# Need help with Accounting questions

Oct 26th, 2015
SKTFaker
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Accounting
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### Problem 16-7A

Rondeli Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Rondeli Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows.

 Production Data—Bicycles Units PercentComplete Work in process units, March 1 200 80 % Units started into production 1,340 Work in process units, March 31 310 40 %

 Cost Data—Bicycles Units PercentComplete Work in process units, March 1 \$19,270 Direct materials 49,730 Direct labor 25,120 Manufacturing overhead 29,950

 Production Data—Tricycles Units PercentComplete Work in process units, March 1 1,000 75 % Units started into production 800 Work in process units, March 31 60 25 %

 Cost Data—Tricycles Units PercentComplete Work in process units, March 1 \$6,070 Direct materials 30,490 Direct labor 15,230 Manufacturing overhead 19,900
[img border="0" alt="" height="1" width="8" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">
[img border="0" alt="" height="1" width="8" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">

Calculate the following for both the bicycles and the tricycles.

(1) The equivalent units of production for materials and conversion costs.

 Materials Conversion Costs Equivalent Units of bicycles [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_1"> [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_003"> Equivalent Units of tricycles [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_005"> [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_007">

(2) The unit costs of production for materials and conversion costs. (Round unit costs to 3 decimal places, e.g. 25.215.)

 Materials Conversion Costs Unit costs of bicycles [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_009"> [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_011"> Unit costs of tricycles [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_013"> [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_015">

(3) The assignment of costs to units transferred out and in process at the end of the accounting period. (Round answers to 0 decimal places, e.g. 2,520.)

Bicycles

 Costs accounted for: Transferred out \$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_017"> Work in process, March 1 Materials \$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_019"> Conversion costs [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_021"> [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_023"> Total costs \$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_025">

Tricycles

 Costs accounted for: Transferred out \$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_027"> Work in process, March 1 Materials \$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_029"> Conversion costs [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_031"> [img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_033"> Total costs \$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_035">
[img border="0" alt="" height="1" width="8" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">
[img border="0" alt="" height="1" width="8" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">

Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, e.g. 25.123 and all other answers to 0 decimal places, e.g. 2,520.)

(Top Tutor) Daniel C.
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School: Carnegie Mellon University

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