Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.The beginning inventory on the first of April was 100% complete as to materials and 40% as to conversions costs.Beginning WIP included: 4,800 units, which amounted to $21,800. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $147,770 to place 80,000 sprockets into production. Ending WIP amounted to 8,000 units, which were 100% completed for materials and 20% completed to conversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all future calculations). UNITSUnits to accountfor:Beginning work-in-processMaterials ReceivedTotal units toaccount forUnits to beassigned costs:Beginning WIPStarted andCompletedTransferred outEnding work-in-processTotal unitsassigned costsCOSTSCosts perEquivalent Unit ofProduction:Total costs for themonthTotal EquivalentUnitsCosts per EUPCosts Assigned toProduct:Beginning WIPCost for the monthTotalCosts allocated tounits:Beginning WIPCost to completeWIPStarted andCompleted unitsTransferred outEnding WIPTotal CostsAssignedSubmit All PartsSpacely SprocketsWhole UnitsTransferredInTransferredInSpacely SprocketsEquivalent UnitsDirectMaterialDirectMaterialsConversionCostsConversionCostsTotal Costs

The FIFO method computes the equivalent units differently than the weighted-average method in the…

Answered: Spacely Sprockets makes key components…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 15MC: Which of the following is the step in which materials, labor, and overhead are detailed? A....

See similar textbooks

Related questions

Question

Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.

The beginning inventory on the first of April was 100% complete as to materials and 40% as to conversions costs.

Beginning WIP included: 4,800 units, which amounted to $21,800. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $147,770 to place 80,000 sprockets into production. Ending WIP amounted to 8,000 units, which were 100% completed for materials and 20% completed to conversions costs.

Prepare a production report using the FIFO Method.

(Round your answers to two decimal places when needed and use rounded answers for all future calculations).

UNITS
Units to account
for:
Beginning work-in-
process
Materials Received
Total units to
account for
Units to be
assigned costs:
Beginning WIP
Started and
Completed
Transferred out
Ending work-in-
process
Total units
assigned costs
COSTS
Costs per
Equivalent Unit of
Production:
Total costs for the
month
Total Equivalent
Units
Costs per EUP
Costs Assigned to
Product:
Beginning WIP
Cost for the month
Total
Costs allocated to
units:
Beginning WIP
Cost to complete
WIP
Started and
Completed units
Transferred out
Ending WIP
Total Costs
Assigned
Submit All Parts
Spacely Sprockets
Whole Units
Transferred
In
Transferred
In
Spacely Sprockets
Equivalent Units
Direct
Material
Direct
Materials
Conversion
Costs
Conversion
Costs
Total Costs

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions