Ivan Baggers Co. manufactures Berry Black iPhones that passes through two departments, D1 and D2. Materials are added in the D2 Department when conversion is at 50% completion. Conversion costs are incurred uniformly. The activity in units for the D2 department during June are as follows: WIP, June 1 (60% as to conversion) 10,000 Transferred in from D1 Department 64, 000 Defective units at final inspection 5,000 Transferred to finished goods inventory WIP, June 30 (40% complete as to conversion) 12,000 The normal limits on production losses is set at 5% of the units started during the period. Total cost of work in process as of June 1 are: materials-P60,000; conversion-P95,000. Cost of transferred in units from D1 department totaled P870,000. Total number of normal lost units is

Ivan Baggers Co. manufactures Berry Black iPhones that passes through two departments, D1 and D2. Materials are added in the D2 Department when conversion is at 50% completion. Conversion costs are incurred uniformly. The activity in units for the D2 department during June are as follows: WIP, June 1 (60% as to conversion) 10,000 Transferred in from D1 Department 64, 000 Defective units at final inspection 5,000 Transferred to finished goods inventory WIP, June 30 (40% complete as to conversion) 12,000 The normal limits on production losses is set at 5% of the units started during the period. Total cost of work in process as of June 1 are: materials-P60,000; conversion-P95,000. Cost of transferred in units from D1 department totaled P870,000. Total number of normal lost units is

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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Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory—Refining Beginning inventory(17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) $ 248,055 Refining conversion costs 9,676 Current work (55,300 units started) Mixing costs $ 909,625 Refining costs 103,140 The ending inventory has 15,100 units, which are 90 percent complete with respect to Refining Department costs. Required: Complete the production cost report using the weighted-average method.
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Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory—Refining Beginning inventory(17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) $ 239,055 Refining conversion costs 9,676 Current work (55,300 units started) Mixing costs $ 900,625 Refining costs 103,140 The ending inventory has 14,200 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Physical Units Equivalent Units Mixing Department Refining Department Flow of…
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Ivan Baggers Co. manufactures Berry Black iPhones that passes through two departments, D1 and D2. Materials are added in the D2 Department when conversion is at 50% completion. Conversion costs are incurred uniformly. The activity in units for the D2 department during June are as follows: WIP, June 1 (60% as to conversion) 10,000 Transferred in from D1 Department 64, 000 Defective units at final inspection 5,000 Transferred to finished goods inventory ? WIP, June 30 (40% complete as to conversion) 12,000 The normal limits on production losses is set at 5% of the units started during the period. Total cost of work in process as of June 1 are: materials-P60,000; conversion-P95,000. Cost of transferred in units from D1 department totaled P870,000. Total number of normal lost units is
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Better Choice Foods makes a single pocket using two processes. Quality control check takes place during the process, at which point rejected units are separated from good units. The following details relate to production for the month of April 2019, for process 2. Work in process, beginning inventory Transfer from process 1 , 15,000 units valued at $51.40 each Other Manufacturing costs incurred during April: Direct Material added $513,000 Direct Labour $365,000 Manufacturing overhead $211,000 1v. Normal losses were estimated to be 5% of input during the period. Losses from process 2 are deemed to be scrap, and sold at $40 per unit. At inspection ,1,750 units were rejected as scrap. These units had reached the following degree of completion: Input material 100% Direct Material added…