Problem 2 The Antipolo company operates three departments. Product costs are tracked by department and assigned process costing system. Overhead is applied to production in each department at a rate of 80 percent of direct labor cost. The hereunder T-account information pertains to the department operations submitted by the cost accountant. Work in process - Stripping Dept. 1 20,000 Cost Transf. ? Work in process - Adhesion Dept. 2 Beg. Beg. 70,000 Cost Transf. 480,000 90,000 80,000 DM Trans. In ? DL DM 22,600 FO DL Ending 17,000 ? Ending FO 20,600 Work in Process - Packing Dept. 3 150,00 Transf. Fgoods ? Finished Goods 185,000 Cost of sales 770,000 Beg. Beg. CoGmf 880,000 DM DL Fo 90,000 Ending Ending 40,000

Problem 2 The Antipolo company operates three departments. Product costs are tracked by department and assigned process costing system. Overhead is applied to production in each department at a rate of 80 percent of direct labor cost. The hereunder T-account information pertains to the department operations submitted by the cost accountant. Work in process - Stripping Dept. 1 20,000 Cost Transf. ? Work in process - Adhesion Dept. 2 Beg. Beg. 70,000 Cost Transf. 480,000 90,000 80,000 DM Trans. In ? DL DM 22,600 FO DL Ending 17,000 ? Ending FO 20,600 Work in Process - Packing Dept. 3 150,00 Transf. Fgoods ? Finished Goods 185,000 Cost of sales 770,000 Beg. Beg. CoGmf 880,000 DM DL Fo 90,000 Ending Ending 40,000

Name: Č P112,500D P177,4002DThe cost of goods put to process for the month
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Č P112,500D P177,4002DThe cost of goods put to process for the month of June is:A P717600B P803,600C P957,000D P957,600 Problem 2 The Antipolo company operates three departments. Product costsare tracked by department and assigned process costing sy

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

Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 20,300 units, 75% completed 121,800 31 Direct materials, 99,500 units 364,170 485,970 31 Direct labor 225,800 711,770 31 Factory overhead 229,400 941,170 31 Goods transferred, 105,600 units 906,048 35,122 31 Bal., ? units, 30% completed 35,122 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to…
Baden Company has gathered the following information. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Costs incurred: Direct materials Direct labor Overhead 0 41,800 7,800 40 % 100 % $77,330 $68,900 $109,276
Coat-All Paint Company used a predetermined overhead allocation rate to allocate $85,000 and $50,000 of indirect costs to the Coloring Department and the Mixing Department, respectively. The journal entry to record the allocation of overhead costs to the Coloring Department is Process costing is used. OA. debit Manufacturing Overhead, $50,000; credit Work - in - Process Inventory-Mixing, $50,000 OB. debit Work - in – Process Inventory-Coloring, $85,000; credit Manufacturing Overhead, $85,000 OC. debit Manufacturing Overhead, $85,000; credit Work - in - Process Inventory-Mixing, Ss85,000 D. debit Work- in-Process Inventory-Coloring. $50,000; credit Manufacturing Overhead, $50,000
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process-Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May Bal., 22,200 units, 65% completed 111,000 31 Direct materials, 108,800 units 331,840 442,840 31 Direct labor 205,700 648,540 31 Factory overhead 209,100 857,640 31 Goods transferred, 115,400 units 825,110 32,530 31 Bal., ? units, 30% completed 32,530 a. Determine the number of units in work in process inventory at the end of the month. units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials a placed in process during production. Whole units to be accounted for units Whole units to be assigned costs units Equivalent units of production units Next
1.
B 1.
Required information The Foundational 15 (Algo) [LO2-1, LO2-2, LO2-3, LO2-4] [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $29,800 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.90 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates:…
Single Plantwide and Multiple Production Department Factory Overhead Rate Methods and Product Cost Distortion The management of Nova Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in order to guide product strategy. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering the multiple production department factory overhead rate method. The following factory overhead was budgeted for Nova: $765,000 315,000 $1,080,000 Fabrication Department factory overhead Assembly Department factory overhead Total Direct labor hours were estimated as follows: Fabrication Department Assembly Department Total In addition, the direct labor hours (dlh) used to produce a unit of each product in each department were determined from engineering records, as follows: Production Departments…
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 11,200 units, 80% completed 67,200 31 Direct materials, 54,900 units 200,934 268,134 31 Direct labor 124,600 392,734 31 Factory overhead 126,600 519,334 31 Goods transferred, 58,200 units 499,356 19,978 31 Bal., ? units, 30% completed 19,978 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to be…
Denger
Assigning indirect costs to departments is completed by ________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventory In a process costing system, which account shows the overhead assigned to the department? cost of goods sold • finished goods inventory raw material inventory work in process inventory A print shop produces custom paintings. It has received four different orders (a/B/C/D) The total cost for the four orders is labor $6000, materials $10,000 and overheads for 5,000. What processes/systems would you implement if you wanted to know the cost for each of the orders which are not similar.
FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February: Molding Assembly Beginning inventories: Physical units 10,000 8,000 Costs: Transferred in — $45,300 Direct materials $22,000 — Conversion costs $13,800 $16,900 Current production: Units started 25,000 ? Units transferred out 30,000 35,000 Costs: Transferred in — ? Direct materials…