StylesEditing2. Use the aerage cost method with the following dataWork in procesS, January 1, 5, 100 units, 70% completedMaterials added during January from Weaving Department,98.400 units$48, 195834,952Direct labor for January218,277Factory overhead for JanuaryGoods finished during January (includes goods in process,January 1). 94.400 units132,581Work in process, January 31, 7,100 units, 10% completedStep 1: Units to be accounted for in ProductionWhole UnitsBeginning Work in Process Inventory+ Units Started during the Period= Total Units to Account forStep 2: Units to be Assigned Costs9. Whole Unitsb. Equivalent UnitsCompleted and Transferred* % Complete+ Ending Work in Process Inventory*% Complete= Units to be Assigned CostsStep 3: Total Manufacturing Costs for the PeriodBeginning Work in Process+ Direct Materials Added+ Direct Labor Added+ Factory Overhead Added= Total Manufacturing Costs+ Step 4: Cost per Equivalent UnitTotal Manufacturing CostsEquivalent Units= Cost per Equivalent UnitStep 5: Assign Costs Between Completed snd Partially Completed Un isCompleted and TransferredWhole Units -S Complete Cost perequivalent unitEquivalent Units * Cost per Equivalent UnitOR+ Ending Work in Process(Whole Units% Complete) Ccst perequivalent unitEquivelent Units * Cost per Ecuivalent UnitOR= Total Assigned Costs

Answered: 2. Use the aerage cost method with the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Betty DeRose, Inc. operates two departments, the handling department a nd the packaging department. During April, the handling department report ed. the following information: work in process, April 1 units started during April work in process, April 30 units 27,000 59,000 34,000 t work in process, April 1 costs added during April total costs. % complete DM 60% 70% The cost of beginning work in process and the costs added during April were as follows: DM $ 25,310 $190,720 $216,030 % complete conversion 85% 40% Conversion $191,175 $208,985 $400, 160 Total cos $216,485 $399,705 $616, 190 Calculate the equivalent units with respect to conversion costs using the FIFO process costing method.
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Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Debit Credit 450,000 207,900 680,400 August 1 Bal., 36,000 units, 3/4 completed 31 Direct materials, 200,000 units 31 Direct labor 31 Factory overhead 31 Goods finished, 196,000 units 31 Bal., ? units, 1/2 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. ost of units started and completed during August 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for July and August, did the conversion cost per equivalent unit increase, decrease, or remain the same in August?…
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department Date Dec. Item 1 Bal., 6,600 units, 3/5 completed 31 Direct materials, 118,800 units 31 Direct labor 31 Factory overhead 31 Goods finished, 120,300 units 31 Bal., ? units, 3/5 completed Debit 190,080 53,490 30,090 Credit 276,492 ACCOUNT NO. Balance Debit 13,134 203,214 256,704 286,794 10,302 10,302 Credit a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during December 4. Cost of units started and completed during December 5. Cost of the ending work in process . Assuming that the direct materials cost is the same for November and December, did the…
Equivalent Units of Production The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department Date Item August 1 Bal., 8,100 units, 3/5 completed 31 Direct materials, 145,800 units 31 Direct labor 31 Factory overhead 31 Goods finished, 147,600 units 31 Bal., ? units, 4/5 completed Debit Credit 291,600 85,120 47,882 ACCOUNT NO. 420,426 Balance Balance Debit Credit 12,960 304,560 389,680 437,562 17,136 17,136 a. Determine the number of units in work in process inventory at August 31. units
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 11,200 units, 80% completed 67,200 31 Direct materials, 54,900 units 200,934 268,134 31 Direct labor 124,600 392,734 31 Factory overhead 126,600 519,334 31 Goods transferred, 58,200 units 499,356 19,978 31 Bal., ? units, 30% completed 19,978 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to be…
The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,400 units, 2/5 completed 19,656 31 Direct materials, 151,200 units 302,400 322,056 31 Direct labor 88,540 410,596 31 Factory overhead 49,808 460,404 31 Goods finished, 153,300 units 444,402 16,002 31 Bal., ? units, 3/5 completed 16,002 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process
Zoe Corporation has the following information for the month of March. Cost of direct materials used in production $15,231 Direct labor 28,865 Factory overhead 38,485 Work in process inventory, March 1 23,820 Work in process inventory, March 31 20,127 Finished goods inventory, March 1 21,652 Finished goods inventory, March 31 27,344 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2
a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places. The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 8,200 units, 65% completed $103,894* *Direct materials (8,200 × $10.2) $83,640 Conversion (8,200 × 65% × $3.8) 20,254 $103,894 Materials added during January from Weaving Department, 126,400 units $1,301,920 Direct labor for January 219,708 Factory overhead for January 268,533 Goods finished during January (includes goods in process, January 1), 127,800 units — Work in process, January 31, 6,800 units, 40% completed — Cost of Production Report-Cutting Department For the Month Ended January 31 Unit Information Units charged to production: Number of…
Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 10,400 units, 80% completed $128,128* *Direct materials (10,400 × $8.00) $83,200 Conversion (10,400 × 80% × $5.40) 44,928 $128,128 Materials added during January from Weaving Department, 160,000 units $1,304,000 Direct labor for January 387,313 Factory overhead for January 473,382 Goods finished during January (includes goods in process, January 1), 161,800 units — Work in process, January 31, 8,600 units, 35% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places. b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from…
The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process-Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit May 1 Bal., 21,500 units, 65% completed 107,500 31 Direct materials, 105, 400 units 321,470 428,970 31 Direct labor 199, 300 628,270 31 Factory overhead 202, 500 830, 770 31 Goods transferred, 111,800 units 799, 370 31,400 31 Bal., ? units, 35% completed 31,400 a. Determine the number of units in work in process inventory at the end of the month. fill in the blank 1 of 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Line Item Description Units Whole units to be accounted for fill in the blank 1 of 3 units Whole units to be assigned costs fill in the blank 2 of 3 units Equivalent…
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,307 Direct labor 24,952 Factory overhead 31,690 Work in process inventory, March 1 15,426 Work in process inventory, March 31 19,882 Finished goods inventory, March 1 23,292 Finished goods inventory, March 31 28,467 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. %24 %24

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