Costs and BalancesAt the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some ofthe amounts. Review the following data and fill in the mising amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use Taccounts to map the flow ofthe amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for detemining the cost of materials used,total manufacturing cost incured, and cost of goods manufactured.Data for FebruaryDecrease in materials inventory$3,300Materials inventory on Feb. 2850% of materials inventory on Jan. 31Direct materials purchased$12,600Direct materials used3 times the direct labor incurredTotal manufacturing costs incurred in period$29,400Total manufacturing costs incurred in period70% of Cost of Goods ManufacturedTotal manufacturing costs incurred in period$7,000 less than Cost of Goods SoldAccount BalancesAccountJan. 31Feb. 28Costs IncurredMaterials InventoryDirect Materials UsedWork in Process Inventory27,000Direct Labor IncurredFinished Goods InventoryFactory Overhead Incurred18,000Cost of Goods Sold

Cost accounting: A branch of accounting that is associated with the calculation of the total cost…

Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory Direct Materials Used Work in Procesa Inventory Finished Goods Inventery. 27,000 Direct Labor Incurred 18,000 Factory Overhead Incurred Cost of Goods Sold

Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory Direct Materials Used Work in Procesa Inventory Finished Goods Inventery. 27,000 Direct Labor Incurred 18,000 Factory Overhead Incurred Cost of Goods Sold

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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Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75,000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252, 000 272,000 $ 126, 990 $ 250, 905, Required: . Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for 4. Compute the first production department's cost of the units transferred to the next production department for materials, conve and in total for May. Complete this question by entering your answers…
Entries for Materials GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric Polyester filling Lumber Glue The materials purchased during June are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue Job 601 $40,500 28,600 62,400 6,550 Materials were requisitioned to individual jobs as follows: Job 602 Job 603 $440,000 180,000 360,000 40,000 Fabric $205,000 110,000 130,000 Polyester Filling Lumber $75,000 $120,000 36,000 88,000 55,000 125,000 Glue Total $400,000 234,000 310,000
Chapter 17 Homework Item Date August 1 Bal., 4,800 units, 3/5 completed 31 Direct materials, 86,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 87,600 units 31 Bal., ? units, 3/5 completed Debit Credit Debit Line Item Description Inventory in process, August 1 Started and completed in August Transferred to finished goods in August Inventory in process, August 31 Total 155,520 44,480 25,024 a. Determine the number of units in work in process inventory at August 31. units 223,728 6,912 162,432 206,912 231,936 8,208 8,208 b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is z Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For August Whole Units Credit Equivalent Units Equivalent Direct Materials Units Conversion
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5 a. Determine the number of units in progress inventory at December 31. _______ units b. Determine the equivalent units of production for direct materials and conversion costs in December. If an amount is zero, enter in "0".
Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. ? If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…
Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 Total manufacturing costs incurred during August Total manufacturing costs Work in process inventory, August 31 Cost of goods manufactured a. $ b. $ C. $ d. $ e. $ tA f. $ X X X X X X $1,900 13,100 (a) 2,900 (b) $15,600 (c) $182,500 38,300 (d) (e) 91,300 $99,100 (f) $83,200
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