PROBLEM 2-18 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behavior [LO2,LO3, LO4, LO5, LO6]Various cost and sales data for Meriwell Company for the just completed year appear in the work-sheet below:E Hicrosoft ExcelEle Edt Vew rcert Fgrmat Iools Rata Wndow elp12- BIU2E17B$20,000$40,000$110,000$105,000$125,000$9,000$6,000$70,000S17,000$30,000$500,000S80,000A1 Finished goods inventory, beginning2 Finished goods inventory, ending3 Administrative expenses4 Manufacturing overhead5 Purchases of raw materials6 Raw materials inventory, beginning7 Raw materials inventory, ending8 Direct labor9 Work in process inventory, beginning10 Work in process inventory, ending11 Sales12 Selling expenses13N MSheeti/Sheet2 / Sheets /Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed.Required:1. Prepare a schedule of cost of goods manufactured.2. Prepare an income statement.3. Assume that the company produced the equivalent of 10,000 units of product during thejust completed. What was the average cost per unit for direct materials? What was the averagecost per unit for fixed manufacturing overhead?4. Assume that the company expects to produce 15,000 units of product during the coming year.What average cost per unit and what total cost would you expect the company to incur fordirect materials at this level of activity? For fixed manufacturing overhead? Assume that directmaterials is a variable cost.As the manager responsible for production costs, explain to the president any difference in theaverage costs per unit between (3) and (4) above.уcar5.

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Microsoft Excel Ele Edit New Insert Format Tools Date Window Help ✔n. Σ 100% BIUR E%-A- E17 A B 1 Finished goods inventory, beginning $20,000 2 Finished goods inventory, ending $40,000 3 Administrative expenses $110,000 4 Manufacturing overhead $105,000 5 Purchases of raw materials $125,000 $9,000 6 Raw materials inventory, beginning 7 Raw materials inventory, ending Direct labor $6,000 8 $70,000 $17,000 9 Work in process inventory, beginning 10 Work in process inventory, ending 11 Sales $30,000 $500,000 12 Selling expenses $80,000 GD f x

Microsoft Excel Ele Edit New Insert Format Tools Date Window Help ✔n. Σ 100% BIUR E%-A- E17 A B 1 Finished goods inventory, beginning $20,000 2 Finished goods inventory, ending $40,000 3 Administrative expenses $110,000 4 Manufacturing overhead $105,000 5 Purchases of raw materials $125,000 $9,000 6 Raw materials inventory, beginning 7 Raw materials inventory, ending Direct labor $6,000 8 $70,000 $17,000 9 Work in process inventory, beginning 10 Work in process inventory, ending 11 Sales $30,000 $500,000 12 Selling expenses $80,000 GD f x

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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27 Select the proper journal entry to record the movement of 1,700 units of part number 116B to work in process when each unit of 116B has a value of $2.00. Group of answer choices Raw Material Inventory 3,400 Work in Process 3,400 Work in Process 3,400 Raw Material Inventory 3,400 Work in Process 3,400 Cash 3,400 Work in Process 3,400 Factory Overhead 3,400
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eBook Given the following information, prepare a production report with materials added at the beginning and ending work in process inventory being 20% complete with regard to conversion costs. Costs to Account for Units to Account for Beginning inventory: materials $5,000 Beginning work in process 3,000 Beginning inventory: conversion 1,100 Units started into production 85,000 Direct material 25,620 Transferred out 83,000 Direct labor 35,000 Applied overhead 12,500 Transferred-in materials 8,100 Transferred-in conversion 10,200 Total costs to account for $97,520 Enter all amounts as positive values. If required round "Cost per unit" answers to two decimal places. Production Report Completed and transferred out fill in the blank 1 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 20% Material Units…
CengageNOWv2 | Online teaching and learning resource from Cengage Learni еBook There were 2,600 units in ending work in process inventory that were 100% complete with regard to material and 30% complete with regard to conversion costs. Ending work in process inventory had a cost of $8,060 and a per-unit material cost of $1. What was the conversion cost per unit using the weighted-average method? Conversion cost per unit $
eNOWv2 | Online teach akeAssignment/takeAssignm IMain.do?invoker 8takeAssignmentSessionLocator-8inprogress-false en genera... 21. Homepage South... CengageNOWv2 |. MindEdge Other bookmarks E eBook Show Me How Equivalent Units of Production The Converting Department of Worley Company had 720 units in work in process at the beginning of the period, which were 40% complete. During the period, 15,200 units were completed and transferred to the Packing Department. There were 800 units in process at the end of the period, which were 70% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0" Worley Company Number of Equivalent Units of Production Direct Materials Equivalent Units Equivalent Units Whole Units Conversion Inventory in process, beginning 720 432. Started and completed x Transferred to Packing Department…
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Raw materials inventory, beginning$160Raw materials inventory, ending$280Work in process inventory, beginning $280Work in process inventory, ending $200Finished goods inventory, beginning$480 Finished goods inventory, ending$640Administrative expenses$600Direct labor $800Manufacturing overhead$ 920Purchases of raw materials$480Sales$3,960Selling expenses$560
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CengageNOWv2 | Online teachin x + genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A A ★ F Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 253,960 Aug. 31 Goods finished 194,700 31 Direct materials X 31 Direct labor 35,500 X 31 Factory overhead Factory Overhead Aug. 1-31 Costs incurred 100,050 Aug. 1 Balance 13,280 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $212,000, what was the amount debited to Work in Process for direct materials in August? Oa. $306,760 Ob. $106,590 Oc. $501.460 Od. $77,460 8:16 A 5/2/202 LOM OL ▬▬ JUB M & 7 U 8 CF10 P
eBook Show Me HowPrint Item Question Content Area Costs per Equivalent Unit The following information concerns production in the Baking Department for August. 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 Balance Credit August 1 Bal., 36,000 units, 3⁄4 completed 207,360 31 Direct materials, 200,000 units 450,000 657,360 31 Direct labor 207,900 865,260 31 Factory overhead 680,400 1,545,660 31 Goods finished, 196,000 units 1,361,660 184,000 31 Bal., ? units, 1⁄2 completed 184,000 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during…