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 ......................

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 April

2.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.