5.Peter Senen Manufacturing Company has just completed its production activities forFebruary 2019. The production manager furnished you their data for this month:Department XDepartment YQuantity units:In process, February 1Stage of completionStarted in processReceived from prior dept.16,0004/510,00040%64,00070,00012,000In process, February 28Stage of completion?2/52/3Costs data:In process, February 1Current costsP 21,020P20,300Materials28,35015,3009,18046,80025,20014,400LaborManufacturing OverheadIn Department X, material application is described to you as follows: 10% is applied at the start of theprocess; 25% when the process reaches the mid-point; and the remainder, when the process reaches85% completion. Labor and Overhead are applied evenly throughout the process.In Department Y, the application of material is described as follows: 20% when the process is '1/4completed; 30% when the process is '1/2 completed and the balance, at the end of the process. Bothdepartments use the FIFO method.The unit cost for materials in Department X is

Total units completed and transferred to department Y = Units started in process in Department Y=…

2019. The production manag units: In process, February 1 Stage of completion Started in process Received from prior dept. In process, February 28 Stage of completion а: In process, February 1 Current costs

2019. The production manag units: In process, February 1 Stage of completion Started in process Received from prior dept. In process, February 28 Stage of completion а: In process, February 1 Current costs

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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Aztec Inc. produces sort drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIF thod. All manuracturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 60% complete 18,000 gallons Units completed and transferred out 138,000 gallons Units in process, July 31, 55% complete 24,000 gallons Costs: Work in process, July 1 $36,000 Costs added during July 379.080 Required: Prepare a production report. Aztec Inc. Mixing Department Production Report For the Month of July (FIFO Method) Unit Information Physical flow: Units to account for: Units Units in beginning WIP Units started Total units to account for Units to account for: Units Units started and completed
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Reconcile the number of physical units to find the missing amounts. Determine the number of units started and completed each month. Beginning Work in Process Ending Work in Process Conversion Conversion Complete Complete (percent) (percent) Month February June September December Units 2,000 4,700 3,800 48 66 27 39 Units Started 23,900 26,400 22,900 Units Completed 23 36 59 76 Units Started and Completed
record the transfer of costs from the blending department to the finishing department (i.e., provide the journal entry with debits/increases and credits/decreases in the accounts, etc.).
View Policies Current Attempt in Progress The Smelting Department of Kiner Company has the following production data for November. Production: Beginning work in process 2,800 units that are 100% complete as to materials and 24% complete as to conversion costs; units transferred out 9,100 units; and ending work in process 7,200 units that are 100% complete as to materials and 46% complete as to conversion costs. Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November. Materials Conversion Costs Total equivalent units Save for Later Attempts: 0 of 3 used Submit Answer O 4) to search