Problem 2. Cena company employs Weighted Average process costing system in the assembly department and FIFO process costing system in the finishing department concerning its only product which undergoes production in assembly department and finishing department. The following data for the year ended December 31, 2020 are provided: ASSEMBLY DEPARTMENT Units Cost January 1, 2020 100,000 units - 40% completed Cost of Direct material - P3M as to conversion cost Cost of Direct labor - P5M Cost of Factory Overhead - P2M December 31, 2020 150,000 units - 80% completed ? as to conversion cost Units started during the year 400,000 units DM cost added during 2020 P12M DL cost added during 2020 P15M FOH cost added during 2020 P13M FINISHING DEPARTMENT Units 50,000 units conversion cost Cost 70% incomplete Cost of Transferred in - P10M January 1, 2020 Cost of Direct material - P6M Cost of Direct labor - P1M Cost of Factory Overhead - P3M December 31, 2020 30,000 units as to conversion cost 10% incomplete ? Units started during the year DM cost added during 2020 P30M DL cost added during 2020 P40M FOH cost added during 2020 P1OM

Problem 2. Cena company employs Weighted Average process costing system in the assembly department and FIFO process costing system in the finishing department concerning its only product which undergoes production in assembly department and finishing department. The following data for the year ended December 31, 2020 are provided: ASSEMBLY DEPARTMENT Units Cost January 1, 2020 100,000 units - 40% completed Cost of Direct material - P3M as to conversion cost Cost of Direct labor - P5M Cost of Factory Overhead - P2M December 31, 2020 150,000 units - 80% completed ? as to conversion cost Units started during the year 400,000 units DM cost added during 2020 P12M DL cost added during 2020 P15M FOH cost added during 2020 P13M FINISHING DEPARTMENT Units 50,000 units conversion cost Cost 70% incomplete Cost of Transferred in - P10M January 1, 2020 Cost of Direct material - P6M Cost of Direct labor - P1M Cost of Factory Overhead - P3M December 31, 2020 30,000 units as to conversion cost 10% incomplete ? Units started during the year DM cost added during 2020 P30M DL cost added during 2020 P40M FOH cost added during 2020 P1OM

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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5 a. Determine the number of units in progress inventory at December 31. _______ units b. Determine the equivalent units of production for direct materials and conversion costs in December. If an amount is zero, enter in "0".
2.7 The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $84,750 of direct materials.
Question: In the finishing department, what is the cost assigned to December 31, 2020, work-in-process inventory? a.6,668,130 b. 6,276,330 c. 6,401,800 d. 9,235,100
TB MC Qu. 8-74 (Algo) Bentwood Corporation uses the FIFO method in its... Bentwood Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work-in-process inventory: Units in beginning work-in-process inventory Material's costs 1,900 $ 36,100 $ 20,900 Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work-in-process inventory: Units in ending work-in-process inventory Percent complete with respect to materials Percent complete with respect to conversion 70% 25% 9, зе 8,100 $156, 200 $255,5e0 3,100 80% 35% What are the equivalent units for materlals for the month in the first processing department? Multiple Choice Activate Window
How to find: * Cost of beginning work in process inventory completed this period. *Cost of units transferred to finished goods during the period. * Cost of ending work in process inventory. * Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. Work in Process—Assembly Department Bal., 6,000 units, 55% completed 18,540 To Finished Goods, 138,000 units ? Direct materials, 141,000 units @ $2.1 296,100 Direct labor 192,900 Factory overhead 75,000 Bal. ? units, 70% completed ?
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e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?
16. Work in Process inventory, Feb. 28 1. 20 Summarized data for jobs worked on during 20. Cost of Goods Sold for February O a. P1.500 О а. Рб,500 COSTS INCURRED O b. P19,900 O b. P7,500 JOBS January February March O. P7,500 O. P20,000 A P5,000 O d. P15,300 O d. P7.000 В 3,000 2,500 17. Finished Goods inventory, Feb. 28 D 1,500 4,000 3,500 O a. P7,500 F 5,800 6,500 о b. Р3,000 G 9,600 3,800 O. P7,000 4,500 4,200 O d. P5,500 3,000 7,000 18. Finished Goods inventory, March 31 O a. P7,000 Jobs Completed Jobs Sold January А В A, C O b. P7,500 February DE B О с. Р5,500 March GH J GH O d. P3,000 Work in Process inventory, Jan. 31 19. Cost of Goods Sold for January O a. P15,300 O a. P7.000 O b. P7,500 O b. P7,500 O. P1,500 O. P20,000 O d. P19,900 O d. P10,500
Answer the following questions by analysing the T-accounts given below.
22 Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. $ 2,650,000 110,000 143,000 Work in…
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Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? OA. $180 B. $500 C. $150 D. $780 $280 $650 $220 $120 $150