Compute for the total cost accounted for using FIFO.ATOZ company's product is manufactured in two departments. Units are inspected at the end of theproduction process in the first department. Data related to the month of May are: WIP,beg (60% materials,35% labor, and 25% FOH), 1,000 units; started in process this period, 9,000 units; WIP,end (100% materials,75% labor and 50% FOH), 1,500 units. Cost data follows:WIP,begP1,260770Cost this MonthP36,24010,78021,725MaterialsLaborFOH1,400

Solution: Total cost accounted for using FIFO = Total cost to account for

Answered: Compute for the total cost accounted…

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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Atoz company's product is manufactured in two departments. Units are inspected at the end of the production process in the first department. Data related to the month of may are: WIP beginning( 60% materials, 35% labor, and 25% factory overhead) 1,000 units; started in process this period, 9,000 units; Work in process end (100% materials, 75% labor and 50% Factory overhead) 1,500 unitsm Cost data follows: work in process beginning materials 1,260 labor 770 factory overhead 1,400; cost this month materials 36,240 labor 10,780 and factory overhead 21,725. Compute for the total cost transferred to the next department using FIFO.
How much is the cost per equivalent unit for the month using Average costing? *
The following data were taken from the records of Milo Company for the month of March: In process, beg (3/5 additional work to be done) 10,125 unitsFinished and Transferred units 15,750 units(Of the units started in process, ½ represents work in process at the end which were 20% completed during the current period)Compute the equivalent units of production of conversion cost using Average.
1. Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below.Work in process, beginning: Units in beginning work-in-process inventory400Materials costs$6,900Conversion costs$2,500Percentage complete for materials80%Percentage complete for conversion15%Units started into production during the month6,000Units transferred to the next department during the month5,000Materials costs added during the month$112,500Conversion costs added during the month$210,300Ending work in process:Units in ending work-in-process inventory1,200Percentage complete for materials60%Percentage complete for conversion30%Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.2. (Ignore income taxes in this problem.) Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E.…
Atoz company's product is manufactured in two departments. Units are inspected at the end of the production process in the first department. Data related to the month of may are: WIP beginning( 60% materials, 35% labor, and 25% factory overhead) 1,000 units; started in process this period, 9,000 units; Work in process end (100% materials, 75% labor and 50% Factory overhead) 1,500 unitsm Cost data follows: work in process beginning materials 1,260 labor 770 factory overhead 1,400; cost this month materials 36,240 labor 10,780 and factory overhead 21,725. Compute for the equivalent units of production using FIFO
Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in ProcessHolmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared forthe first department: Costs assigned to beginning work in process: direct materials, $90,000; conversion costs,$33,750. Manufacturing costs incurred during April: direct materials, $75,000; conversion costs,$220,000. Holmes uses the weighted average method.Required:1. Compute the unit cost for April.2. Determine the cost of ending work in process and the cost of goods transferred out.
The product of Pili Co. passes through three producing departments namely, A, B, C. The departmental unit costs for April and May are as follows: Dept A Dept B Dept C April 5 8 4 May 5.80 7.50 4.30 As of May 31, there are 10,000 units in process in Dept C, 1/2 done. They were placed in process in Dept A in April, transferred to Dept B in May, and then to Dept C in May. Assuming that these 10,000 units comprise the only work in process inventory for each of the last three months, how much must be their accumulated cost?
Machine Builders Inc. adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs for direct materials and direct labor for its single product are as follows: Materials: (7 kilograms × $10 per kilogram) $ 70 Labor: (3 hours × $22 per hour) $ 66 All materials are issued at the beginning of processing. The operating data shown below were taken from the records for July: In-process beginning inventory none In-process ending inventory—90% complete as to labor 900 units Units completed during the month 7,100 units Budgeted output 8,600 units Purchases of materials, in kilograms (AQ) 33,000 Total actual labor costs incurred $ 526,000 Direct labor hours worked (AQ) 22,000 hours Materials purchase-price variance $ 2,900 unfavorable Increase in materials inventory in July 1,300 kilograms Beginning inventory of materials 0 kg.…
Compute for the total cost accounted for using FIFO.
The following data are given on the production of Perez Mfg for July: Total Equivalent Production 28,500 Placed in Process, Finished, and Transferred 20,000 Finished and on hand 6,000 units In process, end 8,000 units 1/8 done In process beginning ? 1/4 done Placed in Process ? The FIFO costing method was used. How many units were there in the beginning inventory of work in process?

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