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The Scooter Company uses a process cost system for making scooter wheels. Materials are added at...

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Advance Math

The Scooter Company uses a process cost system for makingscooter wheels. Materials are added at the beginning of the processand conversion costs are uniformly incurred. At the beginning ofOctober the work-in-process is 40 percent complete and at the endof the month it is 60 percent complete. Spoilage is detected at theend of the process. Other data for the month include:

Beginning work-in-process inventory1600units
Unitsstarted20000units
Unitsplaced in finished goods12000units
Endingwork-in-process inventory1200units
Normalspoilage % on all units finished20percent
Conversion costs40320
Cost ofdirect materials40000
Beginningwork-in-process costs:
Materials4000
Conversion4032

Required

a. Prepare a production cost worksheet assuming that spoilage isrecognized and the weighted-average method is used.

b.Prepare journal entries to record transferring out of costfrom the work-in-process accounts.

please explain calulations.

Answer & Explanation Solved by verified expert
3.7 Ratings (522 Votes)
SOLUTION AB Production Worksheet Direct Material Conversion Cost of of Flow of Production Whole Units Completion units Completion units Beginning Work in process inventory 1500 Units Started 20000 Total Units to be accounted for 21500 Good units completed and transferred during the current period 12000 100 12000 100 12000 Normal Spoilage 2400 100 2400 100 2400 Abnormal    See Answer
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