Process Costing Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Jabari Steel Company is $585,500. The conversion cost for the period in the Rolling Department is $109,100 ($62,700 factory overhead applied and $46,400 direct labor). The total cost transferred to Finished Goods for the period was $570,000. The Rolling Department had a beginning inventory of $21,200. a1. Journalize the cost of transferred-in materials for the Rolling Department. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs for the Rolling Department. If an amount box does not require an entry, leave it blank. 38 a3. Journalize the costs transferred out to Finished Goods for the Rolling Department. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period.

Process Costing Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Jabari Steel Company is $585,500. The conversion cost for the period in the Rolling Department is $109,100 ($62,700 factory overhead applied and $46,400 direct labor). The total cost transferred to Finished Goods for the period was $570,000. The Rolling Department had a beginning inventory of $21,200. a1. Journalize the cost of transferred-in materials for the Rolling Department. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs for the Rolling Department. If an amount box does not require an entry, leave it blank. 38 a3. Journalize the costs transferred out to Finished Goods for the Rolling Department. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period.

Name: Process Costing Journal EntriesIn October, the cost of materials tran
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Process Costing Journal EntriesIn October, the cost of materials transferred into the Rolling Department from the Casting Department of Jabari Steel Company is $585,500. The conversion cost for theperiod in the Rolling Department is $109,100 ($62,70

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

Please help me with this question.
The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 34,050 3,780 Units 367,200 190,080 3,500 34,000 33,500 4,000 $ 37,830 557,280 $ 595,110 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places.
The debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,200 Conversion costs, 3,000 units, 40% completed 6,000 Materials added during April, 10,000 units 25,000 Conversion costs during April 30,800 Goods finished during April, 12,000 units 0 April 30 work in process, 1,000 units, 40% completed 0 All direct materials are added at the beginning of the process, and the first-in, first-out method is used to cost inventories. The conversion cost per equivalent unit for April is
Work in Process Account Data for Two Months; Cost of Production Reports Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process—Rolling on September 1 and debits to the account during September were as follows: Bal., 1,200 units, 70% completed: Direct materials (1,200 x $7.70) $ 9,240 Conversion (1,200 x 70% x $3.20) 2,688 $ 11,928 From Smelting Department, 26,400 units $205,920 Direct labor 51,542 Factory overhead 27,754 During September, 1,200 units in process on September 1 were completed, and of the 26,400 units entering the department, all were completed except 3,300 units that were 40% completed. Charges to Work in Process—Rolling for October were as follows: From Smelting Department, 30,400 units $243,200 Direct labor 68,730 Factory…
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 $125,760 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT No. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 9,600 units, 30% completed 134,976 30 Direct materials, 87,000 units 1,122,300 1,257,276 30 Direct labor 127,760 1,385,036 30 Factory overhead 176,434 1,561,470 30 Goods finished, ? units 30 Bal., 7,700 units, 80% completed a. Determine the number of units transferred to the next department. units b. Determine the costs per equivalent unit of direct materials and conversion. If reguired, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of conversion c. Determine the cost of units started and completed in November.
Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 2,800 tons in beginning work in process inventory (80% complete) on October 1. During October, 46,000 tons were completed. The ending work in process inventory on October 31 was 2,300 tons (10% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? ___________ units
Question: Kenton Industrial Corporation uses the weighted-average method in its process costing system. During April, the Baker Assembly Department completed its processing of 25,300 units and transferred them to the next department. The cost of beginning inventory and the costs added during April amounted to $659,490 in total. The ending inventory in April consisted of 4,000 units, which were 50% complete with respect to materials and 30% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead $3.50 $ 8.20 Cost per equivalent unit $12.80 Required: 1.) Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. Materials Labor Overhead Equivalent units in ending work in process inventory Equivalent units in ending work in process inventory Materials Labor Overhead
Choose the correct answer with explanation
Calcuate the cost of items completed during november? At the start of November, ToyCo Refinery had Work in Process inventory consisting of 4,200 units that were 70 percent complete with respect to materials and 50 percent complete with respect to conversion costs. The cost of the units was $43,500 ($31,100 of material cost and $12,400 of labor and overhead). During November, the company started 40,800 units and incurred $457,080 of material cost and $419,000 of labor and overhead. The company completed 41,900 units during the month, and 3,100 units were in process at the end of November. The units in ending Work in Process were 80 percent complete with respect to materials and 40 percent complete with respect to conversion costs.
Computing costs transferred The Finishing Department of Lee and Lewis Inc., the last department in the manufacturing process, incurred production costs of $220,000 during the month of June. If the June 1 balance in Work-in-Process Inventory—Finishing is $0 and the June 30 balance is $70,000, What amount was transferred to Finished Goods Inventory?
Process Costing Journal Entries. Assume a company has two processing departments—Molding and Packaging. Transactions for the month are shown as follows: 1. The Molding department requisitioned direct materials totaling $4,000 to be used in production. 2. Direct labor costs totaling $7,000 were incurred in the Molding department, to be paid the next month. 3. Manufacturing overhead costs applied to products in the Molding department totaled $5,000. 4. The cost of goods transferred from the Molding department to the Packaging department totaled $20,000. 5. Manufacturing overhead costs applied to products in the Packaging department totaled $3,600. Required: Prepare journal entries to record transactions 1 through 5.
Equivalent Units of Material Cost The Rolling Department of Oak Ridge Steel Company had 2,900 tons in beginning work in process inventory (50% complete) on July 1. During July, 48,600 tons were completed. The ending work in process inventory on July 31 was 2,400 tons (10% complete). What are the total equivalent units for direct materials for July if materials are added at the beginning of the process?