Pharoah Company has the following record of costs. Balance May 1 Materials Labor MANUFACTURING COSTS Raw Materials Inventory -$6,400 Factory Labor -$3,710 Manufac Overh
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- In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is 3,000,000. The conversion cost for the period in the Rolling Department is 462,600 (275,000 factory overhead applied and 187,600 direct labor). The total cost transferred to Finished Goods for the period was 3,392,400. The Rolling Department had a beginning inventory of 163,800. a. Journalize for the Rolling Department (1) the cost of transferred-in materials, (2) the conversion costs, and (3) the costs transferred out to Finished Goods. b. Determine the balance of Work in ProcessRolling at the end of the period.keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%3D&inprogress%3Dfalse # To еВook Show Me How Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $556,500. The conversion cost for the period in the Rolling Department is $116,400 ($69,000 factory overhead applied and $47,400 direct labor). The total cost transferred to Finished Goods for the period was $530,000. The Rolling Department had a beginning inventory of $27,400. a1. Journalize the cost of transferred-in materials. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period. Check My Work 2 more Check My Work…In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes: What is the amount of work in process at December 31, 2021? P12,050.39 P 5,530.39 P 3,280.00 P 3,240.00
- Black Company adds materials in the beginning of the process in Department 1, which is the first of two stages of its production cycle. Information concerning the materials used in Department 1 in July is as follows: Units Material Costs Work in process, March 1, 2018 Started in process Completed and transferred out 6,000 50,000 44,000 P3,000 25,560 Using the average cost method, what was the materials cost of work in process on March 31? а. Р6,120 b. Р3,060 С. Р3,000 d. P6,000Please help meSandhill Company has the following record of costs. Balance May 1 Materials Labor Overhead Transfer out Balance May 31 (a) Raw Materials Inventory MANUFACTURING COSTS -$5,700 Work in process, May 31 Save for Later eTextbook and Media Factory Labor How many units are in process at May 31? -$2,710 Manufacturing Overhead -$1,280 WORK IN PROCESS units Painting $3,790 5,700 2,710 1,280 Production records show that there were 600 units in the beginning inventory, 30% complete, 1,600 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,440 and conversion costs of $1,350. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. -? $? FINISHED GOODS INVENTORY ? Attempts: 0 of 3 used Submit Answer
- In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes: What is the total costs transferred from Department 2 to Department 3? P156,140 P161,415 P164,695 None of the aboveThe following data from the just completed year are taken from the accounting records of Mason Company Salez Direct labor cont Raw material purchase: Selling expenses Adninistrative expenses Manuf acturing overhead applied to work in process Actual nanuf acturing overhead costs $ 651,000 $82, 000 4 133. 000 $ 103.000 $ 49,000 $ 230.000 $ 203. 000 Invent orier Kaw naterials Work in procesa Finished zoods Beginning $ 8.300 $ 5.700 $75,000 Endang $ 10,800 $ 20,600 $ 25, 400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overappiled overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. es Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.…In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $112,300 $29,200 $16,800 Direct labor 8,500 13,500 12,100 Applied overhead 9,400 60,800 11,000 Transferred-in cost: From Molding 130,200 From Grinding 233,700 Total cost $130,200 $233,700 $273,600 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods 1. Prepare the Dec. 31 journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. Refer to the Chart of Accounts for the exact wording of account titles. Question not attempted. PAGE 15 GENERAL JOURNAL Score: 0/76 DATE ACCOUNT POST. REF. DEBIT CREDIT 1 2 3 4 5…
- Muffy Painting Company has the following production data for March. Ending Work In Process % Complete as to Month Beglnning Work In Process Units Units Converslon Cost Transferred Out March 3,000 42,000 12,000 759% Compute equivalent units of production for March for both materials and conversion costs. Materials are entered at the beginning of the process. Equlvalent Units Quantitles Physlcal Units Materlals Converslon Costs Units to be accounted for Work in process, March 1 Started into production Total units Units accounted for Transferred out Work in process, March 31 Total unitscom/lrn/takeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator=&inprogress-false eBook Show Me How Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $506,200. The conversion.cost for the period in the Rolling Department is $114,200 ($65,300 factory overhead applied and $48,900 direct labor). The total cost transferred to Finished Goods for the period was $520,000. The Rolling Department had a beginning inventory of $24,300. a1. Journalize the cost of transferred-in materials. If an amount box does not require an entry, leave it blank. 88 a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods: If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period. MAR 108In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For October 2021, Cruz Company presented the following costs on three processes: What is the total costs of work in process at October 31, 2021 in Department C? P 43,900 P 50,980 P141,800 P 46,920