I'm having trouble with a lot of my managerial accounting work. See the question below:Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:Cost of beginning inventory Direct materials $9800 Conversion costs $16,480Costs added in Department 1: Direct materials$295,120 Direct labor$298,550 Manufacturing overhead$203,130$796,800Department 1 handled the following units during May:Units in process, May 1, 20192000Units started in Department 140,000Units transferred to Department 239,000Units in process, May 31, 20193000On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing.Required:See the attached screenshot of the spreadsheet. 34 Problem 4-3Flow of units and equivalent units calculation6September 2019 Production7Equivalent unitsWhere do the units come from?Where do the units go?8% work doneDirect materials % work doneConversion costs9Beginning inventoryStartedCompleted/transferred$10Ending inventory11$$$$TotalTotal1213Beginning inventory will be completed and transferred, and units started may either be completed and transferred, or remain in ending inventory.141516Product cost report1718Direct materials Conversion costs19Beginning inventory2021CurrentTotal costs to account for22$23Total equivalent units2425Average cost/equivalent unit2627Where do the costs go?2829Completed/transferred:Direct materialsConversion costsCost of goods manufacturedEnding inventory:Direct materials303132$333435Conversion costs36Cost of ending inventory37Total costs allocated383940

Name: I'm having trouble with a lot of my managerial accounting work. See t
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Description: I'm having trouble with a lot of my managerial accounting work. See the question below:Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:Cost of beginn

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Answered: 3 4 Problem 4-3 Flow of units and…

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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I'm having trouble with a lot of my managerial accounting work. See the question below:

Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:

Cost of beginning inventory
Direct materials		$9800
Conversion costs		$16,480
Costs added in Department 1:
Direct materials	$295,120
Direct labor	$298,550
Manufacturing overhead	$203,130	$796,800

Department 1 handled the following units during May:

Units in process, May 1, 2019	2000
Units started in Department 1	40,000
Units transferred to Department 2	39,000
Units in process, May 31, 2019	3000

On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing.

Required:

See the attached screenshot of the spreadsheet.

3
4 Problem 4-3
Flow of units and equivalent units calculation
6
September 2019 Production
7
Equivalent units
Where do the units come from?
Where do the units go?
8
% work done
Direct materials % work done
Conversion costs
9
Beginning inventory
Started
Completed/transferred
$
10
Ending inventory
11
$
$
$
$
Total
Total
12
13
Beginning inventory will be completed and transferred, and units started may either be completed and transferred, or remain in ending inventory.
14
15
16
Product cost report
17
18
Direct materials Conversion costs
19
Beginning inventory
20
21
Current
Total costs to account for
22
$
23
Total equivalent units
24
25
Average cost/equivalent unit
26
27
Where do the costs go?
28
29
Completed/transferred:
Direct materials
Conversion costs
Cost of goods manufactured
Ending inventory:
Direct materials
30
31
32
$
33
34
35
Conversion costs
36
Cost of ending inventory
37
Total costs allocated
38
39
40

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