PB3. LO 5.3 Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is the information related to this year's production: Units to Account For Units Materials Conversion Beginning work in process inventory 1,000 41,000 1,000 500 Started ? To account for 42,000 Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is S115,080 and the total conversion cost is $72,072. Using the weighted-average method, what are the unit costs if the company transferred out 34,000 units? Using the weighted-average method, prepare the company's process cost summary for the month.

PB3. LO 5.3 Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is the information related to this year's production: Units to Account For Units Materials Conversion Beginning work in process inventory 1,000 41,000 1,000 500 Started ? To account for 42,000 Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is S115,080 and the total conversion cost is $72,072. Using the weighted-average method, what are the unit costs if the company transferred out 34,000 units? Using the weighted-average method, prepare the company's process cost summary for the month.

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

Kk.301.
2
1 What was the equivalent units for materials costs 2 What was the equivalent units for conversion cost 3 The cost of a finished unit is 4 The cost of the goods completed is Summer Company makes a single chemical product in 2 departments. The addition of chemicals in the second department increases the weight of the product by 10% because of additional chemicals added when production reaches 50% of completion stage. The following are the information of Dept B for May 2021: Units: In Process Beg 70% done 10,000 Received from Dept A Completed and Transferred In Process End 60% Costs: In Process, Beg Preceding Dept Cost Materials Conversion 30,000 28,000 ??? P20,150 P97.350 P80,850 P81,000
“make a cost of production report for jersey company“
1 P3.4 (LO 3, 4), AP Rivera SpA has several processing departments. Costs charged to the Assembly Department for November 2020 totaled €2,280,000 as Work in process, November 1 Materials Conversion costs Materials added Labor Overhead €79,000 48,150 € 127,150 1,589,000 AEQU 225,920 nl nighsfilm 337,930 Production records show that 35,000 units were in beginning work in process 30% complete as to conver sion costs, 660,000 units were started into production, and 25,000 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process. Instructions a. Determine the equivalent units of production and the unit production costs for the Assembly Department. b. Determine the assignment of costs to goods transferred out and in process. c. Prepare a production cost report for the Assembly Department.
T2.
Sanditon Ltd designs and manufactures four products H, I, K and K for the manufacturing industry. Output and cost data for the period just ended are as follows:Output No. of production Material Cost Direct labour Machine hoursruns in the period per unit hours per unit per unitUnits £H 40 4 25 2 2I 70 4 30 3 6J 90 6 80 3 6K 360 8 100 4 422Direct labour cost per hour is £7. Overhead costs are as follows: £Short run variable costs 6,000Set-up costs 10,000Expediting and scheduling costs 8,000Materials Handling Costs 10,00034,000The following cost drivers have been identified:Short run Variable Costs = Production RunsSet up costs = Production RunsExpediting and Scheduling Costs = Machine HoursMaterials Handling Costs = Labour HoursN.B. Machine hours are to be used as the traditional overhead application methodRequired:a) Calculate the product cost using a Traditional and ABC approach.b) Discuss and analyse alternative methods available to businesses of allocating costs.
XYZ Ltd. has the following costs for 1,000 units: Total Cost Direct materials E 1.500 Direct labour 7,500 Depreciation on building 30,000 What is the total amount of direct materials for 100 units? a. £1.50 b. £225.00 c. £3.00 d. £150.00 Cost per Unit € 1.50 7.50 30.00
Subject: Cost AccountingPlease answer the questions given. Thank you!
Q8. Bruce Company uses the weighted-average method in its process costing system. Information concerning Department A for the month of June as follows: Units Materials Costs Work in process, beginning 17,000 £12,800 Started in June 82,000 £69,700 Units completed 85,000 Work in process, ending 14,000 All materials are added at the beginning of the process. Compute the cost per equivalent unit for materials costs. A £0.83 B £0.90 C £0.93 D £1.01
GB Inc. produces three products. Production and cost information show the following Model X Model Y Model Z Units Produced 1,000 3,000 6,000 Direct labor hours 2,000 1,000 2,000 Number of inspections 20 30 50 Inspection costs totaled P100,000. Using ABC, inspections costs allocated to each unit of Model X would be:
2. XYZ Co. manufactures a high-quality product which goes through two departments; mixing department and finishing department. Beg WIP Inv.: 8,000 units Raw Material $45,600 $49,300 $43,720 $81,200 D/L incurred in current period $206,700 $186,680 30,000 Direct Labor Manuf. Overh. D/M used in current period M/O applied Units completed and T/O End. WIP Inv.: 10,000, D/M 100%, Conv. 20%. a) Prepare the production report b) Prepare the journal entries for -release of D/M, -incurrance of D/L, -application of M/O, and - transferring units completed to mixing dept.