Betty Manufacturing Co. operates two consecutive departments, M and N and uses FIFO costing.The August 2019 production data for Department N are as follows.In process, August 1Received from Department MIn process, August 31Normal loss12,000 units, 1/3 incomplete60,000 units10,000 units, 3/5 complete5,000 unitsWhat should be the equivalent production assuming that the normal loss occurred at the beginning?Select your answer.54,00053,00055,00056,000

Cost accounting is considered as the method used by manufacturing business to determine the cost of…

Betty Manufacturing Co. operates two consecutive departments, M and N and uses FIFO costing. The August 2019 production data for Department N are as follows. 12,000 units, 1/3 incomplete 60,000 units 10,000 units, 3/5 complete 5,000 units In process, August 1 Received from Department M In process, August 31 Normal loss What should be the equivalent production assuming that the normal loss occurred at the beginning? Select your answer. 54,000 53,000 55,000 56,000

Betty Manufacturing Co. operates two consecutive departments, M and N and uses FIFO costing. The August 2019 production data for Department N are as follows. 12,000 units, 1/3 incomplete 60,000 units 10,000 units, 3/5 complete 5,000 units In process, August 1 Received from Department M In process, August 31 Normal loss What should be the equivalent production assuming that the normal loss occurred at the beginning? Select your answer. 54,000 53,000 55,000 56,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

See similar textbooks

Similar questions

question? 1) For each cost determine whether it is fixed,variable or mixed? Think about the appropriate activity level for each cost:units sold or units produced. 2) prepare a properly formatted cost function for each cost ?
.a. Millat manufacturing produces two product models: Regular and Special. The following information was taken from the accounting records for the first quarter of 2020.Regular Special TotalUnits produced 80,000 20,000 100,000Material cost Rs. 320,000 Rs. 180,000 Rs. 500,000Labor cost Rs. 480,000 Rs. 140,000 Rs. 620,000Millat currently uses a traditional cost accounting system where total overhead cost is assigned to products based on the total number of units produced. Company president Michael has approached the controller Kashif, with concerns about sagging profit margins and his inability to explain competitors’ pricing of similar products. Kashif suggest that the company explore the possibility of a costing system that is based less on volume and more on identifying the consumption of resources by products. Kashif identifies the following overhead costs related to the production process:Wages and costs related to machine setups Rs. 360,000Material handling costs 480,000 Quality…
You are provided the following production information for the month of October 2020 Material A Material B Material C Opening WIP Cost RO R5,622 R4 235 Current Months' Cost R57,885 R66,368 R36,329 Equivalent Units 6,264 units 9.863 units 7.959 units If a FIFO system is used, what is the cost per equivalent unit for Material C?
Can somebody check my work on the variable costing income statement in the screenshot attached? Summarized data for 2019 (the first year of operations) for Gorman Products, In. are as follows Sales (70,000 units) $2,800,000 Production costs (80,000 units): Direct materials 880,000 Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 175,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory and equipment 28,000 Personnel department expenses 30,000 Problem b) Prepare an income statement based on variable costing
Zoey Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers.. For November 2021, Masipag Company presented the following costs on three processes: A. What is the total units to account for (TUTAF) in Department 1? 23,500 22,500 25,000 21,750 B. What is the equivalent units of production (EUP) on Materials in Department 1? 23,500 20,000 25,000 22,500
ABC Manufacturing employs a weighted average process costing system for its products. One product passes through three departments (Molding, Assembly, and Finishing) during production. The following activity took place in the Finishing Department during April 2020. 4,200 42,000 Units in beginning inventory Units transferred in from Assembly Units spoiled Good units transferred out 2,100 33, 600 The costs per equivalent unit of production for each cost failure area as follows: P5.00 Cost of prior departments Raw material 1.00 Conversion 3.00 Total cost per EUP P9.00 Raw material is added at the beginning of the Finishing process without changing the number of units being processed. Work in process inventory was 40 percent complete as to conversion on April 30. All spoilage was discovered at final inspection. Of the total units spoiled, 1,680 were within normal limits. Determine the cost of units transferred out of Finishing
Men of Culture Company has a process cost system and uses the weighted-average method. The following information is applicable for the month of September. (refer to image) Base on this information, the cost of the units completed is: a. P135,000 b. P113,600 c. P107,800 d. P120,250 e. Some other answer The cost of the ending WIP inventory is a. P27,200 b. P39,200 c. P21,400 d. P32,400 e. Some other answer
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…
Adele Watches has the following cost information for 2019:Direct materials P6.00 per unitDirect labor P4.00 per unitVariable manufacturing overhead P2.00 per unitVariable selling and administrative cost P1.00 per unitFixed manufacturing overhead P80,000Fixed selling and administrative cost P25,000Selling Price P23.00Units produce 25,000 unitsUnits sold 23,000 units Provide the following: 1. Income statement using variable costing. 2. income statement using Absortption costing. 3. For internal decision making, which income statement would be more useful? Why?
For 2020, Mariam's Animal Supply Manufacturing uses machine-hours as the only overhead cost-allocation base. The accounting records contain estimated and actual Manufacturing overhead costs of $100,000 and $120,000 respectively and estimated and actual Machine-hours of 20,000 and 25,000 respectively. Using normal costing, the amount of manufacturing overhead costs allocated to jobs during 2020 is: а. $150,000 b. $100,000 С. $125,000 d. $120,000
1. Reported net income (or loss) for the first six months under absorption costing. 2. Reported net income (or loss) for the first six months undrt bariable costing. 3. The amount if fixed factory costs applief to product during the first six months undet absorption costing is over-applied by what amount?
please answer complete