Maria Am Corporation uses the weighted-average method of process costing. The Baking Department is one of the processingdepartments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventorywas $4,870, the cost of ending work in process inventory was $1,170, and the cost added to production was $25,500.Required:Prepare a cost reconciliation report for the Baking Department for June.Costs to be accounted for.Baking DepartmentCost ReconciliationTotal cost to be accounted forCosts accounted for as follows:Total cost accounted for

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Answered: Maria Am Corporation uses the…

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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[The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Work in Process-Mixing Department Debit Credit 45,000 140,400 Completed and transferred to Finished Goods 89,500 107,000 ? The June 1 work in process inventory consisted of 6,000 units with $24,250 in materials cost and $20,750 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 38,500 units were started into production. The June 30 work in process inventory consisted of 10,000 units that were…
Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $4.880, the cost of ending work in process inventory was $1,180, and the cost added to production was $25150 Required: Prepare a cost reconciliation report for the Baking Department for June Baking Department Cost Reconciliation Costs to be accounted for Total cost to be accounted for Costs accounted for as follows Total cost accounted for
Longboard Company has a process costing system. All materials are introduced at the beginning of the process in Department One. The following information is available for the month of January Work in process, July 1 (408 complete for conversion) Started Completed and transferred to Department 2 Work in process, July 31 (60% complete for conversion) What are the equivalent units for the month of July if the company uses the FIFO method? Multiple Choice Materials 2.280 and Conversion 1.900 O Materials 2,280 and Conversion 1.936 Materials 2.280 and Conversion 2.088 Materies 1,900 and Conversion 1936 Units Male 1900 and Conversion 2.08 380 1,900 1,800 480
am.104.
am.105.
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
Hearty Soup Co. uses a process cost system 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 × $4.30) $ 3,440Conversion (800 × 30% × $1.75) 420 $ 3,860From Cooking Department, 7,800 units $34,320Direct labor 8,562Factory overhead 6,387During 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:From…
es Caro Manufacturing has two production departments, Machining and Assembly, and two service departments, Maintenance and Cafeteria. Direct costs for each department and the proportion of service costs used by the various departments for the month of August follow: Department. Machining Assembly Maintenance Cafeteria Required A Direct Costs $135,000 85,000 47,000 36,000 Required: Use the step method to allocate the service costs, using the following: a. The order of allocation starts with Maintenance. b. The allocations are made in the reverse order (starting with Cafeteria). Complete this question by entering your answers in the tabs below. Required B Required A Proportion of Services Used by Maintenance. Cafeteria. Machining Assembly 0.7 The order of allocation starts with Maintenance. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.) Required B Required: Use the step method to allocate the service costs, using the following: a. The…
Required Information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work In Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Debit Cost per equivalent unit Work in Process-Mixing Department 25,000 157,080 99,500 117,000 The June 1 work in process Inventory consisted of 4,000 units with $13,020 in materials cost and $11,980 in conversion cost. The June 1 work in process Inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,500 units were started into production. The June 30 work in process inventory consisted of 9,600 units that were 100%…
Please help I am having issues solving this problem, Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April. Work in process on April 1 had 108,000 units made up of the following. Amount Degree of Completion Prior department costs transferred in from the Molding Department $ 147,960 100 % Costs added by the Assembling Department Direct materials $ 97,200 100 % Direct labor 35,696 60 % Manufacturing overhead 22,244 50 % $ 155,140 Work in process, April 1 $ 303,100 During April, 508,000 units were transferred in from the Molding Department at…
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