he following information concerns production in the Baking Department for March. All direct materials areplaced in process at the beginning of production.ACCOUNT Work In Process-Baking DepartmentACCOUNT NO.DateItemDebitCreditBalanceDebitCreditMar. 1Bal., 18,000 units, 1?4completed14,76031 Direct materials,336,000 units252,000266,76031 Direct labor40,000306,76031 Factory overhead60,530367,29031 Goods finished, 330,000units346,41020,88031Bal. ? units, 2?520,880completeda. Determine the number of units in work in process inventory at March 31.units

Beginning inventory = 18,000 units production started = 336,000 units Finished units = 330,000 units

Answered: a. Determine the number of units in…

Business

Accounting

a. Determine the number of units in work in process inventory at March 31. units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What is the Finished Goods Inventory account generally described as? a. Costs strictly associated…

A: Inventory is the value of goods available with an entity. It can be in the form of raw material,…

Q: Assume the following information from a schedule of cost of goods manufactured: Cost of goods…

A: Cost of goods manufactured means the amount of cost incurred on the making of the goods. It include…

Q: The following data show the units in beginning work in process inventory, the number of units…

A: Workings:- Equivalent Units Quarter Beginning WIP Started Transferred Out Ending…

Q: Total costs for July in Roasting Department Total equivalent units Cost per equivalent unit Costs…

A: The cost of production report is the report which is used for process costing system. The cost of…

Q: Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit…

A: Manufacturing Cost :— It is the total cost incurred in the manufacturing of product during the…

Q: Following is information about the assembly department of a company: 1. 2. 3. 4. 5. There were…

A: Process Costing : Operation costing method employed to determine the value of a product at each…

Q: Equivalent units expresses all activity of the period in terms of a.partially completed units.…

A: Equivalent Unit of Production: the statement of Equivalent production is prepared to converts the…

Q: Problem 8-59 (Static) Prepare a Production Cost Report: Weighted-Average Method (LO 8-3, 4) Mercier…

A: Under the weighted-average method of process costing, equivalent units are calculated considering…

Q: The following balances appeared in the inventory accounts of Forest Components for July. Materials…

A: Solution A journal is a company's official book in which all business transaction are recorded in…

Q: Total work-in-process during the period is the sum of the beginning work-in-process inventory and…

A: Work in progress (WIP) is the term used to describe tasks, projects, or items that are currently…

Q: Cost of materials issuances under the FIFO methodAn incomplete subsidiary ledger of materials…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: The following production data were taken from the records of the Finishing Department for June…

A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…

Q: he cost of partially completed goods at the end of the period would be Group of answer choices…

A: Solution: Work in process in increase by the use of direct materials, direct labor costs and…

Q: Prepare T-accounts for the following accounts: Direct Materials Inventory, Work in Process…

A: Work in process inventory is that inventory which is yet to be completed to take the form of…

Q: Equivalent Units and Related Costs; Cost of Production Report: Weighted Average Cost Method Joshua…

A: Equivalent Units of Production -It is usually necessary to express a department's output in terms…

Q: November costs incurred: Direct materials Direct labour Manufacturing overhead December costs…

A: Job105106107TotalDM $ 20,100 $ 12,900 $ 33,000DL $ 16,600 $ 10,600 $…

Q: units during November. The following production activity in both units and costs refers to the…

A: Using FIFO method, the cost of units completed include the cost of beginning WIP, Cost of completing…

Q: Assume the following information for the Milling Department: Milling Department Units Beginning…

A: Weighted average method is one of the method used in process cost accounting. Under this, equivalent…

Q: Assess raw materials inventory management using raw materials inventory turnover and days’ sales in…

A: Inventory refers to current asset of the company as it held for sale purposes. It is stock or…

Q: Equivalent units (EU) of production is based on the percentage of completion for work in process…

A: Equivalent units of production is computed in the inventory costing system to derive the per unit…

Q: Equivalent Units of Production Units of production data for the two departments of Mediterranean…

A: Started and completed in November = Transferred out - Inventory in process, November 1 Units started…

Q: Bal. Raw Materials Inventory 45 255 20 Purchased Bal. Used

A: Direct expenses are those expenses which are directly chargeable , easily identifiable , traceable…

Q: Process Costing: Average Method 291 P20,100 310 2,700 1,350 5,000 units, 2/5 done ………………..….....…

Q: Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a…

A: Process costing is a method of cost accounting, which is used where there is continuous production…

Q: Use the following selected account balances of Delray Manufacturing for the year ended December 31.…

A: Cost of Goods Manufactured The cost incurred to produce the products prior to sale in the market is…

Q: -Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model.…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Lansing Inc provides the following information for one of ts department's operations for June (no…

Q: the equivalent units for materials and conversion costs. 2. Compute the unit costs for materials…

A: Answer 1) Equivalent units for material and conversion costs. Physical units % material %…

Q: Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials…

A: The cost of goods sold refers to the direct costs incurred by the business to sell the products. The…

Q: Compute ending work in process inventory for a manufacturer using the following information. Raw…

A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…

Q: What are the equivalent units for material and conversion costs for each quarter using the…

A: Equivalent units is calculated by using weighted average method by blending together the units and…

Q: The following data show the units in beginning work in process inventory, the number of units…

A: Here given the details of calculation of equivalent units of material and conversion cost using…

Q: The opening balance in the work in process inventory controlaccount represents the costs of all jobs…

A: Work in process inventory: Work in process inventory are the materials that are partially finished…

Q: 3. Post the journal entries for the transactions to the following T-accounts, each of which started…

A: The Job cost sheet is as follows: The resultant table is as follows:

Q: A company’s Work in Process Inventory T-account follows.

A: Cost of goods manufactured: It can be defined as the cost incurred on the manufacturing of the goods…

Q: Several debits are made to Work in Process Inventory during the year. Which one of the following is…

A: The work in progress indicates the units of inventory that are in the process of production and are…

Q: Using the information given, complete the following: a. Prepare the January income statement for…

A: The objective of the question is to prepare an income statement for Sorensen Manufacturing Company…

Q: Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Other…

A: Clark Corp., Schedule of Cost of goods manufactured Year ended December 31, 2024 Beginning…

Q: Carla Vista Manufacturing Inc. has the following cost and production data for the month of April.…

A: The FIFO Method (First-in, First-Out) method is used for finding the equivalent unit in the…

Q: Assume the following information: Beginning work in process inventory Units started into production…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: The journal entry to issue $700 of direct materials and $80 of indirect materials to production…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Question

100%

he following information concerns production in the Baking Department for March. All direct materials are
placed in process at the beginning of production.
ACCOUNT Work In Process-Baking Department
ACCOUNT NO.
Date
Item
Debit
Credit
Balance
Debit
Credit
Mar. 1
Bal., 18,000 units, 1?4
completed
14,760
31 Direct materials,
336,000 units
252,000
266,760
31 Direct labor
40,000
306,760
31 Factory overhead
60,530
367,290
31 Goods finished, 330,000
units
346,410
20,880
31
Bal. ? units, 2?5
20,880
completed
a. Determine the number of units in work in process inventory at March 31.
units

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step - given

VIEW

Step 2- solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Hansabe
What is the balance work in process inventory at the end of the month
Question 1
1. The number of units in work in process inventory at the end of the period. 2. Equivalent units of production for direct materials and conversion 3. Costs per equivalent unit for direct materials and conversion. 4. Cost of the units started and completed during the period.
Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
Ef 13.
e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?
10-Identify the journal entry for abnormal wastage. a. Dr.Material inventory, Cr.Work in process inventory b. Dr.Costing profit and loss account, Cr.Work in process inventory c. Dr.Material inventory, Cr.Production overheads d. Dr.Production overheads, Cr.Work in process inventory
9. Identify the costing method that is suitable for mines, quarries, cement works etc. a.Contract b.Batch c.Operation d.Process 10. Identify the journal entry for direct material returns to stores. a.Dr.Work in process inventory, Cr.Material inventory b.Dr.Material inventory, Cr.Factory overheads c.Dr.Factory overheads, Cr.Material inventory d.Dr.Material inventory, Cr.Work in process inventory
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process. Quarter BeginningWIP Started TransferredOut Conversion(%) 1 — 134,150 133,250 25 2 524 132,594 132,493 24 3 339 133,246 133,445 20 4 489 134,845 134,434 23 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4 Units for material costs fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Units for conversion costs fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8
22 Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. $ 2,650,000 110,000 143,000 Work in…
Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? OA. $180 B. $500 C. $150 D. $780 $280 $650 $220 $120 $150