Current Attempt in Progress The ledger of Blossom Company has the following work in process inventory account. Work in Process-Painting 5/1 Balance 3,790 5/31 Completed and transferred out? 5/31 Direct materials 6,660 5/31 Direct labor 2,478 5/31 Manufacturing overhead 2.280 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1.700 units started into production, and 1,500 units completed and transferred out. The beginning work in process had materials cost of $2,140 and conversion costs of $1,650. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process.

Current Attempt in Progress The ledger of Blossom Company has the following work in process inventory account. Work in Process-Painting 5/1 Balance 3,790 5/31 Completed and transferred out? 5/31 Direct materials 6,660 5/31 Direct labor 2,478 5/31 Manufacturing overhead 2.280 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1.700 units started into production, and 1,500 units completed and transferred out. The beginning work in process had materials cost of $2,140 and conversion costs of $1,650. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process.

Name: Current Attempt in ProgressThe ledger of Blossom Company has the foll
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Description: Current Attempt in ProgressThe ledger of Blossom Company has the following work in process inventory account.Work in Process-Painting5/1Balance3,790 5/31 Completed and transferred out ?5/31 Direct materials6,6605/31 Direct labor2,4785/31 Manufacturi

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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Beginning work in process inventory: Units in beginning work in process inventory 700 Materials costs $ 11,500 Conversion costs $ 22,200 Percent complete with respect to materials 75% Percent complete with respect to conversion 65% Units started into production during the month 8,600 Units transferred to the next department during the month 7,800 Materials costs added during the month $ 159,300 Conversion costs added during the month $ 348,500 Ending work in process inventory: Units in ending work in process inventory 1,500 Percent complete with respect to materials 65% Percent complete with respect to conversion 50% What are the equivalent units for conversion costs for the month in the first processing department? 750 9,300 8,095 7,100
4. Sterling’s records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used $1,500 Overhead applied 500 Cost of goods manufactured 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are…
Current Attempt in Progress Waterway Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $290000 $516000. $226000. $806000. $504000. 146000 298000 226000 278000 794000 Waterway Company's ending Work in Process Inventory is
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the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
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A-3
Answer the following questions by analysing the T-accounts given below.
Sterling's records show the work in process inventory had a beginning balance of $5,000 and an ending balance of $4,000. How much direct labor was incurred if the records also show: Materials used $1,600 Overhead applied 400 Cost of goods manufactured 7,700 $fill in the blank 1
Answer the following questions by analysing the T-accounts given below.
A-5
Fortune Company had beginning raw materials inventory of $9,900. During the period, the company purchased $55,500 of raw materials on account. If the ending balance in raw materials was $6,900, the amount of raw materials transferred to work in process is: Multiple Choice $52,500. $58,500. $55,500. $62,400.