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…

Answered: Exercise 6-7 EVEN APPLICATION –…

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

Problem 6- FIFO - Equivalent Production The equivalent production of 22,000 units under the average costing is arrived at as follows: Finished and transferred - 20,000 units x 100% = 20,000 In process, March 31 - With the beginning work in process consisting of 5,000 units, 1/5 done, what 3,000 units x 2/3 = 2,000 %3D should be the equivalent production under FIFO?
A. 12,000.00 B. 23,200.00 C. 26,000.00 D. 19,100.00
Question 2. A company's Department 2 costs for June were: Cost from Department 1 Cost added in Department 2: $20,000 Materials 43,415 Labor Factory overhead (FOH) 56,100 58,575 The quantity schedule shows 11,500 units were received during the month from Department 1; 7,000 units were transferred to finished goods; and 5,000 units in process at the end of June were 50% complete as to materials cost, 25% complete as to Labour cost, and 20% as MOH. Required: Prepare Cost of production report.
A-3
Please do not give solution in image format thanku
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
Question 9 of 10 < Current Attempt in Progress -/1 E: Cullumber Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts show the following debits. Cooking Canning Beginning work in process $0 $4,240 Direct materials 22,260 9.540 Direct labor 9,010 7,420 Manufacturing overhead 33,390 27,400 Costs transferred in 56,180 Journalize the April transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when an entered. Do not indent manually.) SUPPORT
ro-1 Sprint Corporation started operations on October 1, 2014. It has three processing departments: X, Y, and Z. The following information was available during the first month of production: October 2014 Department Department Department Quantity Started in process Finished and transferred to next department Work in process, end Stage of completion 3,000 2,800 4,000 2,000 800 2,800 3,000 1,000 20% 200 50% 25% Cost incurred Materials Labor Overhead P 64,000 38,400 51,200 153,600 P34,800 29,000 23,200 P87,000 P22,000 13,200 8,800 P44,000
Problem 16-3B Weighted average: Production cost report P2 P4 Switch Co. manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting process for January follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Check (2) Cost transferred out, $741,400 Units 10,000 250,000 220,000 40,000 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct Materials Percent Complete 75% 50% Percent Complete $ 7,500 49,840 $ 57,340 Conversion 112,500 616,000 728,500 $785,840 60% 30% Required 1. Prepare the Cutting department's production cost report for January using the weighted average method. 2. Prepare the January 31 journal entry to transfer the cost of units from Cutting to Assembly.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS