Test 2 Prep SP22

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University of Colorado, Denver *

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3320

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Accounting

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Apr 3, 2024

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xlsx

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14

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1) Cost Type: Transferred In Direct Materials Finished and Transferred 1,440,000 1,440,000 Remaining in Process 60,000 33,000 Equivalent Units: 1,500,000 1,473,000 2) Transferred In Beginning Costs $ 356,000 Plus: Costs Incurred in Process $ 850,000 Costs per Cost Area $ 1,206,000 3) Direct Materials Conversion Units Finished 950 950 Cost per Unit $ 23.00 $ 5.00 Costs Transferred to Sealing $ 21,850.00 $ 4,750.00 4) Beginning Units 10,000 Plus: Units Started 115,000 Total Physical Units of Inventory 125,000
Conversion 1,440,000 45,000 1,485,000 TOTALS $ 26,600 1) Rock has 1,500,000 physical units of inventory in its Finishing Process. The units were transferred from a previous step. 60,000 units remain in the process at the end These units are 55% completed in Materials and 75% completed in Conversion. 2) Brick's design process makes special cinderblocks for construction. The process began with 95,000 units and $356,000 in costs from the previous processes. 65,000 mugs with transferred costs of $1,110,000 are transferred into the process. Conversion costs are $850,000 for the period. What is the total transferred-in costs in the design process? 3) Stone has a process of shaping stones for construction. In this process, 1,000 units were started and 950 were finished. The conversion costs were $5 per unit and the direct materials costs were $23. How much in costs were transferred into the next process? 4) Cement's process begins with 10,000 units that are 50% done in both materials an conversion. Cement begins 115,000 units and finishes 95,000 units. Determine Cement's Physical Units for the process.
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Calculation of Equivalent Units Cost Type: Transferred In Direct Materials Conversion Finished and Transferred 1,440,000 1,440,000 1,440,000 Remaining in Process 60,000 33,000 45,000 Equivalent Units: 1,500,000 1,473,000 1,485,000 Transferred In Beginning Costs $ 356,000 Plus: Costs Incurred in Proces $ 1,110,000 Costs per Cost Area $ 1,466,000 Costs transferred and in Process Direct Materials Conversion TOTALS Units Finished 950 950 Cost per Unit $ 5.0000 $ 23.0000 Costs Transferred to Sealing $ 4,750.00 $ 21,850.00 $ 26,600 Cement's Process Physical Units Beginning Units 10,000 Plus: Units Started 115,000 Total Physical Units of Invent 125,000 1) Rock h were tra These un 2) Brick' began w mugs wi Convers the desi 3) Stone were sta direct m process? 4) Ceme and con Cement'
has 1,500,000 physical units of inventory in its Finishing Process. The units ansferred from a previous step. 60,000 units remain in the process at the end. nits are 55% completed in Materials and 75% completed in Conversion. 's design process makes special cinderblocks for construction. The process with 95,000 units and $356,000 in costs from the previous processes. 65,000 ith transferred costs of $1,110,000 are transferred into the process. sion costs are $850,000 for the period. What is the total transferred-in costs in ign process? e has a process of shaping stones for construction. In this process, 1,000 units arted and 950 were finished. The conversion costs were $5 per unit and the materials costs were $23. How much in costs were transferred into the next ? ent's process begins with 10,000 units that are 50% done in both materials nversion. Cement begins 115,000 units and finishes 95,000 units. Determine 's Physical Units for the process.
Fabrication, mins Finishing, mins Cycle Time, Hrs Hammer 5 6 0.183 Chisel 10 12 0.367 Axe 12 15 0.450 Productive Hours Capacity Units Cycle Time, Hrs Production Hours Hammer 100000 0.183 18,333.33 Chisel 100000 0.367 36,666.67 Axe 100000 0.450 45,000.00 Total Hours Capacity 100,000 Overhead Rate Total OH $ 3,200,000.00 Practical Capacity, Hrs 100,000 Overhead Rate per Hour $ 32.00 Unused Capacity Units Cycle Time, Hrs Time Used, hrs Hammers 90000 0.18 16,500.00 Chisels 95000 0.37 34,833.33 Axes 98000 0.45 44,100.00 Total Time Used 95,433.33 Total Overhead $ 3,200,000.00 Overhead Applied $ 3,053,866.67 Unused Capacity $ 146,133.33
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Boulder Company has the following information related to its operations. Use Duration Based Costing to allocate overhead across these processes. Boulder makes three items: Hammers, Chisels, and Axes. There are two processes in creating these items: Fabrication and Finishing. The cycle times for each item are given below for Fabrication and Finishing Hammer: 5 minutes, 6 minutes Chisel: 10 minutes, 12 minutes Axe: 12 minutes, 15 minutes Boulder has practical capacity of 100,000 of each item. Boulder has total overhead costs of $3,200,000 during the period. REQUIRED Calculate the Cycle time for each item, the Productive Hours Capacity, and the Overhead Rate per Hour for Boulder. If Boulder produces 90,000 Hammers, 95,000 Chisels, and 98,000 Axes, What is the unused capacity for Boulder?
Assembly, minutes Hammers 5 6 0.183333333333 Chisels 10 12 0.366666666667 Axes 12 15 0.45 Hammer 100,000 18,333.33 Chisel 100,000 36,666.67 Axe 100,000 45,000.00 Total Hours 100,000.00 Total Overhead 3,200,000 Overhead Rate 32.00 Unused Capacity: Units Produced Hammers $ 90,000.00 0.183333333333333 16,500.00 Chisels $ 95,000.00 0.366666666666667 34,833.33 Axes $ 98,000.00 0.45 44,100.00 Total Hours Used 95,433.33 Total Capacity Used $ 3,053,866.67 Unused Capacity $ 146,133.33 Arrangement, minutes TOTAL time per Unit, hours Production Capacity, units Production Capacity, hours Production Time per Unit, Hours Production Hours Used
Boulder Company has the following information related to its operations. Use Duration Based Costing to allocate overhead across these processes. Boulder makes three items: Hammers, Chisels, and Axes. There are two processes in creating these items: Fabrication and Finishing. The cycle times for each item are given below for Fabrication and Finishing Hammer: 5 minutes, 6 minutes Chisel: 10 minutes, 12 minutes Axe: 12 minutes, 15 minutes Boulder has practical capacity of 100,000 of each item. Boulder has total overhead costs of $3,200,000 during the period. REQUIRED Calculate the Cycle time for each item, the Productive Hours Capacity, and the Overhead Rate per Hour for Boulder. If Boulder produces 90,000 Hammers, 95,000 Chisels, and 98,000 Axes, What is the unused capacity for Boulder?
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Average Cost Beginning Inventory 3,000 Units Started 14,000 Total Physical Units 17,000 Calculation of Equivalent Units Direct Materials Conversion Units Finished 11,500 11,500 Ending Inventory 3,300 2,200 Total Equivalent Units 14,800 13,700 Tracking of Costs Direct Materials Conversion Beginning Costs $ 1,500.00 $ 750.00 Plus: Costs Incurred in Process $ 100,000.00 $ 200,000.00 Costs per Cost Area $ 101,500.00 $ 200,750.00 TOTAL COST $ 302,250.00 Calculation of Cost per Equivalent Unit Direct Materials Conversion Total Cost per Category $ 101,500.00 $ 200,750.00 Equivalent Units 14,800 13,700 Cost per Equivalent Unit $ 6.8581 $ 14.6533 Costs transferred and in Process Direct Materials Conversion TOTALS Units Finished 11,500 11,500 Cost per Unit $ 6.8581 $ 14.6533 Costs Transferred $ 78,868.24 $ 168,512.77 $ 247,381.02 Units Remaining (in equivalent units) 3,300 2,200 Cost per Unit $ 6.8581 $ 14.6533 Costs Remaining $ 22,631.76 $ 32,237.23 $ 54,868.98 TOTAL COSTS $ 302,250.00 G In P C B m $ u $ c fi
*** Gravel Company is in the business of manufactuing stone tools. nformation for Gravels's Operations are given below. Calculate the Process Costing calculations of Physical Units, Equivalent Units, and Cost per Equivalent Unit for Materials and Conversion Costs. Beginning Inventory is 3,000 units that are 50% complete in materials and Conversion. These units have accumulated costs of $0.50 and $0.25 in Materials and Conversion. Gravel begins 14,000 units in the period. Gravel incurs costs of $100,000 in materials and $200,000 in Conversion costs. Ending Inventory Units are 60% complete in Materials and 40% complete in Conversion. Gravel finishes 11,500 units during the period.
Average Cost Beginning Inventory 3,000 Units Started 14,000 Total Physical Units 17,000 Calculation of Equivalent Units Direct Materials Conversion Units Finished 11,500 11,500 Ending Inventory 3,300 2,200 Total Equivalent Units 14,800 13,700 Tracking of Costs Direct Materials Conversion Beginning Costs $ 1,500.00 $ 750.00 *** beginning costs of $ Plus: Costs Incurred in Process $ 100,000.00 $ 200,000.00 Costs per Cost Area $ 101,500.00 $ 200,750.00 TOTAL COST $ 302,250.00 Calculation of Cost per Equivalent Unit Direct Materials Conversion Total Cost per Category $ 101,500.00 $ 200,750.00 Equivalent Units 14,800 13,700 Cost per Equivalent Unit $ 6.8581 $ 14.6533 Costs transferred and in Process Direct Materials Conversion TOTALS Units Finished 11,500 11,500 Cost per Unit $ 6.8581 $ 14.6533 Costs Transferred $ 78,868.24 $ 168,512.77 $ 247,381.02 Units Remaining (in equivalent units) 3,300 2,200 Cost per Unit $ 6.8581 $ 14.6533 Costs Remaining $ 22,631.76 $ 32,237.23 $ 54,868.98 TOTAL COSTS $ 302,250.00
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$0.50 and $0.25 on 3,000 units Gravel Company is in the business of manufactuing st Information for Gravels's Operations are given below. Process Costing calculations of Physical Units, Equivale and Cost per Equivalent Unit for Materials and Conver Beginning Inventory is 3,000 units that are 50% comp materials and Conversion. These units have accumula $0.50 and $0.25 in Materials and Conversion. Gravel b units in the period. Gravel incurs costs of $100,000 in and $200,000 in Conversion costs. Ending Inventory U complete in Materials and 40% complete in Conversio finishes 11,500 units during the period.
tone tools. . Calculate the ent Units, rsion Costs. plete in ated costs of begins 14,000 materials Units are 60% on. Gravel