Materials...$22,500$23,200$19,600Cost astLabor7,20014,50011,800*******Factory overhead.10,80014,5008,850Direct$40,500$52,200$40,250ConveRequired:1. Prepare a cost of production summary for each department forJanuary, using the weighted average cost method.2.Total cPrepare the journal entries to record the January transactions.3. Prepare a statement of cost of goods manufactured for themonth ended January 31.For costssame of eCost of completed units and ending inventoryGreen Products Inc. cans peas and uses the weighted average costmethod. For the month of November, the company showed thefollowing:P6-5L01Step 5: CPeas completed and canned245,000 lbFinally, wePeas in process at the end of November100% complete as to peas, 50% completeas to labor and overhead, 0% complete asincurred orto cans16,500 lbCost dataFirst, we nePeas$.10 per equivalent poundcosts incurLabor...$.25 per equivalent poundand endingOverheadS.15 per equivalent poundCans.$.07 per canEach can contains 16 oz, or 1 lb, of peas.For Jax ComRequired:1. Calculate the cost of the completed production for November.2. Show the detailed cost of the ending inventory for November,Beg. Work In PLost units; cost of production summariesMonterrey Products Co. uses the process cost system. A record ofthe factory operations for the month of October follows:P6-6+ Costs addedL02UnitsProduction Summary12,500= Total costs toStarted in orocess.9,500Finished and transferred to stockroom,In process, end of month, one-haif conpleted as to1,000:Cost assigned toCost Summary+ Cost assigned t-Sa0,000!! o

Name: Materials...$22,500$23,200$19,600Cost astLabor7,20014,50011,800******
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Description: Materials...$22,500$23,200$19,600Cost astLabor7,20014,50011,800*******Factory overhead.10,80014,5008,850Direct$40,500$52,200$40,250ConveRequired:1. Prepare a cost of production summary for each department forJanuary, using the weighted average cost

1) Calculation of Cost incurred in completed production during the month of November -…

Business

Accounting

P6-5 Cost of completed units and ending inventory Green Products Inc. cans peas and uses the weighted average cost method. For the month of November, the company showed the following: Peas completed and canned.... 245,000 Ib Peas in process at the end of November: 100% complete as to peas, 50% complete as to labor and overhead, 0% complete as to cans 16,500 lb Cost data: Peas $.10 per equivalent pound Labor. $.25 per equivalent pound Overhead. $.15 per equivalent pound Cans. $.07 per can Each can contains 16 oz, or 1 lb, of peas. Required: 1. Calculate the cost of the completed production for November. 2. Show the detailed cost of the ending inventory for November.

P6-5 Cost of completed units and ending inventory Green Products Inc. cans peas and uses the weighted average cost method. For the month of November, the company showed the following: Peas completed and canned.... 245,000 Ib Peas in process at the end of November: 100% complete as to peas, 50% complete as to labor and overhead, 0% complete as to cans 16,500 lb Cost data: Peas $.10 per equivalent pound Labor. $.25 per equivalent pound Overhead. $.15 per equivalent pound Cans. $.07 per can Each can contains 16 oz, or 1 lb, of peas. Required: 1. Calculate the cost of the completed production for November. 2. Show the detailed cost of the ending inventory for November.

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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