Anglian Products processes its products through three separate stages. Details of productionfor the month ending 31 May were as follows:ProcessRawMaterialsLabourOverNormalActualCostheadsLosOutput(Kg)(K/kg)(K)(K)(%)(Kg)Primary650000.605,7303,2401055000Secondary7,2004,10053000Finishing8,2805,16048000During the month K6,300 worth of materials were used in the secondary process. The natureof the processes require equipment to be cleaned at the end of each month. Thus there areno openings or closing stocks of products in process. Losses from the finishing process aresold at K1.25/kg.Required:i. The process account for each process;ii. The abnormal loss and abnormal gain accounts as appropriate.

Process costing is a method of costing whereby products go through various manufacturing levels and…

Answered: Anglian Products processes its products…

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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The manufacturing operations of Wildhorse, Inc. had the following balances for the month of January: Inventories Raw Materials Work in Process Finished Goods January 1 January 31 $15,600 27,300 18,200 $16,900 Cost of goods sold $ 29,900 20,800 Wildhorse transferred $377,000 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold.
Show Me How Print tem Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 13,100 tons in beginning work in process inventory (10% complete) on October 1. During October, 82,100 tons were completed. The ending work in process inventory on October 31 was 4,100 tons (10% complete). Fooback What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? 70,710 X units Check My Work Are you determining the equivalent units of materials added or of conversion of materials? When would materials typically be added in the process? When would conversion of these materials take place? Recall the definition of work in process.
Equivalent Units of Production The following information concerns production in the Finishing Department for July. The Finishing Department uses the weighted average cost (WAC) method. Work in Process-Finishing Department Date July 1 Bal., 20,000 units, 40% completed 31 Direct materials, 144,000 units started 31 Direct labor Item 24,600 345,000 163,200 31 Factory overhead 86,700 31 Goods transferred, 142,500 units -578,550 40,950 31 Bal., ? units, 60% completed a. Determine the number of units in work-in-process inventory at the end of the month. 68,250 X b. Determine the number of units to be accounted for and to be assigned costs and the equivalent units of production for July. Units to be accounted for Units to be assigned costs Equivalent units of production Feedback Previous Next
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,700 units, 3/5 completed 14,181 31 Direct materials, 156,600 units 203,580 217,761 31 Direct labor 59,950 277,711 31 Factory overhead 33,722 311,433 31 Goods finished, 158,700 units 301,269 10,164 31 Bal., ? units, 2/5 completed 10,164 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during August $fill in the blank 3 4. Cost of units started and completed during August $fill in the blank 4 5. Cost…
Accounting The following information is given for process I for B Ltd. The average method of pricing work-in-progress is used. Work-in-progress in January: Materials on 500 units Labour on 500 units Factory overheads on 500 units Total Production costs for January: Materials Labour Factory overheads Cost for January Rs 7,800 9,150 6,125 23,075 Rs 900 1,000 400 2,300 Production completed during January: 500 units from 1 January, work-in-progress 2,000 units from products received during January 2,500 total units completed Work-in-progress on 31 January: 400 units, 25% completed as to material, labour and overhead. Calculate process I account for January. Pls be fast
Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. Units Costs Beginning work in process inventory Started 3,000 Beginning work in process inventory 30,000 Direct materials $ 3,180 Ending work in process inventory 6,000 Conversion 13,896 status of ending work in process inventory Direct materials added Materials-Percent complete Direct labor added $ 17,076 212,310 170,910 239,274 $639,570 Conversion-Percent complete Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 61,500 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Total Costs to Account for: Total costs to account for: $ 0 Total costs accounted for $ 0 Difference due to rounding cost/unit Unit Reconciliation: *********** *********** OLO 100% 25% 5 of 5 ی
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $33,320 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 3,400 units, 70% completed 38,080 30 Direct materials, 31,000 units 294,500 332,580 30 Direct labor 28,000 360,580 30 Factory overhead 38,675 ? 399,255 30 Goods finished, ? units ? 30 Bal., 2,700 units, 90% completed ? Cost per equivalent units of $9.50 for Direct Materials and $2.10 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…
The ABC Company manufactures stationary that goes through two processing stages prior to completion. It uses weighted-average method for process costing. Information on work in the first department, Department A is given below for June: Units Materials Conversion Work in process inventory, 1 June 8,000 40% 60% Work in process inventory, 30 June 10,000 60% 40% Materials Conversion Work in process inventory, 1 June $12,220 $10,200 Cost added during June $109,460 $97,920 During June, 100,000 units were started in Department A. Required: a) Determine the number of units completed and transferred to the next department in June. b) Determine the equivalent units for June for Department A. c) Compute the costs per equivalent unit for June for Department A. (2 marks) (6 marks) (4 marks)
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 11,500 $ 54,800 $ 33,480 Ending $ 18,600 $ 66,400 $ 42,200 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Primare Corporation Schedule of Cost of Goods Sold $ 31,000 $ 4,530 $ 59,900 $ 88,600 $ 4,190 Required 1 Required 2 Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods…
1) A company uses process costing and provides the following information for the month of August: Physical Flow in August Cost Data for August Units in Process, Aug. 1 100 Materials Conversion Total Units Started in August 1100 Beg. WIP: $734 $1,547 $2,281 Units Completed in August 1120 Current Period: 12,708 $13,897 $26,605 Units in Process, Aug. 30 80 Total: $13,442 $15,444 $28,886 Units in process at the end of August were 30% complete with respect to materials and conversion costs. How much cost should be assigned to ending work-in-process inventory for the month of August? (Round all intermediate calculations and the final answer to the nearest dollar and cents.)2) A company uses process costing. The following information pertains to the Assembly Department for the month of June: Assembly Department physical inventory for June: 100 units completed and transferred out 20 units in ending work‐in‐process inventory Ending work-in-process inventory is 10% complete with respect to…
Ling Company has two departments, Assembly and Finishing. Consider the following data for the Assembly Department Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Units 3,300 19,300 16,300 6,300 Direct Direct % Complete Material Labor Overhead 90% b. Calculate the cost per equivalent unit. Note: Round your answer to 4 decimal places. 60% a. Equivalent units b. Cost per equivalent unit c. Costs transferred out d. Ending inventory cost $13,000 $8,050 $4,310 a. Compute the number of total equivalent units for the Assembly Department. Ling uses the weighted average method to determine equivalent units. c. Compute the amount of costs that should be transferred to the Finishing Department. Note: Round your answer to the nearest cent. d. Compute the amount of costs that should be assigned to the 6,300 units in ending inventory. Note: Round your answer to the nearest cent. per unit Total $2,735 $25,360
Brite Toothbrushes has gathered the following information to complete its Production Report for the month of April. Assume all materials are added at the beginning of the process. Required: Using the provided information, complete the report. (Round cost per Equivalent Units to 2 decimal places.) Brite Toothbrushes Process Costing Production Report (Welghted Average Method) Assembly Department For the Month Ended April 30, XXXX UNITS Physical Units Units to be accounted for Beginning work in process 50% complete as to conversion 9,000 Started into production 61,500 Total units 70,500 Equivalent Units Direct Materials Conversion Cost Units accounted for: Completed and transferred out 58,000 12,500 70,500 58,000 58,000 Ending work in process 30% complete as to conversion 12,500 3,750 Total units 70,500 61,750 COSTS Direct Materials Conversion Cost Total Cost Cost of beginning work in process 49,000 $ 14,000 $ 63,000 Current period costs

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