Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $ 72,600 116,800 The equivalent units of activity for November were as follows: 7,700 equivalent units of direct material and 2,600 equivalent units of conversion activity. Direct material Conversion $528,000 879,000 Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing. Cost per Equivalent Unit

Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $ 72,600 116,800 The equivalent units of activity for November were as follows: 7,700 equivalent units of direct material and 2,600 equivalent units of conversion activity. Direct material Conversion $528,000 879,000 Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing. Cost per Equivalent Unit

Name: Idaho Lumber Company grows, harvests, and processes timber for use in
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Description: Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmillduring November.Work in process, November 1Direct materialConversionCosts incurred during NovemberDirect materialConv

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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Work in process account data for two months; cost of production reports Hearty Soup Co. uses process costing to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process-Filling on April 1 and debits to the account during April were as follows: Bal., 800 units, 30% completed: Direct materials (800 x $4.30) Conversion (800 x 30% × $1.75) From Cooking Department, 7,800 units Direct labor Factory overhead From Cooking Department, 9,600 units Direct labor Factory overhead During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed. Charges to Work in Process-Filling for May were as follows: ACCOUNT Department During May, the units in process at the beginning of the month were completed, and of the 9,600 units entering the department,…
daho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm’s sawmill during November. Work in process, November 1 Direct material $ 98,500 Conversion 165,500 Costs incurred during November Direct material $ 598,700 Conversion 657,000 The equivalent units of activity for November were as follows: 8,300 equivalent units of direct material and 2,350 equivalent units of conversion activity.Required:Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing. Cost per Equivalent Unit Direct material Conversion
Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber. The following data pertain to the company’s sawmill: Work-in-process inventory, January 1(direct materials: 60%, conversion: 40%) 33,600 units Work-in-process inventory, December 31(direct materials: 70%, conversion: 60%) 16,800 units During the year the company started 210,000 units in production. Required: 1. Prepare a physical flow schedule. 2. Compute the number of equivalent units of both direct materials and conversion for the year, using the weighted-average method.
Current Attempt in Progress Production costs chargeable to the Sanding Department in July in Monty Company are $41,160 for materials, $14,700 for labor, and $12,740 for manufacturing overhead. Equivalent units of production are 29,400 for materials and 19,600 for conversion costs. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 15.25.) Unit costs $ Materials $ Conversion Costs
Provide Answer with calculation and explanation
The following costs relate to one month's activity in Martin Company: Indirect materials $ 300 Rent on factory building $ 500 Maintenance of equipment $ 50 Direct material used $1,200 Utilities on factory $ 250 Direct labour $1,500 Selling expense $ 500 Administrative expense $ 300 Work-in-process inventory, beginning $ 600 Work-in-process inventory, ending $ 800 Finished goods inventory, beginning $ 500 Finished goods inventory, ending $ 250 Required: (a.) Prepare a schedule of cost of goods manufactured in good form. (b.) Determine the cost of goods sold.
View Policies Current Attempt in Progress The Smelting Department of Kiner Company has the following production data for November. Production: Beginning work in process 2,800 units that are 100% complete as to materials and 24% complete as to conversion costs; units transferred out 9,100 units; and ending work in process 7,200 units that are 100% complete as to materials and 46% complete as to conversion costs. Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November. Materials Conversion Costs Total equivalent units Save for Later Attempts: 0 of 3 used Submit Answer O 4) to search
Information about units processed and processing costs incurred during a recent month in the Blending Department of a manufacturing company follow: Number of Units Conversion Costs (Percent Completion) 11,000 120,000 114,000 17,000 Beginning work in process inventory Units started into production Units completed and transferred out Ending work in process inventory The beginning work in process inventory included $11,000 of conversion cost and $12,000 in material costs. During the month, the Department incurred an additional $290,000 in conversion costs and $143,000 in material costs. All materials are added at the beginning of production in each department. Multiple Choice 35% If the company uses the weighted-average cost method, what are the equivalent units of production for conversion costs for the Blending Department for the month? 114,000 units. 30% 119,100 units.
The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,670. (b) Requisitioned materials at a cost of $111,000, of which $15,600 was for general factory use. (c) Recorded factory labor of $225,700, of which $43,775 was indirect. (d) Incurred other costs: Begining balances Raw Mat: 29,500 work in pro: 19,900 Finished goods: 124,600 No balance for the rest Selling expense $ 34,400 Factory utilities 23,600 Administrative expenses 50,750 Factory rent 11,100 Factory depreciation 21,000 (e) Applied overhead at a rate equal to 137 percent of direct labor cost. (f) Completed jobs costing $262,150. (g) Sold jobs costing $324,570. (h) Recorded sales revenue of $515,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing…
Primare Corporation provided the following data for last month's manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 4,510 Direct labor $ 59, 200 Manufacturing overhead applied to work in process $ 88, 200 Underapplied overhead $ 4, 020 Inventories Beginning Ending Raw materials $ 11,000 $ 19, 200 Work in process $ 54, 100 $ 65,100 Finished goods $ 34,900 $ 43,000 Required: Prepare a schedule of cost of goods manufactured. Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Work in Process Account Data for Two Months; Cost of Production Reports Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process—Rolling on September 1 and debits to the account during September were as follows: Bal., 1,000 units, 40% completed: Direct materials (1,000 x $6.20) $ 6,200 Conversion (1,000 x 40% x $2.60) 1,040 $ 7,240 From Smelting Department, 22,800 units $143,640 Direct labor 38,329 Factory overhead 20,639 During September, 1,000 units in process on September 1 were completed, and of the 22,800 units entering the department, all were completed except 2,400 units that were 70% completed. Charges to Work in Process—Rolling for October were as follows: From Smelting Department, 26,200 units $170,300 Direct labor 48,760 Factory…