Cost Journal Entries Bellingham Company produced 6,000 units that require six standard pounds per unit at a $3 standard price per pound. The company actually used 37,400 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. Work in Process Direct Materials Quantity Variance 88 Materials

Cost Journal Entries Bellingham Company produced 6,000 units that require six standard pounds per unit at a $3 standard price per pound. The company actually used 37,400 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank. Work in Process Direct Materials Quantity Variance 88 Materials

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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Multiple Choice 21,200. 22,200. 25,500. 26,500.
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Weighted Average Method, Unit Cost, Valuing Inventories Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data: Units in process, January 1, 60% complete 156,000 pints Units completed and transferred out 680,000 pints Units in process, January 31, 40% complete 215,000 pints Costs: Work in process, January 1 $156,000 Costs added during January 610,000 Required: 1. Using the weighted average method, calculate the equivalent units for January. equivalents units 2. Calculate the unit cost for January. Round your answer to the nearest cent. per unit 3. Assign costs to units transferred out and EWIP. Cost of goods transferred out Ending work in process (EWIP)
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 11,200 units, 80% completed 67,200 31 Direct materials, 54,900 units 200,934 268,134 31 Direct labor 124,600 392,734 31 Factory overhead 126,600 519,334 31 Goods transferred, 58,200 units 499,356 19,978 31 Bal., ? units, 30% completed 19,978 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to be…
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Weighted Average Method, Unit Cost, Valuing Inventories Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data: Units in process, January 1, 60% complete 184,000 pints Units completed and transferred out 700,000 pints Units in process, January 31, 40% complete 225,000 pints Costs: Work in process, January 1 $202,400 Costs added during January 666,600
Weighted Average Method, Unit Cost, Valuing Inventories Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data: Units in process, January 1, 60% complete 108,000 pints Units completed and transferred out 720,000 pints Units in process, January 31, 40% complete 225,000 pints Costs: Work in process, January 1 $162,000 Costs added during January 1,053,000 Required: 1. Using the weighted average method, calculate the equivalent units for January._______________equivalent units 2. Calculate the unit cost for January. Round your answer to the nearest cent.$____________ per unit
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