- In Its Department R Recyclers Inc Processes Donated Scrap Cloth Into Towels For Sale In Local Thrift Shops It Sells 1 (61.03 KiB) Viewed 6 times
- In Its Department R Recyclers Inc Processes Donated Scrap Cloth Into Towels For Sale In Local Thrift Shops It Sells 2 (34.41 KiB) Viewed 6 times
In its Department R, Recyclers, Inc., processes donated scrap cloth into towels for sale in local thrift shops. It sells the products at cost. The direct materials costs are zero, but the operation requires the use of direct labor and overhead. The
company uses a process costing system and tracks the processing volume and costs incurred in each period. At the start of the current period, 300 towels were in process and were 60 percent complete. The costs incurred were $576. During the month, costs of $10,800 were incurred, 2,700 towels were started, and 150 towels were still in process at the end of the month. At the end of the month, the towels were 20 percent complete. Required: a. Prepare a production cost report; the
company uses weighted-average process costing. b. Show the flow of costs through T-accounts. Assume that current period conversion costs are credited to various payables. Complete this
question by entering your answers in the tabs below. Required A Required B Prepare a production cost report; the
company uses weighted-average process costing. (Round "Conversion costs" to 2 decimal places.) Flow of Production Units Units to be accounted for Beginning WIP inventory Units started this period Total units to be accounted for Units accounted for: RECYCLERS, INC. Production Cost Report-Weighted Average Units completed and transferred out: Units in ending WIP inventory Total units accounted for Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Conversion costs Costs accounted for: Costs assigned to units transferred out: Conversion costs Costs assigned to ending WIP inventory Conversion costs Total costs accounted for Physical Units Total Costs 0 0 S $ Conversion Costs 0 $ 0.00 $ 0 0 0.00
In its Department R, Recyclers, Inc., processes donated scrap cloth into towels for sale in local thrift shops. It sells the products at cost The direct materials costs are zero, but the operation requires the use of direct labor and overhead. The
company uses a process costing system and tracks the processing volume and costs incurred in each period. At the start of the current period, 300 towels were in process and were 60 percent complete. The costs incurred were $576. During the month, costs of $10,800 were incurred, 2.700 towels were started, and 150 towels were still in process at the end of the month. At the end of the month, the towels were 20 percent complete. Required: a. Prepare a production cost report; the
company uses weighted-average process costing. b. Show the flow of costs through T-accounts. Assume that current period conversion costs are credited to various payables. Complete this
question by entering your answers in the tabs below. Required A Required B Show the flow of costs through T-accounts. Assume that current period conversion costs are credited to various payables. (Do not round intermediate calculations. Round your answers to 2 decimal places) Beginning inventory This period's costs Ending inventory Beg bal End bal Work in Process Finished Goods Inventory Beg bal End bal Various Payables