passes in ELDING & PAINTING. In July, the PAINTING Departn onsisted of 40,500 units, 95% complete with respect to di in the beginning inventory included prime cost, P15 and transferred-in, P31,500. oduction during the month were direct materials, P72,900 red-in, P102,060.
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- Under process costing, the total production costs incurred in each process must be split between the units that have been completed in that process and transferred to the next process and then which of the following? Group of answer choices the Finished Goods Inventory if it is the first process the transferred-in units from the previous department the units not completed and remaining in Work-in-Process Inventory for that department the Cost of Goods Sold when the units are soldHow does a company determine the number of production cost reports to be prepared for each reporting period?Which of the following statements regarding process costing are true? 1. When computing the cost per equivalent unit of production, it is necessary to consider the percentage of completion of the units in beginning inventory. II. When computing the cost per equivalent unit of production, prior period costs are combined with current period costs. III. When all materials are added at the beginning of the production process, the equivalent units of production for materials is equal to the units completed and transferred out. Statements I and II are true. O Only Statement Il is true. O Only Statement Ill is true. O Statements II and III are true.
- Requirements: A. What is the total Equivalent production for Materials? B. What is the total Equivalent production for Conversion? C. What is the total Cost per unit to be used for allocation? D. What is the total cost of completed and transferred that will be carried to the next department/finished goods inventory? E. What is the total cost of in process ending for the period? F. What is the equivalent production of In process, end for Conversion? G. What is the equivalent production of competed and transferred for Materials? H. How much cost from losses will be added to completed and transferred?The opening balance in the work in process inventory controlaccount represents the costs of all jobs that _____________ in the previous accounting period.(a) were not completed(b) were completed and sold to customers(c) were completed but not sold(d) were reported on the income statementUsing the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2.500 units is 100% complete with regard to materials and 60% complete with regard to conversion • 18,000 units were started during the period • 17,500 units were completed and transferred · ending inventory is 100% complete with materials and 65% complete with conversion PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units Conversion Units
- 1. Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units ? ? ? ? ? ? ? ? ? ? ? ?Cost of Goods Sold that are NOT part of Goods Available for Sale are included in A. Work-in-Process Inventory beginning balance B. Work-in Process Inventory ending balance C. Direct Labor D. Finished Goods Inventory ending balance Given the following data, what is the cost of goods manufactured? Beginning Raw Materials Inventory Ending Raw Materials Inventory Beginning Work-in-Process Inventory Ending Work-in-Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Manufacturing Overhead Direct Labor Raw Materials used in production A. $125,000 B. $141,000 12:03 C. $146,000 D. $151,000 $6,000 9,000 12,000 17,000 3,000 5,000 21,000 30,000 95,000 12:03n the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. Compute the cost of direct labor used for the period. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.
- A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work in Process inventory account and then into the Finished Goods inventory account beforeappearing on the income statement as part of Cost of Goods Sold.Which of the following are steps in process costing? Question 5 options: A) Visualize the physical flow of units B) Calculate the equivalent units C) Determine the per-unit costs D) Calculate the Cost of Goods Manufactured and the Ending WIP Inventory E) All of the aboveWhich of the following accounts would be debited in the journal entry to record the issuance of direct materials? O A. Cost of Goods Sold O B. Finished Goods Inventory OC. Raw Materials Inventory O D. Work-in-Process Inventory