help plz, step by step Material is added at the beginning of the process.Beginning Units in processTransferred to finished goodsEnding units in process30%20.00625.0060%40.00Direct material used1,710.00?????Material purchased during month2,200.00$ 8,250.00Direct labor used1,132.00$ 11,321.00Variable overhead$ 6,839.00Fixed overhead$ 8,796.00Use FIFO method for the process cost reportCompany uses standard cost accounting.Process Cost ReportUnits to account forBeginning units in processUnits startedUnits to account forEquivalent unitsUnits transferred outBeginning units in processUnits completed and transferredAmount needed to completebeginning units in processEnding units in processEquivalent unitsCost to account forDirect materialDirect laborFactory overheadTotal costs to account forCosts accounted forTransferred to finished goodsEnding units inprocessUnits transferredoutUnits accounted forDMDLFOBeginning work in processDMDLFOUnits started and completedCosts transferred to finishedgoodsEnding work in processDMDLFOCost for ending work in processCosts accounted forJournal entry to transfer to finished goods

Part 2: ExplanationStep 1: Determine Units to Account For- Beginning Work in Process (WIP): 20 units…

Answered: Material is added at the beginning of…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PA: Selected information from Skylar Studios shows the following: Prepare journal entries to record the...

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Raw Materials Work in Process Finished Goods Required: 1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30 inventory balances given above; in the case of Work in Process, compute the November 30 balance and enter it into the Work in Process T-account. Beg. Bal. End. Bal. Raw Materials 50,800 50,800 $ 50,800 ? $103,000 Finished Goods 0 Beg. Bal. End. Bal. Work in Process 0 Manufacturing Overhead
Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 10,100 $ 55,600 $ 34,100 Ending $ 18,500 $ 66,700 $ 43,200 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: $32,000 $ 4,690 $ 59,900 $ 87,300 $ 4,070 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used…
ag login ca ezto.mheducation.com/ext/map/mm 6 Homework The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 41,850 4,880 431,250 237,290 Total costs to account for $ 46,730 668,540 $ 715,270 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 4,000 100% 20% Units started this period 37,500 Completed and transferred out Ending work in process inventory 37,000 4,500 100% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for
Question 1 of 1 \table[[Manufacturing Costs, Production Data], [Beginning work in process, $50, 193, Beginning work in process, 23, 400 units], [Costs added during month,,Units completed and transferred out,84, 240], [Direct materials, 299, 520, Units started in production, 99, 840], [Direct labor, 54, 756, Ending work in process,39,000 units], [Manufacturing overhead, 106, 704,, ]] Beginning work in process and ending work in process were 10% and 20% complete with respect to conversion costs, respectively. Prepare a production cost report for the Welding Department for February 2022. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.) (3) Work in process, February 1 23400 SUPPORT Started into production 99840 larr Check for Understanding Chapter 16 Question 1 of 1 i Completed and 10 - transferred out Work in process, February 1 Started and completed Total Work in process, February 28 tal units (B) Costs to be accounted for
Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
Activity Rates and Product Costs Using Activity-Based Costing BriteLite Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated activity costs and activity bases are as follows: Activity Costs Activity Activity Base (Budgeted) Casting $42,000 Machine hours Assembly 13,500 Direct labor hours Inspecting 5,800 Number of inspections Setup 16,800 Number of setups Materials handling 3,600 Number of loads Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced for each product and in total are provided in the following table: Activity Base Entry Dining Total Machine hours 800 600 1400 Direct labor hours 500 400 900 Number of inspections 140 150 290 Number of setups 80 60 140 Number of loads 50 40 90 Units produced 1,200 500 1,700 a. Determine the activity rate for each activity. Activity…
евоок Calculator Print Item Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 8,000 units, 40% completed 22,880 To Finished Goods, 184,000 units Direct materials, 188,000 units @ $1.5 282,000 Direct labor 494,400 Factory overhead 192,320 Bal. ? units, 40% completed a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period. 2. Cost of units transferred to finished goods during the period. $4 3. Cost of ending work in process inventory. %$4 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. b. Did the production costs change from the preceding period? c.…
What is the direct materials cost per equivalent unit? What is the conversion cost per equivalent unit? What is the cost of beginning work in process completed during may? What is the cost of the ending work in process? What is the amount of costs transferred o finished goods (or next department)?
QUESTION 17 ACCOUNT Work in Process-Forging Department Date Item Nov. 1 Bal., 1,200 units, 60% completed 30 Direct materials, 8,300 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 900 units, 70% completed Debit 124,500 18,950 20,196 Credit ? ACCOUNT NO. What is the Direct Materials Cost Per Equvalent Unit? What is the Conversion cost per equivalent unit? What is the cost of the beginning work in process completed during May? What is the cost of the ending work in process? What is the amount of the costs transfered to Finished Goods (or the next department)? Balance Debit 20,856 145,356 164,306 184,502 ? ? Credit The above information concerns production in the Forging Department for November. All direct materials are placed in process at the beginning of production. Do not use $ or commas in your answers.
Beginning work in process 10,000 unitsUnits started 20,000 unitsUnits completed 25,000 unitsBeginning work-in-process direct materials RM 6,000Beginning work-in-process conversion RM 2,600Direct materials added during month RM 30,000Direct manufacturing labor during month RM12,000Factory overhead RM 5,000Beginning work in process was half converted as to labor and overhead. Direct materials are added at the beginning of the process. All conversion costs are incurred evenly throughout the process. Ending work in process was 60% complete as to labor and overhead. Required: Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
End. Work in Process Inv. % Complete as to Beg. Work Units Completed in Process Month Inv. and Transferred Out Units Conversion Cost March 2,820 39,480 11,280 75% Compute equivalent units of production for March for both materials and conversion costs using the weighted-average method of process costing. Materials are entered at the beginning of the process. Quantities Units to be accounted for Work in process inventory, 3/1 Started into production Total units to be accounted for Equivalent Units of Production Physical Units Materials Conversion Costs
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