Molina Corp. began the period with no units in process or in finished goodsinventory. During the period they began 96,000 units and completed80,000 units. If equivalent units for the period totaled 90,000 then theunits in the process were what percent complete (rounded)?a. 62.5%b. 83.3%c. 88.9%d. 75%e. None of the above

1. Problem OverviewMolina Corp. started 96,000 units during the period, completed 80,000 units, and…

Answered: Molina Corp. began the period with no…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PB: The following product costs are available for Stellis Company on the production of erasers: direct...

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R makes one product, which passes through a single process. Details of the process account for period 1 were as follows: Material cost - 20,000 kg P26,000 Labour cost P12,000 Production overhead cost P5,700 Output 18,800 kg Normal losses 5% of input There was no work-in-progress at the beginning or end of the period. Process losses have no value. The cost of the abnormal loss (to the nearest P) is
R makes one product, which passes through a single process. Details of the process account for period 1 were as follows: Material cost – 20,000 kg P26,000 Labour cost P12,000 Production overhead cost P5,700 Output 18,800 kg Normal losses 5% of input There was no work-in-progress at the beginning or end of the period. Process losses have no value. The cost of the abnormal loss (to the nearest P) is
A process with no beginning work in process, completed and transferred out 85,000 units during a period and had 50,000 units in the ending work in process inventory that were 20% complete. The equivalent units of production for the period were: Select one: O a 100,000 equivalent units. b. 95,000 equivalent units. O c 85,000 equivalent units. O d. 70,000 equivalent units. O e. None of the answers are correct
Questions Of Cost Account Adamson Manufacturing is trying to determine the equivalent units. All materials are added at the beginning of the process and conversion costs are incurred uniformly. There were no units in the beginning work in process inventory, and the ending inventory consists of 14,000 units, 80% completion. What are the equivalent units for the current period? a. 11,200 units for direct materials and 14,000 units for conversion. b. 14,000 units for direct materials and 11,200 units for conversion. c. 14,000 units for direct materials and 14,000 units for conversion. d. 11,200 units for direct materials and 11,200 units for conversion.
A process with no beginning work in process, completed and transferred out 85,000 units during a period and had 50,000 units in the ending work in process inventory that were 20% complete. The equivalent units of production for the period were: Select one O a. 70,000 equivalent units. b. 95,000 equivalent units. Oc. None of the answers are correct O d. 100,000 equivalent units. e. 85,000 equivalent units.
Corsi Company had no beginning Work in Process inventory, completed and transferred out were 70,000 physical units, and ending Work in Process inventory of 7,000 physical units. Materials are added at the beginning of the process. What is the total number of equivalent units for materials during the period? a. 70,000 b. 63,000 c. 7,000 d. 77,000
The Trece Co. manufactures joint products X and Y as well as by-product Z. Cumulative costs data for the period show P204,000 representing 20,000 units completed processed through the Refining Department at an average cost of P10.20. Costs are assigned to X and Y by the market value method which considers further processing costs in subsequent operations. Additional data: Z X Y Quantity processed 2,000 units 8,000 units 10,000 units Sales price per unit P5 P20 P25 Further processing cost per unit 1 5 7 Marketing and administrative expense per unit 1 Operating profit per unit 1 Required: a. Assuming by-product value is material determine the joint cost allocated to Z using Net realizable value method and joint cost to X and Y. b. Assuming by-product value is immaterial and insignificant, what is the joint cost allocated to X and Y.
The Trece Co. manufactures joint products X and Y as well as by-product Z. Cumulative costs data for the period show P204,000 representing 20,000 units completed processed through the Refining Department at an average cost of P10.20. Costs are assigned to X and Y by the market value method which considers further processing costs in subsequent operations.Additional data: Z X YQuantity processed 2,000 units 8,000 units 10,000 unitsSales price per unit P5 P20 P25Further processing cost per unit 1 5 7Marketing and administrativeexpense per unit 1Operating profit per unit 1 Required:a. Assuming by-product value is material determine the joint cost allocated to Z using Net realizable value method and joint cost to X and Y.b. Assuming by-product value is immaterial and insignificant,…
A company makes one product which passes through only one process. The details of the process account are as follows; material cost- 20000kg @ GH¢1.3/kg, labour cost- GH¢12000, and production overheads- GH¢5700. The actual output from the process is 18800kg with expected normal loss of 5% of input. The value of abnormal loss isA. GH¢460B. GH¢441C. GH¢456D. GH¢437
The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?

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