Beginning inventory(17,500 units, 18% complete with respect to Refining costs)Transferred-in costs (from Mixing)Refining conversion costsCurrent work (55,000 units started)Mixing costsRefining costs$ 249,0559,676$ 918,625103,148The ending inventory has 15,200 units, which are 90 percent complete with respect to Refining Department costs.Required:a. Complete the production cost report using the FIFO method.Note: Round "Cost per equivalent unit" to 2 decimal places.Flow of units:Units to be accounted forBeginning WP inventoryUnits started this periodTotal units to account forUnits accounted forCompleted and transferred outFrom beginning WP inventoryMixingRefiningStarted and completed currentlyUnits in ending WIP inventoryEquivalent UnitsPhysicalUnitsMixingDepartmentRefiningDepartmentMixingRefiningTotal units accounted forTotalMixingDepartmentRefiningDepartmentFlow of costs:Costs to be accounted for.Costs in beginning WP inventoryCurrent period costsTotal costs to be accounted for$$Cost per equivalent unitMixingRefiningCosts accounted forCosts assigned to units transferred outCosts from beginning WIP inventoryCurrent costs added to complete beginning WP inventoryMixingRefiningCurrent costs of units started and completedMixingRefiningTotal costs transferred outCost of ending WIP inventoryMixingRefiningTotal costs accounted forS0 $0 $$0 $0 $

Name: Beginning inventory(17,500 units, 18% complete with respect to Refini
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Beginning inventory(17,500 units, 18% complete with respect to Refining costs)Transferred-in costs (from Mixing)Refining conversion costsCurrent work (55,000 units started)Mixing costsRefining costs$ 249,0559,676$ 918,625103,148The ending inventory

A production cost report is a managerial accounting document that provides detailed information…

Answered: equired: Complete the production cost…

Business

Accounting

equired: Complete the production cost report using the FIFO method. ote: Round "Cost per equivalent unit" to 2 decimal places.

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

The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
Materials are added at the beginning of the production process. Conversion costs are added uniformly throughout the production process. Assuming a FIFO flow of costs, what is this company's computed total production cost transferred out during the period?
1. Using weighted average method, how much is the total cost of Work in Process Inventory, End?
Great Outdoze Company manufactures sleeping bags, which sell for $66.10 each. The variable costs of production are as follows: Direct material Direct labor Variable manufacturing overhead $19.10 10.30 7.40 k Budgeted fixed overhead in 20x1 was $157,500 and budgeted production was 25,000 sleeping bags. The year's actual production was 25,000 units, of which 21,300 were sold. Variable selling and administrative costs were $1.30 per unit sold; fixed selling and administrative costs were $22,000. at
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.
Lillibridge & Friends, Incorporated provides you with the following data for its single product: Sales price per unit Fixed costs (per quarter): Selling, general, and administrative (SG&A) Manufacturing overhead Variable costs (per unit): Direct labor Direct materials Manufacturing overhead SG&A Number of units produced per quarter a. Prime cost per unit b. Contribution margin per unit c. Gross margin per unit d. Conversion cost per unit e. Variable cost per unit f. Full absorption cost per unit Required: Compute the amounts for each of the following assuming that the production levels are within the relevant range if the number of units is 500,000 per quarter. Also calculate if the number of units increases to 600,000 per quarter. Note: Round your answers to 2 decimal places. g. Variable production cost per unit h. Full cost per unit 500,000 units $ $ S $ 50 1,500,000 4,500,000 600,000 units $ 19.00 17.00 $ 13.00 $ 8 11 9 5 500,000 units 19.00 17.00 14.50
using the average method what is the total equivalent units of production under process 3 for materials and conversion, respectively? 15,110 and 15,140, 15,200 and 15,200, 14,950 and 14,950, 15,200 and 15,000
1. Which of the following statemens is true? a. The equivalent units in beginning work in process inventory plus the equivalent units for the work done during the period equals the units transferred out plus the equivalent units in ending work in process inventory. D. When materials are purchased in a process costing system, a work m process account is debited with the cost of the materials. C. Any difference in the equivalent units calculated under the weighted- average and the FIFO methods is due to the units in the ending work in process inventory. d. Under the FIFO method of product costing, equivalent units of production consider units in beginning inventory as if they were started and completed during the current period.
The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of 3,800 sets per year. Annual cost data at full capacity follow: Direct labor Advertising Factory supervision Property taxes, factory building Sales commissions Insurance, factory Depreciation, administrative office equipment Lease cost, factory equipment Indirect materials, factory Depreciation, factory building Administrative office supplies (billing) Administrative office salaries Direct materials used (wood, bolts, etc.) Utilities, factory $ 89,000 $ 103,000 $70,000 $ 23,000 $ 65,000 $ 6,000 $ 2,000 $ 17,000 $ 18,000 $ 106,000 $ 5,000 $ 111,000 $ 426,000 $ 46,000 Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling…
Lillibridge & Friends, Incorporated provides you with the following data for its single product: Sales price per unit Fixed costs (per quarter): Selling, general, and administrative (SG&A) Manufacturing overhead Variable costs (per unit): Direct labor Direct materials Manufacturing overhead SG&A Number of units produced per quarter a. Prime cost per unit b. Contribution margin per unit c. Gross margin per unit d. Conversion cost per unit e. Variable cost per unit f. Full absorption cost per unit g. Variable production cost per unit h. Full cost per unit 500,000 units $50 1,500,000 4,500,000 Required: Compute the amounts for each of the following assuming that the production levels are within the relevant range if the number of units is 500,000 per quarter. Also calculate if the number of units increases to 600,000 per quarter. Note: Round your answers to 2 decimal places. 8 600,000 units 11 9 5 500,000 units
The following information was taken from the annual manufacturing overhead cost budget of Indigo Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours Normal production level in units Standard labour hours per unit $36,660 $19,500 15,600 3,900 During the year, 3,700 units were produced, 15,000 hours were worked, and the actual manufacturing overhead was $55,980. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours.
Info in images Required: 1. Compute the product margins for the B300 and T500 under the company’s traditional costing system. 2. Compute the product margins for B300 and T500 under the activity-based costing system. 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. 1. Compute the product margins for the B300 and T500 under the company’s traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) B300 T500 Total Product margin $0 2. Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.) B300 T500 Total Product margin $0 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2…