Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December,2022. Company presented the following costs on processes:In December, under FIFO method, what is average unit cost of inventory transferred from Process 2 to Process 3?P24.56P25.03P25.22P24.76 December 2021 Costs incurred:Process 1Process 2Process 3300,510.00198,000.00158,400.00656,910.00246,225.00170,625.00136,500.00553,350.00|189,375.00142,785.00112,320.00444,480.00MaterialsDirect LaborOverheadTotal50% at the beginning of the50% at the beginning of theprocess, and remaining 50% at of the process and the00% of the process.process, another 30% at 70%Materials are addedthe beginning of the process.remaining 20% at 00% of theprocess.Started/Transferred In (units)In process, beginning (units)Completed and transferred out (units)In Process, end (units)In Process, end (rate of convertion)50,0001,00049,00049,0001,50047,00047,0001,50045,0002,0002,0002,00050%50%60%Normal Loss- not more than 900 units900900Abnormal loss (units)600600Quality Control Inspection Madeat the end of the processat the end of the processat the end of the process

The average unit cost of inventory shows the cost per unit. Equivalent units are calculated by…

December 2021 Costs incurred: Materials Direct Labor Overhead Total Materials are added Started/Transferred In (units) In process, beginning (units) Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) Normal Loss - not more than 900 units Abnormal loss (units) Quality Control Inspection Made Process 1 300,510.00 198,000.00 158,400.00 656,910.00 the beginning of the process. 50,000 1,000 49,000 2,000 50% at the end of the process Process 2 246,225.00 170,625.00 136,500.00 553,350.00 49,000 1,500 47,000 2,000 50% Process 3 900 600 at the end of the process 189,375.00 142,785.00 112,320.00 444,480.00 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. 50% at the beginning of the process, another 30% at 70% remaining 20% at 90% of the process. 47,000 1,500 45,000 2,000 60% 900 600 at the end of the process

December 2021 Costs incurred: Materials Direct Labor Overhead Total Materials are added Started/Transferred In (units) In process, beginning (units) Completed and transferred out (units) In Process, end (units) In Process, end (rate of convertion) Normal Loss - not more than 900 units Abnormal loss (units) Quality Control Inspection Made Process 1 300,510.00 198,000.00 158,400.00 656,910.00 the beginning of the process. 50,000 1,000 49,000 2,000 50% at the end of the process Process 2 246,225.00 170,625.00 136,500.00 553,350.00 49,000 1,500 47,000 2,000 50% Process 3 900 600 at the end of the process 189,375.00 142,785.00 112,320.00 444,480.00 50% at the beginning of the process, and remaining 50% at of the process and the 60% of the process. 50% at the beginning of the process, another 30% at 70% remaining 20% at 90% of the process. 47,000 1,500 45,000 2,000 60% 900 600 at the end of the process

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

Velasquez Company has a cycle time of 4 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of October: RIP beginning, including P10,000 of conversion cost, P35,000; FG beginning, including P6,800 of conversion cost; P30,000; Raw materials purchased on account, P225,000; RIP end, including P13,700 of conversion cost, P23,500; FG end, including P11,100 of conversion cost, P14,800. Direct labor P175,000; Factory overhead P220,000. What is the amount of conversion costs in the cost of goods sold account? a.P646,700 b.P395,000 c.P387,000 d.P259,700
1.Based on the data above. What is the total conversion cost? 2.Based on the data above. What is the cost of goods manufactured?
What would be NUBD’s finished goods inventory at December 31, 2021 under the absorption costing method?
Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. t transferred in 185A poo of unts, compan during the period. The ending Finished Goods Inventory balance on October 31 was $175.200. The entry to account for the cost of goods manufactured diaring October w. Multiple Choice Debit Cost of Goods Sold $856,30o; credit Finished Goods Inventory $856.300. Debit Finished Goods Inventory $854,00o; credit Work in Process Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished Goods Inventory $175,200; credit Cost of Goods Sold $175,200. Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000. Next 20 of 25 < Prev
Question: In the finishing department, what is the cost assigned to December 31, 2020, work-in-process inventory? a.6,668,130 b. 6,276,330 c. 6,401,800 d. 9,235,100
XYZ Company has a cycle time of 2 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of August: RIP beginning, including P17,040 of conversion cost, P26,400; FG beginning, including P17,400 of conversion cost; P27,000; Raw materials purchased on account, P447,000; RIP end, including P18,360 of conversion cost, P28,600; FG end, including P14,400 of conversion cost, P22,000. Direct labor P213,000; Factory overhead P192,000. What is the amount of material included in the cost of goods sold? P447,000 P448,120 P449,000 P446,120
A production department's beginning inventory cost includes $490,000 of conversion costs. This department incurs an additional $1,037,500 in conversion costs in the month of March. Equivalent units of production for conversion total 925,000 for March. Calculate the cost per equivalent unit of conversion using the weighted-average method. Cost per equivalent unit of conversion Choose Numerator Choose Denominator Cost per equivalent unit of production
Complete the production cost report using FIFO.
1. What would be Greg's finished goods inventory at December 31, 2021 under the absorption costing method?
Give typing answer with explanation and conclusion nvex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $6 Labor 4 Overhead 3 $13 Beginning inventory at these costs on July 1 was 6,100 units. From July 1 to December 1, Convex produced 17,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 19,000 units during the last six months of the year at $20 each, what would gross profit be? b. What is the value of ending inventory?
Star Plastic company produces plastic cups. table below are the data for April 2019. Star Plastic uses the weighted average method for inventory calculations. raw materials are added at the beginning of the production process while conversion costs are added evenly throughout the process. calculate equivalent units (EU) for DIRECT MATERIALS Physical Units Direct Conversion Materials Costs $ 13,332 Work in process, beginning inventory (April 1) Degree of completion of beginning work in process Started during April Good units completed and transferred out during April Work in process, ending inventory (April 30) Degree of completion of ending work in process Total costs added during April Normal spoilage as a percentage of good units Degree of completion of normal spoilage Degree of completion of abnormal spoilage 2,400 $21,240 100% 50% 12,000 10,800 2,160 100% 75% $97,560 $111,408 10% 100% 100% 100% 100%
Question 2: How much is the conversion cost included cost of goods sold in June? * GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and charges all conversion costs to cost of goods sold. At the end of each month, all inventories are counted, conversion costs components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from the raw materials and in process account to the finished goods account. The following information is provided for the month of December: 15,000 Beginning Balance of RIP account, including P5,000 conversion cost Beginning Balance of finished goods account, including P8,000 conversion cost Raw materials received on credit Direct labor cost 20.000 500,000 350,000 450,000 30,000 Factory overhead applied Ending RIP inventory per physical count, including P9,000 conversion co Ending finished goods inventory per physical count, including P4,000 conversion cost 11,000 a. 494,000 b. 800,000 c.…