Preparation of Process Accounts(With process losses and no WIP)Practice Problem 7A food product passes through two processes. The output of Process I becomes theinput of Process II. The quantity of raw material introduced into Process I is 2000 kgs at1RO per kg. The cost and output data for the month under review are as under:Process I(RO)600ParticularsProcess II(RO)400Direct MaterialDirect LaborProduction overheads400300390403Normal Loss8%5%OutputLoss Realization RO/unitThe company's policy is to fix the selling price of the end product in such a way as toyield a profit 20% on selling price.1800 Kgs.1740 Kgs.0.2000.300Required:(i) Prepare the Process Accounts(ii) Determine the selling price per unit of the end product.

Calculation Net cost (1390-32) 1358 Divided by: Kgs output (2000-160) 1840 Cost per unit for…

Preparation of Process Accounts (With process losses and no WIP) Practice Problem 7 A food product passes through two processes. The output of Process I becomes the input of Process II. The quantity of raw material introduced into Process I is 2000 kgs at 1RO per kg. The cost and output data for the month under review are as under: Particulars Process I(RO) 600 Process II(RO) Direct Material 400 Direct Labor 400 з00 Production overheads 390 403 Normal Loss 8% 5% Output Loss Realization RO/unit The company's policy is to fix the selling price of the end product in such a way as to yield a profit 20% on selling price. 1800 Kgs. 1740 Kgs. 0.200 0.300 Required: (i) Prepare the Process Accounts (ii) Determine the selling price per unit of the end product.

Preparation of Process Accounts (With process losses and no WIP) Practice Problem 7 A food product passes through two processes. The output of Process I becomes the input of Process II. The quantity of raw material introduced into Process I is 2000 kgs at 1RO per kg. The cost and output data for the month under review are as under: Particulars Process I(RO) 600 Process II(RO) Direct Material 400 Direct Labor 400 з00 Production overheads 390 403 Normal Loss 8% 5% Output Loss Realization RO/unit The company's policy is to fix the selling price of the end product in such a way as to yield a profit 20% on selling price. 1800 Kgs. 1740 Kgs. 0.200 0.300 Required: (i) Prepare the Process Accounts (ii) Determine the selling price per unit of the end product.

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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2 Baruch Company has two processing departments: Assembly and Finishing. During the month of March, the company recorded the following: Finishing Department (Second department) costs: Work-in-process inventory, March 1, 400 units Costs transferred in during the month from the Assembly Department, Materials cost added during the month Conversion costs incurred during the month Total Cost S A. B. C. D. E. None of the above S $ S $ 232 EUS 250 EUS 265 EUS 1,500 EUS 5.000 * *Consists of cost transferred in, $1,500; materials cost, $2,300; and conversion cost, $1,200. Finishing Department units are assigned to: Units completed and transferred out to finished goods: Work-in-process inventory, March 31: 12.000 17.000 19,500 53,500 The beginning work-in-process inventory contained 400 physical units; The conversion costs for the units completed and transferred out was $19,200. Find the number of equivalent units (EUs) in the ending inventory for conversion cost. 3.200 units units ???
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Question 2 In March, one of the processing departments at ABC Corporation had starting work in process inventory of Rs.25,000 and ending work in process inventory of Rs. 34,000. During March, Rs.290,000 of costs were added to production and the cost of units transferred out from the department was Rs.281,000. In the department's cost reconciliation report for March, the total cost to be accounted for under the weighted-average method would be:
PROBLEM 8 The following data for the month of September were taken form the cost records of Department 1 of Pro-Life products which uses process costing system: Opening inventory of work in process: Units – 500 (with all materials added and 50% of labor and overhead) Cost - Materials 2, 400 Labor 1, 500 Factory overhead 760 Put into production: Units – 5, 000 Costs - Materials 25, 100 Labor 19, 380 Factory overhead 14, 900 Completed and transferred – 4, 800 units Ending inventory of work in process: Units – 700 (with all materials, and 60% of labor and overhead) 10. The cost per equivalent unit (rounded to nearest centavo) under FIFO: 11. The cost per equivalent unit (rounded to nearest centavo) under weighted average:
PLEASE ANSWER ONLY C AND D
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Units to be Assigned Costs Question 11 Eve Cosmetics Company consists of two departments, Blending and Filling. The Filling Department received 51,800 ounces from the Blending Department. During the period, the Filling Department completed 53,200 ounces, including 3,500 ounces of work in process at the beginning of the period. The ending work in process inventory was 2,100 ounces. How many ounces were started and completed during the period?fill in the blank 1 ounces
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What is the work in process inventory - Process 2 T-account?
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Question 5 Part 2. Please answer in same format as question