Apps MAP Testing - NWEAmyCCSD CCSD LibrariesImported From IECost of production summaries, one department, two months;journal entriesManufacturing data for January and February in the MixingDepartment of Klinger Kleaning Products follow:P6-1L01JanuaryFebruaryMaterials used.$20,000528,400Labor.$15,200$23,000Factory overhead..$11,400$19,800Finished and transferred to Blending Dept.3,6003,200Work in process, end of month..400600Stage of completion....3/41/4All materials are added at the start of the process. Labor andfactory overhead are added evenly throughout the process.ImaVitalSource Bookshelf: Principle X.MiA bookshelf.vitalsource.com/3/books/9781305480520/cfi/377!/4/4@0.00:0.00PausedApps MAP Testing - NWEAN myCCSD CCSD LibrariesImported From IEOther bookmarks356Principles of Cost AccountingడNo units were in process at the beginning of January, Goods fin-ished in Mixing are transferred to Blending for further processing.Required.1. From an analysis of this information, prepare a cost of produc-tion summary for each month, using the weighted average:cost methocd. (Round unit costs to three decimal places.)2. Make the journal entries for each month to record the cost ofmaterials, labor, and factory overhead used in production andthe transfer of finished units from Mixing to Blonding. (HintSee Chapter5 to review.)PP6-2Cost of productionsummaries one departmenbwo.montns,journal entriesManufacturing data for June and July in the Blending DenartmentLO1! C

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Description: Apps MAP Testing - NWEAmyCCSD CCSD LibrariesImported From IECost of production summaries, one department, two months;journal entriesManufacturing data for January and February in the MixingDepartment of Klinger Kleaning Products follow:P6-1L01Januar

Cost of production means cost incurred by a company for manufacturing a product

Business

Accounting

Labor..... $15,200 $23,000 Factory overhead.... . $11,400 $19,800 Finished and transferred to Blending Dept...... 3,600 3,200 Work in process, end of month.... 400 600 Stage of completion.... 3/4 1/4 Im All materials are added at the start of the process. Labor and factory overhead are added evenly throughout the process. A VitalSource Bookshelf: Principles x Mi + > C A A bookshelf.vitalsource.com/#/books/9781305480520/cfi/377!/4/4@0.00:0.00 Paused E Apps MAP Testing - NWEA myCCSD O CCSD Libraries Imported From IE Other bookmarks IM 356 Principles of Cost Accounting No units were in process at the beginning of January. Goods fin- ished in Mixing are transferred to Blending for further processing. Required: 1. From an analysis of this information, prepare a cost of produc- tion summary for each month, using the weighted average cost method. (Round unit costs to three decimal places.) 2. Make the journal entries for each month to record the cost of materials, labor, and factory overhead used in production and the transfer of finished units from Mixing to Blending. (Hint See Chapter 5 to review.) P6-2 Cost of production summaries, one department, two months; journal entries

Labor..... $15,200 $23,000 Factory overhead.... . $11,400 $19,800 Finished and transferred to Blending Dept...... 3,600 3,200 Work in process, end of month.... 400 600 Stage of completion.... 3/4 1/4 Im All materials are added at the start of the process. Labor and factory overhead are added evenly throughout the process. A VitalSource Bookshelf: Principles x Mi + > C A A bookshelf.vitalsource.com/#/books/9781305480520/cfi/377!/4/4@0.00:0.00 Paused E Apps MAP Testing - NWEA myCCSD O CCSD Libraries Imported From IE Other bookmarks IM 356 Principles of Cost Accounting No units were in process at the beginning of January. Goods fin- ished in Mixing are transferred to Blending for further processing. Required: 1. From an analysis of this information, prepare a cost of produc- tion summary for each month, using the weighted average cost method. (Round unit costs to three decimal places.) 2. Make the journal entries for each month to record the cost of materials, labor, and factory overhead used in production and the transfer of finished units from Mixing to Blending. (Hint See Chapter 5 to review.) P6-2 Cost of production summaries, one department, two months; journal entries

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Equivalent Units of Materials Cost The Filling Department of Ivy Cosmetics Company had 4,800 ounces in beginning work in process inventory (30% complete). During the period, 79,900 ounces were completed. The ending work in process inventory was 4,000 ounces (70% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process?________ units
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process-Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May Bal., 22,200 units, 65% completed 111,000 31 Direct materials, 108,800 units 331,840 442,840 31 Direct labor 205,700 648,540 31 Factory overhead 209,100 857,640 31 Goods transferred, 115,400 units 825,110 32,530 31 Bal., ? units, 30% completed 32,530 a. Determine the number of units in work in process inventory at the end of the month. units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials a placed in process during production. Whole units to be accounted for units Whole units to be assigned costs units Equivalent units of production units Next
Honeybutter Pty Ltd manufactures a product that goes through two departments prior to completion—the Mixing Department followed by the Packaging Department. The following information is available about work in the first department, the Mixing Department, during June. Percent completed Units Materials Conversion Work in process, beginning 70,000 70% 40% Units started during June 460,000 Completed and transferred out 450,000 Work in process, ending 75% 25% Work in process, beginning $36,550 $13,500 Cost added during June $391,850 $287,300 Required: Assume that the company uses the weighted-average method. (a) Determine the physical units of the ending inventory in June for the Mixing Department (b) Determine the equivalent units for June for the Mixing Department (c) Compute the costs per equivalent unit…
Betty DeRose, Inc. operates two departments, the handling department a nd the packaging department. During April, the handling department report ed. the following information: work in process, April 1 units started during April work in process, April 30 units 27,000 59,000 34,000 t work in process, April 1 costs added during April total costs. % complete DM 60% 70% The cost of beginning work in process and the costs added during April were as follows: DM $ 25,310 $190,720 $216,030 % complete conversion 85% 40% Conversion $191,175 $208,985 $400, 160 Total cos $216,485 $399,705 $616, 190 Calculate the equivalent units with respect to conversion costs using the FIFO process costing method.
Equivalent Units of Materials Cost The Filling Department of Eve Cosmetics Company had 4,900 ounces in beginning work in process inventory (30% complete). During the period, 30,700 ounces were completed. The ending work in process inventory was 1,500 ounces (30% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? units
Sohar Company had the following department data: Physical Units Work in process, July 1 30,000 Completed and transferred out 135,000 Work in process, July 31 45,000 Materials are added at the beginning of the process. What is the total number of equivalent units for materials in July? Select one: a. 45,000. b. 150,000. c. 210,000. d. None of the answers are correct e. 135,000. Clear my choice
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Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit March 1 Bal., 6,000 units, 4/5 completed 24,000 31 Direct materials, 108,000 units 216,000 240,000 31 Direct labor 61,860 301,860 31 Factory overhead 34,800 336,660 31 Goods finished, 109,500 units 325,230 11,430 31 Bal. ? units, 3/5 completed 11,430 a. Determine the number of units in work in process inventory at March 31.fill in the blank e90ad102cfba051_1 units b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For March…
The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process-Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit May 1 Bal., 21,500 units, 65% completed 107,500 31 Direct materials, 105, 400 units 321,470 428,970 31 Direct labor 199, 300 628,270 31 Factory overhead 202, 500 830, 770 31 Goods transferred, 111,800 units 799, 370 31,400 31 Bal., ? units, 35% completed 31,400 a. Determine the number of units in work in process inventory at the end of the month. fill in the blank 1 of 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Line Item Description Units Whole units to be accounted for fill in the blank 1 of 3 units Whole units to be assigned costs fill in the blank 2 of 3 units Equivalent…
Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 6,000 100% 40% Units started this period 43,200 Units completed and transferred out 44,400 Ending work in process inventory 4,800 100% 80% Beginning work in process inventory Direct materials $ 39,600 Conversion 443,880 $ 483,480 Costs added this period Direct materials 993,600 Conversion 4,331,880 5,325,480 Total costs to account for $ 5,808,960 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200.Required:1. Prepare the Forming department’s production cost report for May using FIFO.2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Balance Debit Credit Debit Credit Mar. 1 Bal., 5,100 units, 4/5 completed 11,322 31 Direct materials, 91,800 units 156,060 167,382 31 Direct labor 41,230 208,612 31 Factory overhead 23,198 231,810 31 Goods finished, 93,000 units 222,996 8,814 31 Bal. ? units, 4/5 completed 8,814 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 March 4. Cost of units started and completed during March 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase,…