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Homework answers / question archive / Tringle Zipper Company accumulates costs for its single product using process costing
Tringle Zipper Company accumulates costs for its single product using process costing. Direct materials is added at the beginning of the production process and conversion activity occurs uniformity throughout the process. A partially completed production repost for May follows.
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Production report, May |
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Physical units |
Percentage of completion with respect to conversion 40% |
Equivalent units |
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Direct materials |
Conversion |
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Work in process, 1 May |
25000 |
40% |
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Units started during May |
30000 |
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55000 |
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Units completed and transferred out during May |
35000 |
35000 |
35000 |
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Work in Process, 31 May |
20000 |
80% |
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Total units accounted for |
55000 |
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Direct Materials |
Conversions |
Total |
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Work in process, 1 May |
$143,000 |
$474,700 |
$617,700 |
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Costs incurred during May |
165000 |
2009000 |
2174000 |
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Total costs to account for |
$308,000 |
$2,583,700 |
$2,791,700 |
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Required
Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May
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