Comprehensive Problem (Algo) LO 12-1, 12-2, 12-3, 12-4 During Year 3, Anywhere, Inc. (Al) incurred the following product costs. Raw materials Labor Overhead The Year 2 ending balance in the Work in Process (WIP) account was $42,000. Accordingly, this is the beginning WIP balance for Year 3. There were 180 units of product in beginning WIP inventory. Al started 2,100 units of product during Year 3. Ending WIP inventory consisted of 160 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank. $ 94,000 122,400 74,000 Beginning inventory Units started Total units available for completion Equivalent Unit Computations Units inventory Units in ending Units complete units Total equivalent 180 2,100 Beginning inventory Raw materials Labor Overhead Total product cost (160) 2,120 Cost per Equivalent Unit Cost + Units $ 42,000 74,000 % Complete % 100 % Cost transferred to finished goods Cost in ending inventory Total product cost 2,216 = Allocation of Product Cost Equivalent Units 2,216 Cost per Unit $ 332,400

Comprehensive Problem (Algo) LO 12-1, 12-2, 12-3, 12-4 During Year 3, Anywhere, Inc. (Al) incurred the following product costs. Raw materials Labor Overhead The Year 2 ending balance in the Work in Process (WIP) account was $42,000. Accordingly, this is the beginning WIP balance for Year 3. There were 180 units of product in beginning WIP inventory. Al started 2,100 units of product during Year 3. Ending WIP inventory consisted of 160 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank. $ 94,000 122,400 74,000 Beginning inventory Units started Total units available for completion Equivalent Unit Computations Units inventory Units in ending Units complete units Total equivalent 180 2,100 Beginning inventory Raw materials Labor Overhead Total product cost (160) 2,120 Cost per Equivalent Unit Cost + Units $ 42,000 74,000 % Complete % 100 % Cost transferred to finished goods Cost in ending inventory Total product cost 2,216 = Allocation of Product Cost Equivalent Units 2,216 Cost per Unit $ 332,400

Name: Comprehensive Problem (Algo) LO 12-1, 12-2, 12-3, 12-4During Year 3,
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Comprehensive Problem (Algo) LO 12-1, 12-2, 12-3, 12-4During Year 3, Anywhere, Inc. (Al) incurred the following product costs.RawmaterialsLaborOverheadThe Year 2 ending balance in the Work in Process (WIP) account was $42,000. Accordingly, this is t

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
During Year 3, Anywhere, Inc. (Al) incurred the following product costs. $ 84,000 107,220 69,000 Raw materials Labor Overhead The Year 2 ending balance in the Work in Process (WIP) account was $37,000. Accordingly, this is the beginning WIP balance for Year 3. There were 185 units of product in beginning WIP inventory. Al started 2,000 units of product during Year 3. Ending WIP inventory consisted of 155 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank. Equivalent Unit Computations % Equivalent Units Units Complete Beginning inventory 185 Units started 2,000 Total units available for completion Units in ending inventory (155) % Units complete 2,030 100 % Total equivalent units 2,123 Cost per Equivalent Unit Cost per Cost Units Unit Beginning inventory $ 37,000 Raw materials Labor Overhead 69,000 Total product cost 2,123 = Allocation of Product Cost Cost transferred to finished goods Cost in ending inventory…
The fabricating department, sorry at the current month with a beginning work and process inventory of $10, 400 during the month. It was a sign. The following cost direct material 76, 400 direct labour 24,400 and factory overhead, 80% of direct labour cost also inventory with the cost of 111,000
Dog
Vinubhai
Cornerstones of Cost Management 4th Ed. - Chapter 4 Scenario II: Goodmark Company produces two types of birthday cards: scented and regular. Goodmark uses the Overhead Control account to accumulate both actual and applied overhead. The company has the following data for the past year: Actual overhead $760,000 Sales $3,500,000 Materials used $1,100,000 Applied Overhead (in each account): Work in process $72,000 Finished goods 216,000 Cost of goods sold 432,000 Required: 1. Calculate the overhead variance for the year and label it under- or overapplied. Overhead variance: $ ________ (underpaid or overpaid) 2. Assuming the variance is not material, the following closing entry would be made: Debit _________ for $___________ and credit _______ for $ __________ 3. If the overhead variance is material, indicate how much of the variance would be __________ to each of the following accounts (if an amount is zero, enter "0"): Work in…
H6
Need answer
Problem 1-7. Jansport Manufacturing Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year: Factory Labor: Total Factory payroll Raw Materials: P2,700,000 Inventory, Jan 1 450,000
Kindly answer
Maryville Incorporated incurred the following costs during June: Raw materials used Direct labor Manufacturing overhead, actual Selling expenses Administrative expenses Interest expense $ 331,000 652,000 448,000 267,000 194,000 91,000 During the month, 53,000 units of product were manufactured and 48,000 units of product were sold. On June 1, Maryville carried no Inventories. On June 30, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during June and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during June. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for Maryville for the month of June. Assume that sales for the month was $2,448,000 and the company's effective income tax rate was 30%. Complete this question by entering your…
For February, prime cost incurred was?