Al Habib manufacturer uses the FIFO method in its process costing system. The following information is available for the company for the month of February 2023. All materials are added at the start of production. All spoilage is abnormal and is detected by the final inspection at the end of the process. Beginning work in process (80% complete) Units Started Ending work in process (55% complete) Completed and transferred out Beginning work-in-process costs: Materials Conversion Current costs: Materials Conversion 9,500 units 42,000 units 18,000 units 31,000 units $14,000 $38,200 $50,750 $173,130 Required: Using the Microsoft Excel program, prepare a cost of production report for the company for the month of February 2023. Your report must be completed in a good format with all four steps in a typical process costing system.

Al Habib manufacturer uses the FIFO method in its process costing system. The following information is available for the company for the month of February 2023. All materials are added at the start of production. All spoilage is abnormal and is detected by the final inspection at the end of the process. Beginning work in process (80% complete) Units Started Ending work in process (55% complete) Completed and transferred out Beginning work-in-process costs: Materials Conversion Current costs: Materials Conversion 9,500 units 42,000 units 18,000 units 31,000 units $14,000 $38,200 $50,750 $173,130 Required: Using the Microsoft Excel program, prepare a cost of production report for the company for the month of February 2023. Your report must be completed in a good format with all four steps in a typical process costing system.

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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Longboard Company has a process costing system. All materials are introduced at the beginning of the process in Department One. The following information is available for the month of January Work in process, July 1 (408 complete for conversion) Started Completed and transferred to Department 2 Work in process, July 31 (60% complete for conversion) What are the equivalent units for the month of July if the company uses the FIFO method? Multiple Choice Materials 2.280 and Conversion 1.900 O Materials 2,280 and Conversion 1.936 Materials 2.280 and Conversion 2.088 Materies 1,900 and Conversion 1936 Units Male 1900 and Conversion 2.08 380 1,900 1,800 480
McGregor's Hot Sauce uses a process costing system to determine its product's cost. The last of the three processes is packaging. The Packaging Department reported the following information for the month of July: (Click the icon to view the reported information for July.) The units in ending work in process inventory were 90% complete with respect to direct materials but only 60% complete with respect to conversion. Requirement Summarize the flow of physical units and compute output in terms of equivalent units in order to arrive at the missing figures (a) through (1). McGregor's Hot Sauce Packaging Department Month Ended July 31 Flow of Production Units to account for: Beginning work in process, July 1 Plus: Transferred in during July Total physical units to account for Units accounted for: Completed and transferred out during July Plus: Ending work in process, July 31 Total physical units accounted for Total Equivalent Units Step 1: Flow of Physical Step 2: Equivalent Units Units…
With respect to direct materials costs, how many equivalent units were calculated for the product that was completed, and how many equivalent units were calculated for the ending balance?
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
Cranbrook Textiles Company makes silk banners and uses the weighted-average method of process costing. Direct materials are added at the beginning of the process, and conversion costs are added evenly during the process. Spoilage is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. (Click the icon to view the process costing data.) Determine the equivalent units of work done in July, and calculate the cost of units completed and transferred out (including normal spoilage), the cost of abnormal spoilage, and the cost of units in ending inventory. - X Data table Physical Units Direct Conversion Enter the physical units in first, then calculate the equivalent units. (Banners) Materials Costs 1,300 $195,000 $8,000 Work in process, (July 1)" Started in July 2020 Good units completed and transferred out in July Normal spoilage Abnormal spoilage Physical 37,500 20,500 9,000 Flow of Production Units Work in process beginning…
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