Required informationPA3-3 and PA3-4 (Algo) Preparing a Process Costing Production Report [LO 3-2, 3-3, 3-4, 3-5][The following information applies to the questions displayed below.]Saddleback Company makes camping lanterns using a single production process. All direct materials are added at thebeginning of the manufacturing process. Information for the month of March follows:Beginning work in process (30% complete)Direct materialsConversion costTotal cost of beginning work in processNumber of units startedNumber of units completed and transferred to finished goodsEnding ork in process (65% complete)Current period costsDirect materialsConversion costTotal current period costsPA3-4 (Algo) FIFO [LO 3-4, 3-5]Required:1. Using FIFO method of process costing, complete each of the following steps:a. Reconcile the number of physical units worked on during the period.b. Calculate the number of equivalent units.c. Calculate the cost per equivalent unit.d. Reconcile the total cost of work in process.Complete this question by entering your answers in the tabs below.Req 1AReq 1BReq 1CBeginning InventoryStarted and CompletedEnding inventoryTotal Cost Accounted forReq 1DPrior Period Costs$Using FIFO method of process costing, reconcile the total cost of work in process.Note: Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest whole dollaramount.0 $< Req 1CCurrent Period CostsDirect Materials0 $Units124,300240,000334,500?Req ID >Conversion0Costs$$ 189,000341,000$ 530,000$ 504,400645,0001,149,400Total Cost0

“Since you have posted a question with multiple sub parts, we will provide the solution only to the…

PA3-3 and PA3-4 (Algo) Preparing a Process Costing Production Report [L [The following information applies to the questions displayed below.] Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows: Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Units 124,300 240,000 334 59A Costs $ 189,000 341,000 $530,000

PA3-3 and PA3-4 (Algo) Preparing a Process Costing Production Report [L [The following information applies to the questions displayed below.] Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows: Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Units 124,300 240,000 334 59A Costs $ 189,000 341,000 $530,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for September: Work in process, September 1 Work in process September 30 Started into Production during September O 247,000 O 232,000 O 265,000 Units O 238,000 75,000 70,000 200,000 Percent Completed What is the equivalent units of production for materials for September? Materials 80% 60% Conversion 50% 40%
Subject: acounting
Data for June are as follows for Superior Corp., which uses FIFO process costing: Units Beginning work in process 5,600 Units started in process 114,000 Costs Beginning work in process: Materials $18,500 Conversion $3,700 June's costs: Materials $444,300 Conversion 190,700 All materials are added at the…
Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to 5599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and…
es Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 59,000 38,000 $ 97,000 $ 150,000 400,000 $ 550,000 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. ⚫ Units started in July, 83,000 gallons. • Units transferred out in July. 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit Direct Materials $ 1.19 Conversion Costs $ 4.44
Prepare a Production Cost Report Troika Company The production information for Troika's Smoothing department for August is as follows: Work in process Beginning balance: materials Beginning balance: conversion Materials Labor Overhead Cost $ 1,550 2,500 7,441 14,520 7,930 Beginning units Transferred in Transferred in Transferred out Units 650 1,780 1,810 All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. Prepare a production cost report for August for the Smoothing Department.