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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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