17-39 TRANSFERRED-IN COSTS, WEIGHTED-AVERAGE METHOD. Hoffman Company, as you know, is a manufacturer of car seats. Each

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17 39 Transferred In Costs Weighted Average Method Hoffman Company As You Know Is A Manufacturer Of Car Seats Each 1 (51.26 KiB) Viewed 31 times

17 39 Transferred In Costs Weighted Average Method Hoffman Company As You Know Is A Manufacturer Of Car Seats Each 2 (42.48 KiB) Viewed 31 times

17 39 Transferred In Costs Weighted Average Method Hoffman Company As You Know Is A Manufacturer Of Car Seats Each 3 (43.4 KiB) Viewed 31 times

17-39 TRANSFERRED-IN COSTS, WEIGHTED-AVERAGE METHOD. Hoffman Company, as you know, is a manufacturer of car seats. Each car seat passes through the assembly department and testing department. This problem focuses on the testing department. Direct materials are added when the testing department process is 90% complete. Conversion costs are added evenly during the testing department's process. As work in assembly is completed, each unit is immediately transferred to testing. As each unit is completed in testing, it is immediately transferred to Finished Goods.
Required Work in process, October 14 Transferred in during October 2017 Completed during October 2017 Work in process, October 31 Total costs added during October 2017 Physical Units (Car Seats) 5,500 $2,931,000 ? 29,800 Transferred- In Costs 1,700 Direct Materials S Conversion Costs 0 $ 499,790 $8,094,000 $10,877,000 $4,696,260 a Degree of completion: transferred-in costs,? %; direct materials, ?%; conversion costs, 65%. be Degree of completion: transferred-in costs, ?%; direct materials, ?%; conversion costs, 45%.
Required 1. What is the percentage of completion for (a) transferred-in costs and direct materials in beginning work-in-process inventory and (b) transferred-in costs and direct materials in ending work-in-process inventory? 2. For each cost category, compute equivalent units in the testing department. Show physical units in the first column of your schedule. 3. For each cost category, summarize total testing department costs for October 2017, calculate the cost per equivalent unit, and assign costs to units completed (and transferred out) and to units in ending work in process. 4. Prepare journal entries for October transfers from the assembly department to the testing department and from the testing department to Finished Goods.