CPR with loss: Akroain corporation manutacture a product which passes through two department the production and the cost of department 1 đuring may 20xx ae as follow. 42.500 units were started in process.38000 units were completed and transferred to depariment number 2. Some 4000 units were in process at the end of month; these units were complete as to material but % converted. Remaining 500 units lost during processing. Costs incurred by the department were direct material 126,000 dollars, Direct Labor 80,000 dollars and FOH 40,000 dollars. You ae rėquired to make a cost of production report for the month of may 20xx,

CPR with loss: Akroain corporation manutacture a product which passes through two department the production and the cost of department 1 đuring may 20xx ae as follow. 42.500 units were started in process.38000 units were completed and transferred to depariment number 2. Some 4000 units were in process at the end of month; these units were complete as to material but % converted. Remaining 500 units lost during processing. Costs incurred by the department were direct material 126,000 dollars, Direct Labor 80,000 dollars and FOH 40,000 dollars. You ae rėquired to make a cost of production report for the month of may 20xx,

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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Required: How much is the cost of goods manufactured in department B?
Question 02: CPR with loss: Akroain corporation manufacture a product which passes through two department the production and the cost of department 1 during may 20xx ae as follow. 42,500 units were started in process.38000 units were completed and transferred to department number 2. Some 4000 units were in process at the end of month; these units were complete as to material but ½ converted. Remaining 500 units lost during processing. Costs incurred by the department were direct material 126,000 dollars, Direct Labor 80,000 dollars and FOH 40,000 dollars. You ae required to make a cost of production report for the month of may 20xx.
CPR Abnormal Loss in second department:During the month of may 20xx department No.2 of Halton company received60,000 units at the rate of 14.50 dollars from department one. Then it transferredout 33000 completed units. In the department there was an abnormal loss of4000units when 85 percent converted. In Department 2 all the material are added at the beginning of the process. Direct Material added during the month totaled272,500 dollars and conversion cost is 216,000 dollars. Make a cost of productionreport for department 2. .Cost from the proceeding department is 775,000dollars with the per unit cost 15.50 dollars
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…
The financial statements at the end of Atlas Realty's first month of operations follow Atlas Realty Income Statement For the Month Ended May 31, 2019 Fees earned. $400,000 Expenses Wages expense (a) Rent expense Supplies expense Utilities expense Miscellaneous expense 48,000 17,600 14,400 4,800 Total expenses.. 288,000 (b) Net income Atlas Realty Statement of Owner's Equity For the Month Ended May 31, 2019 LuAnn Martin, capital, May 1,2019 Investment on May 1, 2019. Net income for May Withdrawals Increase in owner's equity (c) (d) (e) (f) (g) LuAnn Martin, capital, May 31, 2019 (h) Atlas Realty Balance Sheet May 31, 2019 Assets Cash $123,200 Supplies. 12,800 Land Total assets Llabilitles Accounts payable 48,000 Ownar's Equity LuAnn Martin, capital. Total liabilities and owner's equity (k) (D Atlas Realty Statement of Cash Flows For the Month Ended May 31,2019 Cash flows from operating activities: Cash receipts from customers. Cash payments for expenses and payments to creditors.. Net…
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TOPIC: PROCESS COSTING-LOST UNITS
2. XYZ Co. manufactures a high-quality product which goes through two departments; mixing department and finishing department. Beg WIP Inv.: 8,000 units Raw Material $45,600 $49,300 $43,720 $81,200 D/L incurred in current period $206,700 $186,680 30,000 Direct Labor Manuf. Overh. D/M used in current period M/O applied Units completed and T/O End. WIP Inv.: 10,000, D/M 100%, Conv. 20%. a) Prepare the production report b) Prepare the journal entries for -release of D/M, -incurrance of D/L, -application of M/O, and - transferring units completed to mixing dept.
Problem 7. Hua Corp. manufactures hats. All material is placed in process at the beginning of the period in Department A and the process and the conversion costs are added evenly throughout the process. Upon completion the goods are immediately transferred to Department B. Department A -Month of April 20xx. Status: -Work in process 3/31/xx conversion Units completed at a cost of $300,000 20,000 ($250,000 material and $50,000 conversion) -Units started during April 50,000 -Units completed during April 30,000 -Work in process April 30th were 50% 40,000 Completed for conversion -Direct material cost added during April $450,000 -Conversion cost added during April $100,000 Required: Prepare the 5 step production cost report
Determine the costs to be assigned to the units transferred out a. 60,000 b. 267,000 c. 207,000 d. 57,000
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…