Alpha Company uses a process cost system. During 2017, Alpha had no beginning work in process inventory. In 2017, Alpha started 700 units. Alpha had 200 units in work in process at the end of 2017. These units were 50% done with respect to materials. Use this information to determine the equivalent units for direct materials.
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- Lakers Inc. employs weighted average process costing system regarding its cross-over protector product. The following data are provided for the year ended December 31, 2016: a. The January 1, 2016 work-in-process inventory consists of 4,000 units which have the following costs: P100,000-direct material, P250,000-direct labor and P150,000-factory overhead. The beginning inventory is 60% incomplete as to conversion cost.b. The units started during the year totaled 6,000 units while the units completed during the period totaled 5,000 units.c. The December 31, 2016 work-in-process inventory consists of 3,000 units which is 90% complete as to conversion cost.d. The normal spoilage for the company is 20% of units started.e. The total manufacturing costs added during the year consist of P2M-direct material, P1.5M –direct labor and P1M-factory overhead.f. The company inspects the products when the percentage of completion in conversion cost is 70%.g. The…The assembly division of Fenton Watches, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. Begin by summarizing total costs to account for. Total costs to account for Total CH Production Costs Direct Materials Conversion CostsWeighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc. uses the weightedaverage method of process costing. Consider the following data for the month of May 2017:
- Jacky Corporation uses the weighted-average method in its process costing system. The ending work in process inventory consists of 20,000 units. The ending work in process inventory is 100% complete with respect to materials and 80% complete with respect to labor and overhead. If the cost per equivalent unit for the period is $4.00 for material and $1.20 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit)The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 20,000 units, The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit for the period $3.20 for the materials and $2.00 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit) A. $104,000 B. $63,500 C. $92,000 D. $83,500Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials Direct labor Factory overhead costs Work in process, Dec. 31, 2016 Work in process, Dec. 31, 2017 Direct materials Direct labor Factory overhead costs Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Total manufacturing costs Total cost of work in process $ 190,000 66,000 Cost of goods manufactured 30,800 160,600 146,500 $ 190,000 66,000 30,800 286,800 286,800 $ 286,800
- Please answer the cost accounting problem from the attached photo below.The requirements are: 1: Compute equivalent units of production for Assembling Department for the month of June 2018. 2: Prepare a cost of production report for the Assembling Department for the month of June 2018.Keezel Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Keezel for 2017 are as follows: a. Direct manufacturing labor wage rate was $15 per hour. b. Manufacturing overhead was allocated at $20 per direct manufacturing labor-hour. c. During the year, sales revenues were $1,550,000, and marketing and distribution costs were $810,000. Question 1. What was the amount of direct materials issued to production during 2017? 2. What was the amount of manufacturing overhead allocated to jobs during 2017? 3. What was the total cost of jobs completed during 2017? 4. What was the balance of work-in-process inventory on December 31, 2017? 5. What was the cost of goods sold before proration of under- or overallocated overhead? 6. What was the under- or overallocated manufacturing overhead in 2017? 7. Dispose of the under- or overallocated…CAVS Inc. employs weighted average process costing system regarding its cross-over protector product. The following data are provided for the year-ended December 31, 2020. a. The January 1, 2020 work-in-process inventory consists of 4,000 units which have the following costs: P100,000-direct material, P250,000-direct labor and P150,000-factory overhead. The beginning inventory is 60% incomplete as to conversion cost. b. The units started during the year totaled 6,000 units while the units completed during the period totaled 5,000 units. c. The December 31, 2020 work-in-process inventory consists of 3,000 units which is 90% complete as to conversion cost. d. The normal spoilage for the company is 20% of units started. e. The total manufacturing costs added during the year consist of P2M-direct material, P1.5M-direct labor, and P1M-factory overhead. f. The company inspects the products when the percentage of completion in conversion cost is 70%. g. The company adds direct labor and…
- Desert Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Desert allocates manufacturing overhead costs using direct manufacturing labor costs. Desert provides the following information: E (Click the icon to view the information.) Read the requirements ... Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2017. (Enter your answer as a number [not as a percentage] rounded to two decimal places, X.XX.) Actual manufacturing overhead rate Budgeted manufacturing overhead rate Data Table Requirements Budget for 2017 Actual Results for 2017 Direct material costs 2,100,000 $ 2.050,000 1. Compute the actual and budgeted manufacturing overhead rates for 2017. 2. During March, the job-cost record for Job 626 contained the following information: Direct manufacturing labor costs 1,500,000 1,460,000 Direct materials used $50,000 Manufacturing overhead costs…The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 10,000 units, 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit are $4.50 for the materials and $2.00 for labor and overhead, the balance of the ending work in process inventory account would be:ABC Company produces a line of watches. The company uses a normal costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2018: Budgeted manufacturing overhead cost Budgeted direct manufacturing labor cost Actual manufacturing overhead cost Actual direct manufacturing labor cost $150,000 $300,000 $142,000 $276,000 Inventory balances on December 31, 2018, were as follows: Direct manufacturing labor cost in ending balance Accounts Work in process Finish goods Ending Balance 205,000 30,360 256,000 55,200 Cost of goods sold 609,000 190,440 By using the (Write-off Approach) to adjust the under- or overallocated manufacturing overhead amount, what is the ending balance of "Cost of Goods Sold"? 1. O617,000. 2. O613,000. 3. O 620,000. 4. O 633,000. 5. ONone of the above. Next OType here to search
