Please help me with the following question thank you! Alpha Company had the foll
ID: 2534107 • Letter: P
Question
Please help me with the following question thank you!
Alpha Company had the following information for FY 2017: Work in Process-1/1/17 100,000 units 575,000 units 75,000 units Units Started into Production Work in Process-12/31/17 Direct Material put into Production Direct Labor put into Production Factory Overhead put into $575,000 $340,000 $503,750 The beginning work in process was 100% complete as to direct materials and 75% complete as to conversion costs. The ending work in process was 100% complete as to direct materials and 50% complete as to conversion costs. ed of $268,750 $431,250 The beginning work in process consist Direct Material Conversion Costs Alpha Company uses the weighted-average method. Use this information to prepare December 31, 2017, summary General Journal entries, without explanations, to record the direct material, direct labor and factory overhead into the work in process account for FY 2017. Prepare the December 31, 2017 General Journal entry to transfer completed units to the finished goods inventory. (Round any final dollar answers to the nearest whole dollar.) 12/31/17 12/31/17Explanation / Answer
Weighted average cost Beggining units 100000 Transferred out 6,00,000 Started intro production 575000 Ending units 75,000 Units accounted for 675000 675000 Equivalent units Material Conversion cost Units transferred A 600000 600000 Ending Units 75,000 75,000 Completion 100% 50% B 75000 37500 Total units 675000 637500 Cost per equivalent units Particulars Material Conversion cost total As at beginning 268750 431250 700000 Added during the month 575000 843750 1418750 Cost to be accounted for 843750 1275000 2118750 Total eqivalent units 675000 637500 Cost per equivalent unit 1.25 2.00 3.25 Cost per equivalent unit = Cost to be accounted for / Total equivalent units Cost of ending work in progress Conversion cost Particulars Material Total Ending units 75,000 75,000 Cost per equivalent units 1.25 2.00 Completion 100% 50% Total cost 93750 75000 168750 Cost of goods transferred Conversion cost Particulars Material Total Number of units 600000 600000 Cost per equivalent units 1.25 2.00 3.25 Total amount 750000 1200000 1950000 31-Dec Work in progress inventory 1418750 Raw material inventory 575000 Wages payable 340000 Factory overheads 503750 31-Dec Finished goods inventory 1950000 Work in progress inventory 1950000