Student answers - Process Costing

.xlsx

School

Ivy Tech Community College, Indianapolis *

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Course

ACCT101

Subject

Industrial Engineering

Date

Jun 11, 2024

Type

xlsx

Pages

8

Uploaded by PrivateWombatMaster831

Main Processing page Factory OH Finished Goods - Basic date dr. cr. date dr. cr. date dr. cr. date dr. cr. Beg 71,000 New wages 543,160 Ind. RM 54,270 beg Purchases 698,700 WIP #1 136,800 Ind. FL 223,960 #8 WIP #1 331,650 WIP #2 182,400 Other FO 250,750 bal WIP #2 79,780 WIP #3 143,960 WIP #1 156,147 #10 WIP #3 265,900 FO 223,960 WIP #2 148,545 bal FO 54,270 bal (143,960) WIP #3 224,288 bal 38,100 bal beg. units check 38,100 transferred in AFS Sold WIP- step 1 - WIP-Step 2 WIP-Step 3 Ending units date dr. cr. date dr. cr. date dr. cr. Cost / unit Beg DM 42,000 Beg DM 10,000 Beg DM sales/unit Beg CC 12,000 Beg CC 4,000 Beg CC all new DM 331,650 all new DM 79,780 all new DM 265,900 new Labor 136,800 new Labor 182,400 new Labor 143,960 Finished Goods - Adv New FO 156,147 New FO 148,545 New FO 224,288 date dr. cr. bal. 678,597 #7(baggage) 421,670 #7(baggage) 216,533 Beg. 144,320 #7(baggage) 638,204 bal. bal. #9 End bal 40,393 #8(baggage) #9(baggage) bal #11 bal beg. units 3,500 beg. units 2,000 beg. units started 57,100 started 37,000 started 19,000 beg. units 6,500 ending units 4,600 ending units 4,000 ending units transferred in transferred 56,000 transferred 35,000 transferred AFS 6,500 CC % complete 50% CC % complete 50% CC % complete Sold DM Equivalent units 60,600 DM Equivalent units 39,000 DM Equivalent units Ending units CC Equivalent units 58,300 CC Equivalent units 37,000 CC Equivalent units Cost / unit sale price DM cost/unit 6.166 DM cost/unit 10,000.103 DM cost/unit CC cost/unit 5.231 CC cost/unit 9.053 CC cost/unit Sales Revenue Total/unit 11.396 Total/unit 10,009.155 Total/unit date dr. cr. #10 units transferred #2 37,000 units transferred 35,000 units transferred #11 costs transferred to #2 421,670 total costs this dept. 350,320,429 total costs this dept bal (+) baggage 421,670 (+) baggage 216,533 COGS units transferred #3 19,000 Total cost transferred 350,742,100 Total cost transferred date dr. cr. costs transferred to #3 216,533 #10 Total cost/unit Total cost/unit #11 Total costs transferred 638,204 bal Basic Gross Profit Raw Materials (see separate Ts tab) Factory Labor (see separate Ts tab)
Advanced Gross Profit Total Gross Profit
Further breakdown of the Raw Material and Factory Labor T-Accounts Raw Materials #1 Raw Materials #2 Raw Materials #3 Raw Materials #4 date dr. cr. date dr. cr. date dr. cr. date dr. cr. Beg 13,000 Beg 6,000 Beg 45,000 Beg 7,000 Purch 193,700 Purch 77,600 Purch 375,000 Purch 52,400 Dep #1 96,650 Dep #1 40,000 Dep #1 195,000 F.O. 54,270 Dept 2 20,000 Dept 2 13,780 Dept 2 46,000 bal 5,130 Dept 3 74,000 Dept 3 13,000 Dept 3 178,900 check 5,130 bal 16,050 bal 16,820 bal 100 check 16,050 check 16,820 check 100 Factory Labor #1 Factory Labor #2-3 Factory Labor supervisor Factory Labor maintenance date dr. cr. date dr. cr. date dr. cr. date dr. cr. new wage 136,800 new wage 182,400 new wage 143,960 new wa 80,000 WIP #1 136,800 WIP 2 91,200 FO 143,960 FO 80,000 bal WIP 3 91,200 bal bal bal
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