That was all the information given Instructions I. The assignment is to be submi
ID: 2601779 • Letter: T
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That was all the information given
Instructions I. The assignment is to be submitted by Monday 18 December 2017 by 4:30 p.m. 2. Any work received after the submission deadline will receive a recorded mark of zero. There will be no extensions given. Create a title page and provide the following information 3. a. Full name of the course b. Your USI number c. The title of the assignment: Assignment No. 1 QUESTION: Plastic Hardware produces plastic ice cube trays in two processes: heating and stamping. All materials are added at the beginning of the Heating Department process. Sterling uses the weighted-average method to compute the equivalent units. The company has gathered the following information for November 2015 Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: 5,000 units 6,000 units 1,000 units Conversion costs Materials 80 percent 100 percent Cost incurred Direct materials Direct labour Overhead S1,820 S1330 $2,025 Required (a) Prepare a production cost report for the Heating department for the month of November 2017, using he weighted-average method and FIFO method (b) Journalize the transfer ofcosts to the Stamping Department.Explanation / Answer
PLASTIC HARDWARE COMPANY For November, 2017 Equivalent Unit Quantities Units Materials Conversion Cost Units to be accounted for WIP, November 2015 5,000 Started into production 6,000 Total Units 11000 Units accounted for Transferred out 10000 10000 10000 WIP, november 2015 1000 1000 800 Total units 11000 11,000 10,800 Cost Conversion Unit cost Material Cost Total Total cost a $1,820 $3355* $5,175 Equivalent cost b 11000 10,800 Unit cost a/b $0.17 $0.33 $0.49 Cost to be accounted for WIP, Nov 1 5,000 Started into production 334 Total Cost 5,334 * cost= $1330+$2025 Cost Reconcilliation Schedule Cost accounted for Transferred out (10000*0.49) 4,900 WIP, November 2015 Material(1000*0.17) $170 Conversion cost (800*0.33) $264 Total Cost 5,334 Journal Entries DEBIT CREDIT B. WIP- Stamping $4,900 To WIP-Heating $4,900 (to record transfer out)
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