Exercise 6-7 EVEN APPLICATION – MULTIPLE DEPTSThe ICT Manufacturing Corp. has its product processed in Depatments M and P.Theproduction data for March are given below:Department MDepartment PQuantity data:WIP, begStage of CompletionUnits placed in process5,0001/530,0008,000Units transferred out30,000WIP, end7,000Stage of Completion2/72/5Cost data:WIP, begFactory costs:MaterialsP750P9,481.4417,4007,920Direct labor8,9903,960Factory overhead3,4802,640Required: Prepare the cost of production report for the two departments.

What is meant by a production cost report? Production Cost Report - It is the report under which a…

Exercise 6-7 EVEN APPLICATION – MULTIPLE DEPTS The ICT Manufacturing Corp. has its product processed in Depatments M and P. The production data for March are given below: Department M Department P Quantity data: WIP, beg Stage of Completion Units placed in process 5,000 1/5 8,000 30,000 Units transferred out 30,000 WIP, end 7,000 Stage of Completion 2/7 2/5

Exercise 6-7 EVEN APPLICATION – MULTIPLE DEPTS The ICT Manufacturing Corp. has its product processed in Depatments M and P. The production data for March are given below: Department M Department P Quantity data: WIP, beg Stage of Completion Units placed in process 5,000 1/5 8,000 30,000 Units transferred out 30,000 WIP, end 7,000 Stage of Completion 2/7 2/5

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter6: Process Costing

Section: Chapter Questions

Problem 68P: (Appendix 6A) First-In, First-Out Method Refer to Problem 6-67. Required: Prepare a production...

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Problem Compute for the equivalent units of production in each of the following cases: Case A In process, Sept. 1 Placed in process In process, Sept. 30 Case B Stage of completion Stage of completion In process, Oct 1 Case C Stage of completion Transferred to Dept Y In process, Oct. 31 Stage of completion In process, Nov. 1 Stage of completion Transferred to stockroom Placed in process In process, Nov. 30 Stage of completion Department 1 8,000 units 14 50,000 units 6,000 units 1/5 Department X 3,000 units 1/3 26,000 units 4,000 1/5 Department A ? 1/5 35,000 units 12,000 units 1/3 Department 2 5,000 units 1/10 12,000 units 1/6 Department Y 2,000 units 1/5 7,000 2/7 Department B 8,000 units 1/8 38,000 units 3,200 units 1/10
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Exercise 8-22 (Algo) Compute Equivalent Units (LO 8-1, 3, 5) Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available. Work in process, August 1 (56% complete with respect to conversion) Started in August Completed Work in process, August 31 (77% complete with respect to conversion) 17,400 121,600 121,600 17,400 Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. Equivalent Units Conversion Costs Materials a Using the weighted-average method 139,000 O 134,998 O Using the FIF0 method 139,000 X 125,254
estion 3- Chapter 17 HW X < ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssi... A of production. Date Item Dec. CengageNOWv2 | Online teac X ACCOUNT Work in Process-Baking Department 1 Bal., 5,700 units, 4/5 completed 31 Direct materials, 102,600 units 31 Direct labor 21 Debit 153,900 45,350 25,504 Q Question Content Area The MX Credit 228,792 $ M ACCOUNT NO. Balance Debit 11,514 165,414 210,764 236,268 7,476 7,476 Credit 31 Factory overhead 31 Goods finished, 104,100 units 31 Bal., ? units, 2/5 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 December 4. Cost of units started and completed during December 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and December, did the conversion…
Prepare all journal entries necessary yo record the production of the Finishing Department.
Required Information Problem 8-57 (Static) Compute Equivalent Units (LO 8-1, 3, 5) [The following information applies to the questions displayed below.] Select the best answer for each of the following independent multiple-choice questions. Problem 8-57 (Static) Part a Required: a. Hillger Paints production cycle starts in Department A. The following Information is available for April: Work in process, April 1 (30% complete) Started in April Work in process, April 30 ( 70% complete) Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for the month of April? Multiple Choice Materials 343,000; Conversion 368,500 Materials 343,000: Conversion 387100 Materials 450,000; Conversion 412,500 Materials 450,000; Conversion 431,100 Units 85,000 365,000 63,000 None of the options are correct
ag login ca ezto.mheducation.com/ext/map/mm 6 Homework The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 41,850 4,880 431,250 237,290 Total costs to account for $ 46,730 668,540 $ 715,270 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 4,000 100% 20% Units started this period 37,500 Completed and transferred out Ending work in process inventory 37,000 4,500 100% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for
Prepare General journal entries for the given question
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1 QS 16-4 (Algo) Weighted average: Physical unit flow reconciliation LO P1 Prepare a physical unit flow reconciliation with the following information. Blending Process Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units to account for: Units of Product 170,000 360,000 390,000 140,000 Saved Physical unit flow reconciliation Units accounted for: