PROBLEM 23: Cost of Production ReportThe following information is available for DVC Corporation for the currentmonth:Started this monthBeginning WIP (3/5 incomplete)Total spoilageAbnormal spoilageEnding WIP (30% to be done)Transferred out120,00011,2503,0001,350UnitsUnits .UnitsUnits?Units108,750UnitsBeginning Work in Process Costs:MaterialP 15,60020,700ConversionCurrent Costs:P 180,000525,915MaterialConversionAll materials are added at the start of production and the inspection point is atthe end of the process. Using the more accurate method representing thephysical flow of units.Required:a. Total costs of units transferred-outb. The amount of work in-process, endc. Cost of abnormal loss units

Equivalent units of products concept came in to existence when some units are not fully completed at…

Answered: PROBLEM 23: Cost of Production Report…

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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Q. 2: For the month of January 2022, the production control department of XYZ Inc., reported the following production data for Department 2: Transferred in from Department 1.. Transferred out to Department 3 In process at the end of January (with 1/3 material, ½ labor and FOH)... 60,000 units .52,000 units .6,000 units Page 1 of 2 The Cost Department collected these figures for Department 2: Unit cost for units transferred in from Department 1.. Material cost in Department 2. Labor cost in Department 2.. Factory Overhead.. 19.20 492,100 465,310 470,590 Required: Cost of Production Report of Department 2 for January 2022.
Process 1 AP beer company prepare beer using two processes, information for the next period is as follows: Input materials 2,000 Kgs @ a total cost of 22,000 Labor costs $12,000 Overhead costs 65% of Labor Normal loss is estimated to be 10% of input Losses may be sold as scrap for $15 per Kg Actual output 1,720 Kgs Process 2 Input from process 1 Labor cost $15,500 Overhead costs 65% of Labor Actual output 1,658 Kgs Losses may be sold as scrap for $12 per Kg Required i. Prepare process account one ii. Complete process account 2
Problem 2 Jeffery Technologies used the weighted-average method in it process costing system. Data for the Assembly Department for October appears below: Work in Process, October 1 Costs added during October Equivalent Units of Production Required: Materials $25,000 $235,000 40,000 Conversion Costs $40,000 $260,000 25,000 1. Compute the cost per equivalent unit of production for materials and conversion costs. Show calculations. 2. Compute the total cost per equivalent whole unit.
how can I resolve this problem? Percent Completed Units Materials Conversion Work in process, beginning 50,000 70% 40% Started into production 265,000 Completed and transferred out 255,000 Work in process, ending 60,000 75% 25% Materials Conversion Work in process, beginning $ 16,600 $ 5,000 Cost added during June $ 178,400 $ 105,700 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.
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
2
Use FIFO method
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Exercise 8-29 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) The following information pertains to the Moline Facility for the month of May (all materials are added at the beginning of the process): Units Material Costs Beginning work in process 90,000 $ 30,000 Started in May 270,000 102,400 Units completed 230,000 Ending work in process 130,000 Required: Compute the cost per equivalent unit for materials using the FIFO method. (Round "Cost per equivalent unit" answer to 2 decimal places.) Total costs to be accounted for: Cost per equivalent per unit:
Determine the costs to be assigned to the units transferred out a. 60,000 b. 267,000 c. 207,000 d. 57,000

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