direct materials. The beginning inventory included $12,000 for materials and $3,000 for conversion costs. Ending work-in-process inventory in the sewing department was 40% complete for conversion and 100% complete as for materials. Direct materials are added at the beginning of the process.
Sewing
Beginning work-in-process units 20,000
Units started this period 40,000
Units transferred this period 50,000
Ending work-in-process units 10,000
Cost Added:
Material $42,000
Conversion costs $40,200
Required:
1. Prepare a production cost worksheet using weighted-average for the sewing
department. (11 marks)
2. Give 2 similarities between process costing and job costing. (4 marks)
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