In July, the cost of materials transferred into the Rolling Department from the Casting Depart- ment of Oak Ridge Steel Company is $432,000. The conversion cost for the period in the Roll- ing Department is $144,150 ($54,700 factory overhead applied and $89,450 direct labor). The total cost transferred to Finished Goods for the period was $553,750. The Rolling Department had a beginning inventory of $80,000. A. Journalize (1) the cost of transferred-in materials, (2) the conversion costs, and (3) the costs transferred out to Finished Goods. B. Determine the balance of Work in Process-Rolling at the end of the period.

In July, the cost of materials transferred into the Rolling Department from the Casting Depart- ment of Oak Ridge Steel Company is $432,000. The conversion cost for the period in the Roll- ing Department is $144,150 ($54,700 factory overhead applied and $89,450 direct labor). The total cost transferred to Finished Goods for the period was $553,750. The Rolling Department had a beginning inventory of $80,000. A. Journalize (1) the cost of transferred-in materials, (2) the conversion costs, and (3) the costs transferred out to Finished Goods. B. Determine the balance of Work in Process-Rolling at the end of the period.

Name: Obj. 3BE 17-7 Process cost journal entriesIn July, the cost of materi
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Obj. 3BE 17-7 Process cost journal entriesIn July, the cost of materials transferred into the Rolling Department from the Casting Depart-ment of Oak Ridge Steel Company is $432,000. The conversion cost for the period in the Roll-ing Department is $1

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

Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 20, 553 Conversion costs 6, 805 Current period costs Direct materials 225, 147 Conversion costs 117,460 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,000 units Ending inventory 11,000 units (75% complete as to materials, 35% complete as to conversion) Exercise 8-44 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8 -5) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.
Lights Incorporated calculates cost for an equivalent unit of production using the weighted - average method. Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) $ 122, 650 Conversion (55% completed) 77, 100 Balance in work in process inventory, July 1 $ 199, 750 Units started during July 92, 500 Units completed and transferred 106, 500 Work - in - process inventory, July 31: Direct materials (95% completed ) 24, 500 Conversion (55% completed) Cost incurred during July: Direct materials $ 182, 500 Conversion costs 290, 500 The cost of goods completed and transferred out under the weighted average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $ 586,860. $96,800. $586, 070. $615,320. $576,165.
Yamishi Production had the following inventories for the first quarter of 2022: MaterialsWork in process Finished goods Beginning $606,600 312,100 416,100 Ending $522,100 280,800 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Calculate cost of goods manufactured. 6. Company produces small boats. Each boat uses 2 sheets of direct materials at $3 a sheet, it takes 2 hours to finish one boat and hourly rate is $5, factory utilities and supervision cost $6 per boat and variable cost amounts to $2 per direct labor…
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Materials Conversion Beginning work in process (26,000 units): Percentage complete with respect to 100 % 20% Costs $ 83,600 $ 18, 636 Ending work in process (42,000 units): Percentage complete with respect to 100 % 60% Costs ? ? ? ? The Remington Plant started 216,000 units and transferred out 200,000 in July. Materials costs incurred in July were $594,000 and conversion costs were $979,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method.
LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, thefollowing information was supplied by its accountant: Direct materials inventory $62,400Work-in-process inventory 33,900Finished goods inventory 55,600 During June, direct labor cost was $143,000, direct materials purchases were $346,000, and thetotal overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory $63,000Work-in-process inventory 37,500Finished goods inventory 50,800 Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
QUESTION 9 10 p The cost of materials transferred into the Rolling Department of Keystone Steel Company is $510,000from the Casting Department The conversion cost for the period in the Rolling Department is $81,200 ($54,700 factory overhead applied and $26,500 direct labor). The total cost transferred to Finished Goods for the period was $553,200. The Rolling Department had a Beginning Inventory of $25,000 Journalize the cost of transferred out to Finished Goods. Work in Process - Rolling 553,200 Finished Goods 553,200 Finished Goods 553,200 Work in Process - Rolling 553,200 Finished Goods 510,000 Work in Process - Rolling 510,000 Work in Process Rolling 510,000 Finished Goods 510,000
The cost of materials transferred into the Bottling Department of Mountain Springs Water Company is $32,400, with $26,000 from the Purifying Department, plus an additional $6,400 from the materials storeroom. The conversion cost for the period in the Bottling Department is $8,750 ($3,750 factory applied and $5,000 direct labor). The total cost transferred to finished goods for the period was $31,980. The Bottling Department had a beginning inventory of $1,860. a. Journalize (1) the cost of transferred-in materials (2) conversion costs, and (3) the cost transferred out to finished goods. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process—Bottling at the end of the period.
In October of the same year, Mannequin Fabrics, which started 35,000 units, had initial material inventories of $62,100 and had a final materials inventory of 6,900 units. Now, the initial inventory of products-in-process had 12,300 units, valued at $251,000 contains materials valued at $123,000, labor of $96,000 and S32,000 overhead cost right. The final inventory of finished products is valued at $84,000. The final inventory of work-in-progress and initial finished goods inventories are zero. There were no changes in costs of resources used in production What would be the final balance of material inventories? XWhat would be the final balance of inventories of products-in-process corresponding to October? What would be the balance of purchases made in October? What would be the cost of the finished items in October? YHow many units were sold in October?
At the beginning of the current year, Grant Company’s work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is a.$66,000 b.$24,000 c.$44,000 d.$36,000
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…
On March 1, Upton Company's Packaging Department had Work in Process inventory of 8,820 units, which had been transferred in from the finishing department. These units had accumulated costs of $315,000 in previous departments and $16,000 for conversion costs in the Packaging Department. During March, 30,000 units were transferred into the department. These units had accumulated costs of $770,000 in the previous departments. The Packaging Department incurred $54,000 in conversion costs during the month. On March 31, 700 units remained in ending inventory. These units were 80% complete with respect to conversion costs. Required: Compute the cost per equivalent unit for transferred-in costs and for conversion costs for the Packaging Department using the weighted average method. im trying to figure out the transferred in costs and conversion costs
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Ending $ 31,000 $ 27,000 ? Raw materials. Work in process Finished goods Beginning $ 55,000 ? $ 34,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule…