The Following Costs Were Accumulated by Department 2 of Joplin

question 119

Essay

The following costs were accumulated by Department 2 of Joplin Company during November:

	Cost Transferred from Dept. 1	Material	Conversion Costs	Total
Beginning Inventory	$ 17,050	0	$ 5,450	$ 22,500
Current Period Cost	184,000	$ 34,000	104,000	322,000
	$ 201,050	$ 34,000	$ 109,450	$344,500

Production for November in Department 2 (in units):

WIP-November 1	2,000 60% complete
Complete period transferred	20,000
WIP-November 30	5,000 40% complete

Materials are not added in Department 2 until the very end of processing Department 2.
Required:Compute the cost of units completed and the value of ending WIP for:
a. Weighted average invent ouv assumntion
b. FIFO inventoty assumption

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Definitions:

Foreign Currency

Currency used in a country other than one's own, representing money that is not domestically issued.

Financial Management

The strategic planning, organizing, directing, and controlling of financial undertakings in an organization or an institution.

Equity Financed

A means of raising capital through the sale of shares in a company, providing investors with ownership interests.

Accounts Receivable Policies

Guidelines and procedures a company follows to manage money owed by customers for goods or services delivered on credit.