Process Costing: Average Method 291 P20,100 310 2,700 1,350 5,000 units, 2/5 done ………………..…..... ……...... Work in process, March 1 Transferred ini. Cost added in this dept: Materials Labor..... ……………….. ************************ Factory overhesd. Transferred in, March In process, March 31 50,000 units, @ P4.009 8,000 units, 3/4 done Cost added in this dept., March: Materials Labor Factory overhead. Factory costs are applied evenly throughout the process. 4400 7,110 60,900. 33,100

Process Costing: Average Method 291 P20,100 310 2,700 1,350 5,000 units, 2/5 done ………………..…..... ……...... Work in process, March 1 Transferred ini. Cost added in this dept: Materials Labor..... ……………….. ************************ Factory overhesd. Transferred in, March In process, March 31 50,000 units, @ P4.009 8,000 units, 3/4 done Cost added in this dept., March: Materials Labor Factory overhead. Factory costs are applied evenly throughout the process. 4400 7,110 60,900. 33,100

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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21:29 A × bartleby.com bartleby SEARCH Work in process, 1 May Units started during May Units completed and transferred out during May Work in process, 31 May Total units accounted for Work in process, 1 May Costs incurred during May Total costs to account for ASK Production report, May Business » Accounting » Q&A Library » Rigby Ltd ac... Rigby Ltd accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. The following is a partially completed production report for May. Physical units ||| 25,000 30,000 55,000 35,000 20,000 55,000 Percentage of completion with respect to conversion 40% 80% Q4. TS Direct material $143,000 $165,000 $308,000 CHAT VX MATH ļ Equivalent units Direct materials 35,000 20,000 Required: a) Complete the following process costing steps using the weighted average method: i Calculation of equivalent units. ii Calculation of unit…
Multiple Choice 21,200. 22,200. 25,500. 26,500.
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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…
am. 24.
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