Answer the two last questions please. PART 2All Things Brass produces brass handles for the furniture industry in a four-stage process -Mixing,Moulding, Polishing and Packaging. Costs incurred in the Polishing Department during January aresummarized as follows:WIP - Polishing Process A/C$ 0January 1 Bal.Transfer from Moulding20,0001,310,000391,600638,000Direct Materials AddedDirect LabourManufacturing Overhead307,400Normal losses are estimated to be 2%% of input during the period. Inspection takes place during theprocessing operation, at which point damaged handles are separated from good handles and sold as scrapto local furniture manufacturers at $85 each.At inspection, 2,000 handles were rejected as scrap. These units had reached the following degree ofcompletion:Transfer from Moulding100%Direct material added40%Conversion costs20%Work-in-progress at the end of January was 4,000 handles and had reached the following degree ofcompletion:Transfer from Moulding100%Direct material added80%Conversion costs50%Direct materials added and conversion costs are incurred uniformly throughout the process.Required:(d)Prepare the journal entries for the:*assignment of direct materials, direct labour incurred, and the manufacturing overhead applied tothe Polishing Process*cost of the units completed and transferred out to the Packaging Process(e)Given that 30% of the unexpected losses were because of pilferage, prepare the abnormal spoilagestatement, clearly showing All Things Brass true loss associated with the Polishing Process.

Process costing is a method of accounting under which the units completed by process no one are…

Answered: Polishing a d as follows

Business

Accounting

Polishing a d as follows

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEB: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
All Things Brass produces brass handles for the furniture industry in a four-stage process –Mixing,Moulding, Polishing and Packaging. Costs incurred in the Polishing Department during January aresummarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0Transfer from Moulding 20,000 1,310,000Direct Materials Added 391,600Direct Labour 638,000Manufacturing Overhead 307,000Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged handles are separated from good handles and sold as scrap to local furniture manufacturers at $85 each. At inspection, 2,000 handles were rejected as scrap. These units had reached the following degree of completion:…
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ag login ca ezto.mheducation.com/ext/map/mm 6 Homework The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 41,850 4,880 431,250 237,290 Total costs to account for $ 46,730 668,540 $ 715,270 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 4,000 100% 20% Units started this period 37,500 Completed and transferred out Ending work in process inventory 37,000 4,500 100% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for
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All Things Brass produces brass handles for the furniture industry in a four-stage process –Mixing,Moulding, Polishing and Packaging. Costs incurred in the Polishing Department during January are summarized as follows:WIP - Polishing Process A/CJanuary 1 Bal. $ 0Transfer from Moulding 20,000 1,310,000Direct Materials Added 391,600Direct Labour 638,000Manufacturing Overhead 307,400Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged handles are separated from good handles and sold as scrapto local furniture manufacturers at $85 each. At inspection, 2,000 handles were rejected as scrap. These units had reached the following degree of completion:Transfer from Moulding 100%Direct…
евоок Calculator Print Item Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 8,000 units, 40% completed 22,880 To Finished Goods, 184,000 units Direct materials, 188,000 units @ $1.5 282,000 Direct labor 494,400 Factory overhead 192,320 Bal. ? units, 40% completed a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period. 2. Cost of units transferred to finished goods during the period. $4 3. Cost of ending work in process inventory. %$4 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. b. Did the production costs change from the preceding period? c.…
Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. ? If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…
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