er the following data for November 2012 from McKnight Manufacturing Company, which makes silk pennants and uses a process-costing syste ct materials are added at the beginning of the process, and conversion costs are added evenly during the process. e is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. ght Manufacturing Company uses the FIFO method of process costing. Work in process, (November 1) a Started in November 2012 Good units completed and transferred out during November 2012 Normal spoilage Abnormal spoilage Work in process, (November 30) b Total costs added during November 2012 Physical Units (Pennants) 1,300 ? Flow of Production Work in process, beginning Started during current period To account for 8,700 110 70 1,900 Direct Materials $1,614 $11,376 Conversion Costs $1,928 *Degree of completion: direct materials, 100%; conversion costs, 60%. "Degree of completion: direct materials, 100%; conversion costs, 25%. Enter the physical units in first, then calculate the equivalent units. (Complete all answer boxes.) $27,440 Equivalent Units Physical Direct Conversion Units Materials Costs

er the following data for November 2012 from McKnight Manufacturing Company, which makes silk pennants and uses a process-costing syste ct materials are added at the beginning of the process, and conversion costs are added evenly during the process. e is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. ght Manufacturing Company uses the FIFO method of process costing. Work in process, (November 1) a Started in November 2012 Good units completed and transferred out during November 2012 Normal spoilage Abnormal spoilage Work in process, (November 30) b Total costs added during November 2012 Physical Units (Pennants) 1,300 ? Flow of Production Work in process, beginning Started during current period To account for 8,700 110 70 1,900 Direct Materials $1,614 $11,376 Conversion Costs $1,928 *Degree of completion: direct materials, 100%; conversion costs, 60%. "Degree of completion: direct materials, 100%; conversion costs, 25%. Enter the physical units in first, then calculate the equivalent units. (Complete all answer boxes.) $27,440 Equivalent Units Physical Direct Conversion Units Materials Costs

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 17E: Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the...

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Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.
Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
Mt. Palomar Manufacturing Co. uses a process cost system. Its manufacturing operation is carried on in two departments: Machining and Finishing. The Machining Department uses the weighted average cost method, and the Finishing Department uses the FIFO cost method. Materials are added in both departments at the beginning of operations, but the added materials do not increase the number of units being processed. Units are lost in the Machining Department throughout the production process, and inspection occurs at the end of the process. The lost units have no scrap value and are considered to be a normal loss. Production statistics for July show the following data: Required: Prepare a cost of production summary for each department. (Round unit costs to three decimal places.) Which department will have an easier time determining how its unit costs compare from month to month? Why?
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summarize the total costs to account for; calculate the cost per equivalent unit for direct materials and conversion costs; and assign costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work-in-process inventory.
Help me please asap. Don't use any AI, it's strictly prohibited. Thank you);
The total cost of spoilage chargeable to Revenue is (recognized as expenses):
use the FIFO method to summarize the total costs to account for; calculate the cost per equivalent unit for direct materials and conversion costs; and assign costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process.
Vinubhai
The assembly division of Fenton Watches, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. Begin by summarizing total costs to account for. Total costs to account for Total CH Production Costs Direct Materials Conversion Costs
How do i resolve this problem? Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. Required: 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the first production department's cost of the units transferred to the next production department for materials, conversion, and in total for May. Work in process inventory, May 1 53,000 100 % 30 % Work in process inventory, May 31 33,000 100 % 20 % Materials cost in work in process inventory, May 1 $ 46,100 Conversion cost in work in process inventory, May 1 $ 12,400 Units started into production 249,800 Units transferred to the next production department 269,800 Materials cost added during May $ 59,880 Conversion cost added during May $ 178,316