PA5. LO 5.3 Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Units to Account For Beginning inventory: materials Beginning inventory: conversion Direct material $ 10,000 19,000 50,000 75,000 37,248 Beginning work in process Units started into production Transferred out 5,000 20,000 19,000 Direct labor Applied overhead Total costs to account for $191,248

PA5. LO 5.3 Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Units to Account For Beginning inventory: materials Beginning inventory: conversion Direct material $ 10,000 19,000 50,000 75,000 37,248 Beginning work in process Units started into production Transferred out 5,000 20,000 19,000 Direct labor Applied overhead Total costs to account for $191,248

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

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PA5. LO 5.3 Materials are added at the beginning of a production process, and ending work in
inventory is 30% complete with respect to conversion costs. Use the information provided to complete a
production cost report using the weighted-average method.
process
Costs to Account For
Units to Account For
Beginning inventory: materials
Beginning inventory: conversion
Direct material
$ 10,000
19,000
50,000
75,000
37,248
Beginning work in process
Units started into production
5,000
20,000
19,000
Transferred out
Direct labor
Applied overhead
Total costs to account for
$191,248

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A process manufacturer that uses the weighted-average method reports the following. Beginning work in process inventory Units completed and transferred out Ending work in process inventory Equivalent units of production for conversion are: Multiple Choice O 125,200. Units 38,000 108,000 43,000 Conversion Percent Complete 80% 40%
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Carmelita, Inc., has the following information available: Costs from Beginning Inventory Direct materials. Conversion costs $5,000 5,200 Costs from Current Period The cost of completing a unit during the current period was Oa. $45.95 Ob. $36.76 Oc. $30.63 Od. $25.62 $29,600 149,800 At the beginning of the period, there were 400 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,500 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method.
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Question 1 options: Answer the following two questions using the information below:Preston Manufacturing uses a normal cost system and had the following actual data available for 20X5:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000The beginning balance of direct materials inventory must be: (HINT: use T-Accounts to solve)(Include "$" and "," (commas) in your answers.The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be:…
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