1. Part A: Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement Nish Corporation has provided the following data for the month of April: Sales ……………………………………….. $220,000 Raw materials purchases …………… $50,000 Direct labor cost ………………………. $23,000 Manufacturing overhead cost …….. $59,000 Selling expense ………………………… $18,000 Administrative expense …………….. $43,000 Inventories: Beginning Ending Raw materials …….. $26,000 $35,000 Work in process ….. $18,000 $22,000 Finished goods ……. $42,000 $29,000 Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form for April. b. Prepare an Income Statement in good form for April2.Part C: Process Costing using Weighted Average Timberline Associates uses the weighted-average method in its process costing system. The following data are for the first processing department for a recent month: Work in process, beginning: Units in process ……………………………………………….. 2,400 Percent complete with respect to materials ………….. 75% Percent complete with respect to conversion ……….. 50% Costs in the beginning inventory: Materials cost ………………………………………………….. $8,400 Conversion cost ……………………………………………….. $7,200 Units started into production during the month ……….. 20,800 Units completed and transferred out ……………………… 22,200 Costs added to production during the month: Materials cost ………………………………………………….. $97,400 Conversion cost ……………………………………………….. $129,600 Work in process, ending: Units in process ……………………………………………….. 1,000 Percent complete with respect to materials ………….. 80% Percent complete with respect to conversion ……….. 60% Required: a. Determine the equivalent units of production. b. Determine the costs per equivalent unit. c. Determine the cost of ending work in process inventory. d. Determine the cost of the units transferred to the next department.3. Part D: Process Costing using First-in-First Out (FIFO) Crone Corporation uses the FIFO method in its processing costing system. The following data concern the company’s Assembly Department for the month of October. Cost in beginning work in process inventory …….. $1,920 Units started and completed this month ……………. 3,130 Materials Conversion Cost per equivalent unit ………………………………….. $9.50 $20.40 Equivalent units required to complete the units in beginning work in process inventory …………….. 360 140 Equivalent units in ending work in process inventory ……………………………………………… 330 264 Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during October using the FIFO method.
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