Preparation of Process Accounts (With process losses and no WIP) Practice Problem 4 Product X in a manufacturing unit passes through three processes- Process A, Process B and Process C. The expenses incurred in the three processes during the year 2007 were as under. Particulars Process A Process B Process C Units of input issued 8500 Details RO RO RO Cost per unit Materials 150 28500 25000 18500 Direct Labor 12000 23000 23110 Direct Expenses 2250 17200 8100 The normal losses and scrap value are as under Particulars Actual Output Normal Process Scrap Value RO Loss Process : A 8075 5 % 2 per unit Process : B 7200 10% 1.5 per unit Process : C 7050 2.5% 1.2 per unit

Preparation of Process Accounts (With process losses and no WIP) Practice Problem 4 Product X in a manufacturing unit passes through three processes- Process A, Process B and Process C. The expenses incurred in the three processes during the year 2007 were as under. Particulars Process A Process B Process C Units of input issued 8500 Details RO RO RO Cost per unit Materials 150 28500 25000 18500 Direct Labor 12000 23000 23110 Direct Expenses 2250 17200 8100 The normal losses and scrap value are as under Particulars Actual Output Normal Process Scrap Value RO Loss Process : A 8075 5 % 2 per unit Process : B 7200 10% 1.5 per unit Process : C 7050 2.5% 1.2 per unit

Name: Preparation of Process Accounts(With process losses and no WIP)Practi
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Preparation of Process Accounts(With process losses and no WIP)Practice Problem 4Product X in a manufacturing unit passes through three processes- Process A, Process Band Process C. The expenses incurred in the three processes during the year 2007 w

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

Please do not give solution in image format thanku
Please do not give solution in image format thanku
None
B 10.
Question 2
Please do not give solution in image format thanku
Exercise 4-5 (Static) Assigning Overhead to Products in ABC [LO4-2, LO4-3] Sultan Company uses an activity-based costing system. At the beginning of the year, the company made the following estimates of cost and activity for its five activity cost pools: Activity Cost Pool Activity Measure Expected Overhead Cost Expected Activity Labor-related Direct labor-hours $ 156,000 26,000 DLHs Purchase orders Number of orders $ 11,000 220 orders Parts management Number of part types $ 80,000 100 part types Board etching Number of boards $ 90,000 2,000 boards General factory Machine-hours $ 180,000 20,000 MHs Required: 1. Compute the activity rate for each of the activity cost pools. 2. The expected activity for the year was distributed among the company’s four products as follows: Activity Cost Pool Expected Activity Product A Product B Product C Product D Labor-related (DLHs) 6,000 11,000 4,000 5,000 Purchase orders (orders) 60 30 40 90 Parts management (part…
PR 17-2A Cost of Production Report Obj. 2, 4 Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department Date July Item 1 Bal., 30,000 units, 10% completed 31 Direct materials, 155,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 149,000 units 31 Bal.,? units, 45% completed Instructions Answer Check Figure: Conversion cost per equivalent unit, $0.76 Debit Credit 620,000 90,000 33,272 PICTIO ? ACCOUNT NO. Balance Debit Credit 121,800 741,800 831,800 865,072 1. Prepare a cost of production report, and identify the missing amounts for Work in Process -Roasting Department. ? 2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the…
Sagar
Question – 1 (Process Costing) The following information was taken from the books of Hunza Manufacturing Company for the month of January 2016: Cost of Units in process at beginning: January 1, 2016 - Rs. 50,000 Cost of Raw Material used - 148,000 Direct Labour cost incurred - 115,200 Factory Overhead Cost incurred - 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January [40% complete as to material and 60% complete as to conversion cost] 5,000 units Units placed in production during January 13,000 units Units in process at end of January 31 [60% complete as to material and 80% as to conversion cost] 3,000 units. Calculae: Equivalent Production Unit, Unit Cost, The total cost of unit completed Work in process at end.
es Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 59,000 38,000 $ 97,000 $ 150,000 400,000 $ 550,000 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. ⚫ Units started in July, 83,000 gallons. • Units transferred out in July. 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit Direct Materials $ 1.19 Conversion Costs $ 4.44
please avoid image based answers thnku