The following data pertain to the Fantasia Flour Milling Company for the month of October. - 75979

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yousafbhutta

yousafbhutta

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  • From: Business, Accounting
  • Posted on: Mon 27 Oct, 2014
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Request Description
The following data pertain to the Fantasia Flour Milling Company for the month of October. Work in process, October 1 (in units) ? Units started during October 70,000 Total units to account for 80,000 Units completed and transferred out during October ? Work in process, October 31 (in units) 5,000 Total equivalent units: direct material 80,000 Total equivalent units: conversion ? Work in process, October 1: direct material $ 112,000 Work in process, October 1: conversion ? Costs incurred during October: direct material ? Costs incurred during October: conversion 900,000 Work in process, October 1: total cost 142,225 Total costs incurred during October 1,500,000 Total costs to account for 1,642,225 Cost per equivalent unit: direct material 8.90 Cost per equivalent unit: conversion ? Total cost per equivalent unit 20.75 Cost of goods completed and transferred out during October ? Cost remaining in ending work-in-process inventory: direct material ? Cost remaining in ending work-in-process inventory: conversion 41,475 Total cost of October 31 work in process 85,975 ________________________________________ Additional Information: a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. b. Fantasia uses weighted-average process costing. c. The October 1 work in process was 15 percent complete as to conversion. d. The October 31 work in process was 70 percent complete as to conversion. Required: Compute the missing amounts indicated below and complete the following sections of the firm's October production report. (Round "Cost per equivalent unit" to 2 decimal places.)
Solution Description

The following data pertain to the Fantasia Flour Milling Company for the month of October.
 
          
  Work in process, October 1 (in units)         ?
  Units started during October         70,000  
  Total units to account for         80,000  
  Units completed and transferred out during October &