please answer do not image format Novak Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped upproduction of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Novak reported thefollowing activity and cost information for its only production process dedicated to these coffee brewers.Units in beginning WIP InventoryBeginning WIP Inventory degree of completionCosts in beginning WIP InventoryNew units started iCosts added to WIP Inventory this periodUnits completedUnits in ending WIP InventoryEnding WIP Inventory degree of completionUnits80015,30015,0001,100Plastic100%$3.277$71.910100%MeshThe conversion costs are added evenly throughout this manufacturing process.100%$250$7,1000%Conversion Costs470%$2,723112,25230% Assuming Novak Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost ofunits completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimalplaces, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,125.)Total cost of units completedCost of units in ending WIP InventoryAccount Titles and ExplanationRecord the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter O for the amounts. List debit entry before credit entry.)FG Inventory192050WIP Inventory14080Debit192050DoCredit14080

When it is reasonable to assume that units proceed through the production process in the order in…

Novak Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the compan production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Novak repas following activity and cost information for its only production process dedicated to these coffee brewers. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Units 800 15,300 Plastic 100% $3,277 Mesh 100% $250 Conversion Costs 70% $2.723

Novak Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the compan production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Novak repas following activity and cost information for its only production process dedicated to these coffee brewers. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Units 800 15,300 Plastic 100% $3,277 Mesh 100% $250 Conversion Costs 70% $2.723

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 1MAD: Dura-Conduit Corporation manufactures plastic conduit that is used in the cable industry. A conduit...

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Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Marigold produces the paint in its mixing department and then transfers the paint to the canning department. The following information is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout the process. One unit is one gallon of paint. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion (a) Your Answer Correct Answer . . Total equivalent units of work done Cost per aquivalent Unit S Units Teep cost of units complete 1,700 Transferred-in 47,500 48,200 1,000 Transferred-In 100% 100% $12,020 $2,020 DM $408,500 $55,800 100% Complete Steps 1-5 of the template for the canning department…
Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
Sterling Corporation has an EOQ of 5,000 units. The company uses an average of 500 units per day. An order to replenish the part requires a lead time of five days. Required: 1. Calculate the reorder point, using Equation 20.3. 2. Graphically display the reorder point, where the vertical axis is inventory (units) and the horizontal axis is time (days). Show two replenishments, beginning at time zero with the economic order quantity in inventory. 3. What if the average usage per day of the part is 500 units but a daily maximum usage of 575 units is possible? What is the reorder point when this demand uncertainty exists?
Orman Company produces neon-colored covers for tablets (e.g., iPads). For last year, Orman reported the following: Last year, Orman produced 89,000 units and sold 90,500 units at 10.50 per unit. Required: 1. Prepare a statement of cost of goods manufactured. 2. Prepare an absorption-costing income statement.
Using the information in the previous exercises about Marleys Manufacturing, determine the operating income for department B, assuming department A sold department B 1,000 units during the month and department A reduces the selling price to the market price.
Dura-Conduit Corporation manufactures plastic conduit that is used in the cable industry. A conduit is a tube that encircles and protects the underground cable. In the process for making the plastic conduit, called extrusion, the melted plastic (resin) is pressed through a die to form a tube. Scrap is produced in this process. Information from the cost of production reports for three months is as follows, assuming that inventory remains constant: Assume that there is one-half pound of resin per foot of the finished product. a. Determine the resin materials cost per foot of finished product for each month. Round to the nearest whole cent. b. Determine the ratio of the number of resin pounds output in conduit by the number of pounds input into the process for each month. Round percentages to one decimal place. c. Interpret the resin materials cost per foot for the three months. Use the information in (a) and (b) to explain what is happening. d. Determine the conversion cost per foot of finished product for each month and interpret the result.
Chassen Company, a cracker and cookie manufacturer, has the following unit costs for the month of June: A total of 100,000 units were manufactured during June, of which 10,000 remain in ending inventory. Chassen uses the first-in, first-out (FIFO) inventory method, and the 10,000 units are the only finished goods inventory at June 30. Under the absorption costing concept, the value of Chassens June 30 finished goods inventory would be: a. 50,000. b. 70,000. c. 85,000. d. 145,000.
Taylor Bashir Limited uses a range of raw materials in its production of metal filing cabinets, including a bought in metal handle component. Because of a shortage of the grade of metal used in the component, prices have tended to rise rapidly. During September 20X5 the following deliveries into inventory and transfers to production of metal handles take place: 1 September Balance of inventory @ £2.70 per unit 130 6 September Transfer to production 60 7 September Delivery of inventory @ £2.90 per unit 40 18 September Transfer to production 30 26 September Delivery of inventory @ £2.96 per unit 85 What is the value of the transfers to production of metal handles in September (to the nearest penny)?" O 258.30 O E473.41 O E307.60 O (245 19
Use the information below for a soda maker to answer the requirements. Current Year Prior Year Work in process at year-end. $ 81,000 $ 94,000 Cost of goods sold for the year. 1,967,000 1,800,000 1. Compute days’ sales in work in process inventory for the current year. Round to the nearest day. 2. Compute days’ sales in work in process inventory for the prior year. Round to the nearest day. 3. Did days’ sales in work in process inventory increase or decrease from the prior year?
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory $ 29,200 Raw materials Work in process Finished goods 21,700 78,900 Additional information for the month of March follows: A Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Ending Inventory $ 26,700. 46,400 68,900 Required 1 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. Required 2 89 SEP Rased on the above information nrenare a cost of goods manufactured report A O O
Star Plastic company produces plastic cups. table below are the data for April 2019. Star Plastic uses the weighted average method for inventory calculations. raw materials are added at the beginning of the production process while conversion costs are added evenly throughout the process. calculate equivalent units (EU) for DIRECT MATERIALS Physical Units Direct Conversion Materials Costs $ 13,332 Work in process, beginning inventory (April 1) Degree of completion of beginning work in process Started during April Good units completed and transferred out during April Work in process, ending inventory (April 30) Degree of completion of ending work in process Total costs added during April Normal spoilage as a percentage of good units Degree of completion of normal spoilage Degree of completion of abnormal spoilage 2,400 $21,240 100% 50% 12,000 10,800 2,160 100% 75% $97,560 $111,408 10% 100% 100% 100% 100%
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $60 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 150-unit purchase at $68 per unit; the second was a 200-unit purchase at $72 per unit. During the period, it sold 270 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. Cost of goods sold Ending inventory FIFO LIFO Weighted Average