lomework: 4-1 MyAccountingLab: Module Four Homework Score: 0 of 1 pt Assignment

ID: 2484928 • Letter: L

Question

lomework: 4-1 MyAccountingLab: Module Four Homework Score: 0 of 1 pt Assignment Score: 19.3% (0.58 of 3 pts) Gannett Handcraft is a manufacturer of picture trames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department Thi assembly department The process-costing system at Gannett has a single dired-cost category (diredt materials) and a single indired-cost category (conversion costs) Direct matenal's a assembly department process is 10% complete Conversion costs are added evenly during the assembly departme rs process Gannet uses the weighted aerage method of process following data for the assembly department in Apnil 2014 Click the icon to wew the data) Requirements 1. Summarize total assembly department costs for April 2014, and assign total costs to units completed (and transferred out) and to units in ending work in process. 2. What issues should a manager focus on when reviewing the equivalent units calculation? To account for Completed and transferred out during current period Work in process, ending Accounted for Equivalent units of work done to date 450 450 450 120 120 Now summarize the total costs to account for Total Production Costs Conversion Costs Direct Materials Total costs to account for Choose from any list or enter any number in the input field, then click Check Answer parts ip

Explanation / Answer

Total cost to account for

Total production cost

Direct materials

Conversion cost

Beginning WIP

$1,686

1,530

156

Added during the year

29,394

17,850

11,544

total

$31,080

$19,380

11,700

Cost per unit

Materials = 19,380/570 = $34 per unit

Conversion = 11,700/468= $25 per unit

2)cost assigned to units transferred

Materials and conversion = 450* (34+25) = $26,550

Cost assigned to WIP

Materials = 120*34 = 4,080

Conversion = 18*25 = 450 = 4,530

Total cost accounted for =$31,080