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. Work in Process-Assembly Department 1,075,500 To Finished Goods, 406,000 units 4,500,000 4,012,000 20,060,000 Bal., 30,000 units, 40% completed Direct materials, 400,000 units @ $11.25 Direct labor Factory overhead Bal., 2 units, 30% completed Cost per equivalent units of $11.25 for Direct Materials and $60.00 for Conversion Costs. a. Based on the above data, determine the different costs listed below. 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 nearest cent.) 0⁰0

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. Work in Process-Assembly Department 1,075,500 To Finished Goods, 406,000 units 4,500,000 4,012,000 20,060,000 Bal., 30,000 units, 40% completed Direct materials, 400,000 units @ $11.25 Direct labor Factory overhead Bal., 2 units, 30% completed Cost per equivalent units of $11.25 for Direct Materials and $60.00 for Conversion Costs. a. Based on the above data, determine the different costs listed below. 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 nearest cent.) 0⁰0

Name: Chapter 17 homeworkeBookCost of Units Completed and in ProcessThe cha
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Chapter 17 homeworkeBookCost 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 processat the beginnin

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

Entries for Flow of Factory Costs for Process Costing Keoni Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $522,500, $182,900, and $120,200, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,300, and work in process at the end of the period totaled $36,100. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. 1. 2. 3. b. Journalize the entry to record the transfer of production costs to the second department, Sifting. If an amount box does not require an entry, leave it blank.
Coat-All Paint Company used a predetermined overhead allocation rate to allocate $85,000 and $50,000 of indirect costs to the Coloring Department and the Mixing Department, respectively. The journal entry to record the allocation of overhead costs to the Coloring Department is Process costing is used. OA. debit Manufacturing Overhead, $50,000; credit Work - in - Process Inventory-Mixing, $50,000 OB. debit Work - in – Process Inventory-Coloring, $85,000; credit Manufacturing Overhead, $85,000 OC. debit Manufacturing Overhead, $85,000; credit Work - in - Process Inventory-Mixing, Ss85,000 D. debit Work- in-Process Inventory-Coloring. $50,000; credit Manufacturing Overhead, $50,000
Vishal
Entries for Flow of Factory Costs for Process Cost System Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $527,700, $184,700, and $121,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,600, and work in process at the end of the period totaled $36,400. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. 1. Work in Process-Refining Department. ✓ 284,500 X Materials 2. Work in Process-Refining Department Wages Payable Feedback ✓ 3. Work in Process-Refining Department -✓ Factory Overhead-Refining Department Feedback ✓ - ✓ Feedback…
Entries for Flow of Factory Costs for Process Cost System Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $605,000, $211,800, and $139,200, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $33,900, and work in process at the end of the period totaled $41,700. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. 1. 2. 3. b. Journalize the entry to record the transfer of production costs to the second department, Sifting. If an amount box does not require an entry, leave it blank.
re
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 productio Work in Process-Assembly Department 19,500 To Finished Goods, 115,000 units 247,800 214,300 83,270 Bal., 5,000 units, 75% completed Direct materials, 118,000 units @ $2.1 Direct labor Factory overhead Bal., ? units, 40% completed Cost per equivalent units of $2.10 for Direct Materials and $2.60 for Conversion Costs. a. Based on the above data, determine the different costs listed below. 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 nearest cent.) b. Did the production costs change from the preceding period? 0000 ? c. Assuming that the direct materials cost per unit did not…
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. Work in Process-Assembly Department Bal., 7,000 units, 35% completed 15,225 To Finished Goods, 161,000 units Direct materials, 165,000 units @ $1.3 214,500 Direct labor 318,900 Factory overhead 124,035 Bal. ? units, 50% completed a. 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 nearest cent. b. Did the production costs change from the preceding period? c. Assuming that the direct materials…
Work in Process—Assembly Department Bal., 3,000 units, 35% completed 7,395 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $1.8 127,800 Direct labor 100,700 Factory overhead 39,200 Bal., ? units, 40% completed ? Cost per equivalent units of $1.80 for Direct Materials and $2.00 for Conversion Costs. a. 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 nearest cent.) $ b. Did the production costs change from the preceding period?Yes c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit…