Cost of Units Completed and in ProcessThe charges to Work in Process--Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Direct materials, 118,000 units @ $1.3Direct laborFactory overheadBal. 2 units, 40% completed153,400148,30057,710a. Based on the above data, determine the different costs listed below.If required, round your interim calculations to two decimal places.1. Cost of beginning work in process inventory completed this period.2. Cost of units transferred to finished goods during the period.3. Cost of ending work in process inventory.4. Cost per unit of the completed beginning work in process inventory, rounded to the nearestcent.b. Did the production costs change from the preceding period?0.0.0.0c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remainthe same for the current period? Cost of Units Completed and in ProcessThe charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed inprocess at the beginning of production.Work in Process-Assembly DepartmentBal., 5,000 units, 75% completedDirect materials, 118,000 units @ $1.3Direct laborFactory overheadBal. 2 units, 40% completed12,875153,400148,30057,710a. Based on the above data, determine the different costs listed below.If required, round your interim calculations to two decimal places.To Finished Goods, 115,000 units1. Cost of beginning work in process inventory completed this period.2. Cost of units transferred to finished goods during the period.3. Cost of ending work in process inventory.4. Cost per unit of the completed beginning work in process inventory, rounded to the nearestcent.b. Did the production costs change from the preceding period?0.0.0.0$?

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Description: Cost of Units Completed and in ProcessThe charges to Work in Process--Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Direct

In process accounting we need to find out the total no. of equivalent units of the products for…

Business

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Cost of Units Completed and in Process The charges to Work in Process--Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.

Cost of Units Completed and in Process The charges to Work in Process--Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.

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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In a process cost system total costs are determined when the job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the unts produced during the period.
The cost of materials used on a specific job is first captured on which source document? Select one: O a. Materials requisition form Ob. Process cost sheet Oc. Labor time ticket Od. Cost driver sheet
Which of the following is true of process costing? A. A separate finished goods account is set up for each process or department. B. For the costing purpose, a single production report is made for the entire production process. C. Costs are accumulated by job. D. Finished units in one department initially become part of Work-in-process for the next department.
As production takes place, all material costs are added to the: Work-in-process Inventory account Manufacturing-Overhead inventory account Cost of goods sold account Finished goods inventory account
Overton Company has gathered the following information. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Cost of beginning work in process, plus costs incurred during the period: Direct materials Direct labor Overhead (a) Question Part Score (b) Question Part Score (c) Completed and transferred out Ending work in process $ 20,000 $ 164,000 24,000 60 % 100 % Show the assignment of costs to units completed and transferred out and to work in process at the end of the period. $101,200 $164,800 $184,000 2/2 --/2
Which of the following entries record the release of direct materials to productionin a job-order costing system?
Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials. Conversion Total costs to account for Units 4,400 20, 600 25,000 3,800 $314, 760 1,374,948 Direct Materials Conversion Percent Percent Complete Complete 100% 30% 100% $ 124,790 1,689, 708 $ 1,814, 498 70%
As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in a.materials. b.cost of goods sold. c.finished goods. d.work in process.
Which of the following describes cost allocation? a. serves as the basis for recording materials used O b. process by which factory overhead is assigned to a cost object serves as the basis for recording direct labor on a job cost sheet O c. O d. completed when materials that have been ordered are received and inspected