Problem 13, Samahan, Inc. manufactures a highly sensitive smoke alarm and uses the FIFO method. In costing finished goods, the unit costs for units completed from the work-in-process at the beginning of the period is kept separate from the unit cost of those started and completed during the period. The total manufacturing costs for the month of June, 2016 is P264,000 and 2,750 units are completed during the month. The inventories at the beginning pf June are: Smoke alarm in process (80% complete) Smoke alarms on hand (complete) The inventories at the end of June are: Smoke alarm in process (50% complete) Smoke alarms on hand (complete) 1,250 units 600 units P128,000 76,800 500 units 700 units Required: • 1. Total cost of the units in process, end • 2. Cost of finished goods inventory at the end • 3. Total costs of the units sold

Problem 13, Samahan, Inc. manufactures a highly sensitive smoke alarm and uses the FIFO method. In costing finished goods, the unit costs for units completed from the work-in-process at the beginning of the period is kept separate from the unit cost of those started and completed during the period. The total manufacturing costs for the month of June, 2016 is P264,000 and 2,750 units are completed during the month. The inventories at the beginning pf June are: Smoke alarm in process (80% complete) Smoke alarms on hand (complete) The inventories at the end of June are: Smoke alarm in process (50% complete) Smoke alarms on hand (complete) 1,250 units 600 units P128,000 76,800 500 units 700 units Required: • 1. Total cost of the units in process, end • 2. Cost of finished goods inventory at the end • 3. Total costs of the units sold

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

Q2. Kelley paint company uses the weighted-average method to account for costs of production. Kelley manufactures base paint in two separate departments - Mixing and Packaging. The following information is for the Mixing Department for the month of March. • A total of 40,000 units were in beginning WIP Inventory. All were completed and transferred out during March. • A total of 70,000 units were started during March. Of the 70,000 units started, 20,000 units were completed and transferred out to the Packaging department (100% complete with respect to direct materials, direct labour, and overhead), and 50,000 units were partially completed and remained in ending WIP Inventory on March 31 (90% complete for direct materials, 70% complete for direct labour, and 30% complete for overhead, which is applied based on machine hours). . Costs in beginning WIP Inventory totaled $229.000 ($98,000 in direct materials + $41.000 in direct labor + $90,000 in overhead). . Costs incurred during March…
jj
In 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: In October, what is the total costs transferred from Department A to Department B? P1,031,900 P 880,520 P 812,380 P 988,000
TK Co. manufactures a single product that goes through two processes, mixing and cooking. The data pertain to the mixing department for April 2016: Work-in-process inventory, April 1 Conversion: 80 percent completed Work-in-process inventory, April 30 Conversion: 40 percent completed Units started into production Units completed and transferred out 27,000 units 17,000 units Costs Work-in-process inventory, April 1 Materials X 64,800 Materials Y 89,100 119,880 Conversion Cost added during April Materials X 152,700 138,400 302,520 Materials Y Conversion Materials X is added at the beginning of work in the mixing department. Material Y also added in the mixing department, but not until units of product are 60 percent complete with regard to conversion. Conversion costs are incurred uniformly during the process. 9. The cost per equivalent unit for material Y is а. Р5.25 b. Р4.50 с. Р3.25 d. P5.00 10. The cost of units transferred out is a. P650,000 b. P787,500 с. Р688,000 d. P750,500 11.…
Machine Builders Inc. adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs for direct materials and direct labor for its single product are as follows: Materials: (7 kilograms × $10 per kilogram) $ 70 Labor: (3 hours × $22 per hour) $ 66 All materials are issued at the beginning of processing. The operating data shown below were taken from the records for July: In-process beginning inventory none In-process ending inventory—90% complete as to labor 900 units Units completed during the month 7,100 units Budgeted output 8,600 units Purchases of materials, in kilograms (AQ) 33,000 Total actual labor costs incurred $ 526,000 Direct labor hours worked (AQ) 22,000 hours Materials purchase-price variance $ 2,900 unfavorable Increase in materials inventory in July 1,300 kilograms Beginning inventory of materials 0 kg.…
Compute for the total cost accounted for using FIFO.
. Quality Tea manufacturing company has given the following details for a particular process: During the month of June, 1,600 units were already in process, and another 10,000 units were started. At the end of the period, 8,600 units were completed. All of the Direct Materials (DM) are added at the beginning of the process; however, Conversion Costs (CC) are added evenly throughout the process. Quality follows the Weighted-Average method of inventory valuation. Ending Work-in-Progress (WIP) Inventory was two-thirds complete with respect to Conversion Costs. Find equivalent units in the ending WIP Inventory with respect to Conversion Costs. (Round units to whole number.) A) 1,000 units B) 2,000 units C) 3,000 units D) 8,600 units
In December, one of the processing departments at Bonine Corporation had ending work in process inventory of $32,000. During the month, $264,000 of costs were added to production and the cost of units transferred out from the department was $257,000. The company uses the FIFO method in its process costing system. Required: Construct a cost reconciliation report for the department for the month of December. Essay Toolbar navigation BIVS Il hil !!!
Please help me with show all calculation thanku
Akabanebashi uses backflush costing to account for its manufacturing costs. The trigger points for recording of inventories are the purchase of materials , the completion of products and sale finished goods. During the month of September 2015 , the following transactions occured: 1. Purchased raw materials on account 92,000 2. Requisitioned raw materials to production 92,000 3. Direct labor cost incurred 40,000 4. Manufacturing overhead costs 60,000 5. Cost of goods manufactured 192,000 5. Completed products sold at 50% markup on cost. Required: Prepare the journal entries to record above transactions
Compute for the total cost accounted for using FIFO. ATOZ company's product is manufactured in two departments. Units are inspected at the end of the production process in the first department. Data related to the month of May are: WIP,beg (60% materials, 35% labor, and 25% FOH), 1,000 units; started in process this period, 9,000 units; WIP,end (100% materials, 75% labor and 50% FOH), 1,500 units. Cost data follows: WIP,beg P1,260 770 Cost this Month P36,240 10,780 21,725 Materials Labor FOH 1,400