Exercise 20-26Transferred to Packing DepartmentInventory in process, ending (30% completed)Equivalent Units of Production EX 20-26 Equivalent units of production: average cost methodThe following information concerns production in the Finishing Department for May. TheFinishing Department uses the average cost method.ACCOUNT Work in Process-Finishing DepartmentACCOUNT NO.BalanceDateItemDebitCreditDebitCreditMay 1Bal., 4,200 units, 70% completed36,500Direct materials, 23,600 units31 Direct labor31 Factory overhead31 Goods transferred, 24,700 units31 Bal., ? units, 30% completed31125,800162,30075,40082,675237,700320,375308,75011,62511,625a. Determine the number of units in work in process inventory at the end of the month.b. Determine the number of whole units to be accounted for and to be assigned costsand the equivalent units of production for May.

Weighted average method of process costing in which units manufactured by use of beginning work in…

Answered: EX 20-26 Equivalent units of…

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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Raw materials $9.800 Work in process 65,847 Finished goods 30,640 Work in process consisted of the following jobs: Job 22 Job 24 Job 25 $4,800 Direct materials $6,200 Direct labour $5,190 9,210 6,447 10,500 7,350 9,500 Applied overhead 6,650 Total $24,050 $20,847 $20,950 Number of units 20 40 30 Finished goods consisted of Job 23, with the following costs: Job 23 Direct materials $8,200 Direct labour 13,200 Applied overhead 9,240 Total $30,640 50 Number of units Shown below are the direct cost data related to jobs started in October: Direct materials Job 26 $5,180 $11,200 Job 27 Job 28 $5,600 $4,200 $9,340 $5,910 Total $14,980 $26,450 Direct labour Number of units 20 30 20
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PROBLEM 8 The following data for the month of September were taken form the cost records of Department 1 of Pro-Life products which uses process costing system: Opening inventory of work in process: Units – 500 (with all materials added and 50% of labor and overhead) Cost - Materials 2, 400 Labor 1, 500 Factory overhead 760 Put into production: Units – 5, 000 Costs - Materials 25, 100 Labor 19, 380 Factory overhead 14, 900 Completed and transferred – 4, 800 units Ending inventory of work in process: Units – 700 (with all materials, and 60% of labor and overhead) 10. The cost per equivalent unit (rounded to nearest centavo) under FIFO: 11. The cost per equivalent unit (rounded to nearest centavo) under weighted average:
Multiple Choice 21,200. 22,200. 25,500. 26,500.
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Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 During the month of January, all of the following occurred: 1. Direct labor costs were $48,000 for 1,800 hours worked. 2. Direct materials costing $29,000 and indirect materials costing $4,500 were purchased. 3. Sales commissions of $15.500 were earned by the sales force. 4. Direct materials of $21,000 were used in production. 5. Miscellaneous selling and administrative costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $10,807. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Monthly utilities expenses of $7,268 were incurred in the factory. 10. Completed units with manufacturing costs of $69,000 were transferred to…
Direct Materials Direct Labour Manufacturing Overhead Total cost to account for $385,000 139,750 86,000 $610,750 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost of the December 31 Work in Process Inventory would be: a. $436,500 O b. $174,250 O c. $218,125 Od. $610,750
QS 19-17 (Algo) Preparing a schedule of cost of goods manufactured LO P3 Shen Company reports the costs incurred below for the month ended May 31 The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of directmaterials co is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. 4 was completed and Job 5 Direct materials used Direct labor used Job 4 $ 2,400 3,000 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Job 5 $ 1,900 290 Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 4,300 3,200 7,590 0 7,590 7,590
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Exercise 17-14 (Algo) Allocating overhead cost to jobs using activity-based costing LO P3 Pro-Craft Company computed the following activity rates to allocate overhead cost for the year. Activity Activity Rate Materials handling $ 54 per materials requisition Quality inspection $ 44 per inspection Utilities $ 5 per machine hour During January, the company produced the following two jobs. Allocate overhead cost to each job using the activity rates. Activity Cost Driver Activity Usage Job A Job B Materials requisitions 5 3 Inspections 8 4 Machine hours 320 220

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