Hoffman Company, as you know, is a manufacturer of car seats. Each car seat passes through the assembly department and t

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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 10 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 ? 29,800 1,700 Transferred- In Costs $2,931,000 Direct Materials 0 Conversion Costs $ 499,790 $8,094,000 $10,877,000 $4,696,260 a Degree of completion: transferred-in costs, ?%; direct materials, ?%; conversion costs, 65%. b Degree of completion: transferred-in costs, ?%; direct materials,?%; conversion costs, 45%.
17-40 TRANSFERRED-IN COSTS, FIFO METHOD (continuation of 17- 390). Refer to the information in Problem 17-39. Suppose that Hoffman Company uses the FIFO method instead of the weighted-average method in a of its departments. The only changes to Problem 17-390 under the FIFO method are that total transferred-in costs of beginning work in process on October 1 are $2,879,000 (instead of $2,931,000) and that total transferred-in costs added during October are $9,048,000 (instead of $8,094,000).