Determine the assignment of costs to goods completed and transferred out and to work in process for November.Costs accounted for:Transferred outWork in process, November 30MaterialsConversion costsTotal costs$$ Ivanhoe Company has several processing departments. Costs to be accounted for in the Assembly Department for November 2025totaled $2,297,376 as follows.Work in process, November 1MaterialsConversion costsDirect materials added during NovemberDirect labor incurred during NovemberManufacturing overhead assigned during November$79,10048,800$127,9001,601,380226,000342,096$2,297,376Production records show that 35,400 units were in beginning work in process 30% complete as to conversion costs, 664,800 unitswere started into production, and 24,600 units were in ending work in process 40% complete as to conversion costs. Materials areadded at the beginning of each process, and conversion costs are incurred uniformly throughout the process.

Name: Determine the assignment of costs to goods completed and transferred
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Determine the assignment of costs to goods completed and transferred out and to work in process for November.Costs accounted for:Transferred outWork in process, November 30MaterialsConversion costsTotal costs$$ Ivanhoe Company has several processing

Process Costing Process costing is the technique that applies by the firms engaging in the…

Business

Accounting

Determine the assignment of costs to goods completed and transferred out and to work in process for November. Costs accounted for: Transferred out Work in process, November 30 Materials Conversion costs Total costs 10

Determine the assignment of costs to goods completed and transferred out and to work in process for November. Costs accounted for: Transferred out Work in process, November 30 Materials Conversion costs Total costs 10

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

Please do not give solution in image format thanku
Equivalent Units of Production The following information concerns production in the Finishing Department for July. The Finishing Department uses the weighted average cost (WAC) method. Work in Process-Finishing Department Date July 1 Bal., 20,000 units, 40% completed 31 Direct materials, 144,000 units started 31 Direct labor Item 24,600 345,000 163,200 31 Factory overhead 86,700 31 Goods transferred, 142,500 units -578,550 40,950 31 Bal., ? units, 60% completed a. Determine the number of units in work-in-process inventory at the end of the month. 68,250 X b. Determine the number of units to be accounted for and to be assigned costs and the equivalent units of production for July. Units to be accounted for Units to be assigned costs Equivalent units of production Feedback Previous Next
Question 1 of 1 \table[[Manufacturing Costs, Production Data], [Beginning work in process, $50, 193, Beginning work in process, 23, 400 units], [Costs added during month,,Units completed and transferred out,84, 240], [Direct materials, 299, 520, Units started in production, 99, 840], [Direct labor, 54, 756, Ending work in process,39,000 units], [Manufacturing overhead, 106, 704,, ]] Beginning work in process and ending work in process were 10% and 20% complete with respect to conversion costs, respectively. Prepare a production cost report for the Welding Department for February 2022. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.) (3) Work in process, February 1 23400 SUPPORT Started into production 99840 larr Check for Understanding Chapter 16 Question 1 of 1 i Completed and 10 - transferred out Work in process, February 1 Started and completed Total Work in process, February 28 tal units (B) Costs to be accounted for
7. Using the following terms, complete the production cost report shown below: Ending work in process Total costs to account for Cost per equivalent unit Units started into production Manufacturing Overhead Beginning work in process Total units accounted for Raw Materials Inventory Transferred in costs Incurred during the period Completed and transferred out Total costs accounted for Finished Goods Inventory Equivalent units Total units to account for Materials are added at the beginning of the production process and ending work in process inventory is 80% complete with regard to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Cost to Account For Beginning inventory: materials $ 25,000 Beginning inventory: conversion 30,500 Direct materials 2,000 Direct labor 45,000 Applied overhead…
Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to 5599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and…
Good afternoon Please answer part d Elmo has the following information for the month of October, its first month of operationsCosts added in OctoberRequireda) Determine the equivalent units of production for October.b) Determine the cost of the ending work-in-process. c) Determine the cost of goods completedd) What is meant by the term equivalent full units?
I need to finish with these three questions and need help please. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. 2. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. 3.Discuss the uses of the cost of production report and the results of part (c).
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
Prepare a Production Cost Report Troika Company The production information for Troika's Smoothing department for August is as follows: Work in process Beginning balance: materials Beginning balance: conversion Materials Labor Overhead Cost $ 1,550 2,500 7,441 14,520 7,930 Beginning units Transferred in Transferred in Transferred out Units 650 1,780 1,810 All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. Prepare a production cost report for August for the Smoothing Department.
Subject: Cost Accounting
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%
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item August 1 Bal., 6,600 units, 4/5 completed 31 Direct materials, 118,800 units 31 Direct labor Debit Credit 154,440 45,340 25,508 Balance Balance Debit Credit 228,306 11,484 165,924 211,264 236,772 8,466 8,466 31 Factory overhead 31 Goods finished, 120,300 units 31 Bal., 2 units, 3/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for July and August, did the conversion…