Practice Problem 10 A company follows process costing and manufactures a product in one process. The work-in-progress at the end of each month is valued according to FIIFO method. At the beginning of the month of January, the inventory of work-in- progress showed the 400 units, 40% completed, valued at RO 8000. In the month of January, 2600 units amounting to RO 68,500 were introduced into the process. Wages and overheads amounted to RO 79,200 and RO 21,120 respectively. Finished production taken into stock in the month was 2,500 units. At the end of the month, the work-in-progress inventory was 500 units, 80% complete as regards materials and 60% complete as regards labour and overhead. You are required to compute equivalent production and prepare process account.

Practice Problem 10 A company follows process costing and manufactures a product in one process. The work-in-progress at the end of each month is valued according to FIIFO method. At the beginning of the month of January, the inventory of work-in- progress showed the 400 units, 40% completed, valued at RO 8000. In the month of January, 2600 units amounting to RO 68,500 were introduced into the process. Wages and overheads amounted to RO 79,200 and RO 21,120 respectively. Finished production taken into stock in the month was 2,500 units. At the end of the month, the work-in-progress inventory was 500 units, 80% complete as regards materials and 60% complete as regards labour and overhead. You are required to compute equivalent production and prepare process account.

Name: Preparation of Process Accounts(With opening and Closing WIP)Practice
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Description: Preparation of Process Accounts(With opening and Closing WIP)Practice Problem 10A company follows process costing and manufactures a product in one process.The work-in-progress at the end of each month is valued according to FIFOmethod. At the begin

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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Question 2. A company's Department 2 costs for June were: Cost from Department 1 Cost added in Department 2: $20,000 Materials 43,415 Labor Factory overhead (FOH) 56,100 58,575 The quantity schedule shows 11,500 units were received during the month from Department 1; 7,000 units were transferred to finished goods; and 5,000 units in process at the end of June were 50% complete as to materials cost, 25% complete as to Labour cost, and 20% as MOH. Required: Prepare Cost of production report.
2 Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 11,700 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Materials Units Conversion 2,000 11,700 9,000 4,700 Percent Complete for Direct Materials 65% Equivalent units of production: Weighted $ 1,407 1,241 25,053 25,959 90% Complete this question by entering your answers in the tabs below. Percent Complete for Conversion 35% $ 2,648 Required: Calculate the Assembly department's equivalent units of production for materials and for conversion for November. Use the weighted average method. 51,012 40% Calculate the Assembly department's…
Problem 1 Metal Farication Corporation manufactures their product in two departments. For the month of June of the current year, Cutting Department, the first department started to process 4,600 units. Materials amounting to P11,500 all were placed at the beginning of the process. Direct labor paid was P6,450 and overhead applied was P7,525. The department completed and transferred 4,000 units to the Assembly Department, the last department. Units still in process were 50 Assembly Department completed and transferred to finished goods store room 3,400 units. No materials were added by the department. Direct labor paid was P8,460 and overhead applied was P6,768. At the end of the month, units still in process were 60% converted. Instructions: Prepare cost of production reports and necessary journal entries for Cutting department for the month of June of the current year.
View Policies Current Attempt in Progress The Smelting Department of Kiner Company has the following production data for November. Production: Beginning work in process 2,800 units that are 100% complete as to materials and 24% complete as to conversion costs; units transferred out 9,100 units; and ending work in process 7,200 units that are 100% complete as to materials and 46% complete as to conversion costs. Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November. Materials Conversion Costs Total equivalent units Save for Later Attempts: 0 of 3 used Submit Answer O 4) to search
Question: At the end of April, Almerinda Company had completed Jobs 50 and 51. Job 50 is for 23,040 units, and Job 51 is for 26,000 units. The following data relate to these two jobs: On April 6, Almerinda Company purchased on account 60,000 units of raw materials at $12 per unit. On April 21, raw materials were requisitioned for production as follows: 25,000 units for Job 50 at $10 per unit and 27,000 units for Job 51 at $12 per unit. During April, Almerinda Company accumulated 20,000 hours of direct labor costs on Job 50 and 24,000 hours on Job 51. The total direct labor was incurred at a rate of $20.00 per direct labor hour for Job 50 and $22.00 per direct labor hour for Job 51. Almerinda Company estimates that total factory overhead costs will be $1,750,000 for the year. Direct labor hours are estimated to be 500,000. a. Determine the balance on the account in the work in process subsidiary ledger in which the costs charged to a particular job order are recorded on job cost sheets…
Foley Manufacturing uses a process costing system. The following for one department in April: Units 15,000 40,000 Percent Completed Materials 65% 70% Work in Process April 1 Work in Process April 30 The department started 145,000 units during the month. Conversion 45% 50% Required: 1. Determine the physical flow of products. Show reconciliation below. 2. Compute the equivalent units of production for April assuming the company used the weighted-average method of accounting for units and costs.
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Problem The Molding Department is the second department in Paxton Company production process. The data below summarize the operations in January. Cost for January Work in process, January 1 Added during the month Beginning work in process inventory Started in January Completed and transferred to the next department during January Ending work in process inventory All materials are added at the start of the process. Materials (Php) Conversion Costs (Php) 35,000 54,000 165,000 315,000 Units Percentage Complete 5,000 55,000 48,000 12,000 Prepare Cost of Production Report using Weighted Average and FIFO Method. 80% 20%
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: work in process, April 1 units started during April work in process, April 30 units 27,000 59,000 34,000 work in process, April 1 costs added during April total costs % complete DM 60% DM $ 25,310 $190,720 $216,030 70% The cost of beginning work in process and the costs added during April were as follows: % complete conversion 85% Conversion $191, 175 $208,985 $400, 160 40% Total cost $216,485 $399, 705 $616, 190 Calculate the equivalent units with respect to conversion costs using the FIFO process costing method.
Problem 8-51 (Algo) Part a Required: a. Adams Company's production cycle starts in Department A. The following information is available for July: Units Work in process, July 1 (50% complete) 79,000 Started in July 365,000 Work in process, July 31 (30% complete) 41,000 Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for materials and conversion costs for the month of July, respectively? Multiple Choice 444,000; 415,300 365,000; 377,300 403,000; 365,000 444,000; 403,000 None of the above
Please help me with show all calculation thanku