Q-3: Following data is pertaining to Assembly department.8,000 Units beginning; All materials, 50% labor and overheads.Cost of beginning inventory:MaterialsRs 3,9842,1482,148LaborOverheadsUnits placed in process 40,000, costing;MaterialsLabor24,000.19,96819,968OverheadsUnits completed and transferred out 42,000.Units at end 6,000; all materials and 60% conversion cost.Required:Prepare a cost of production report by Average costing.Prepare a cost of production report by FIFO costing.

Name: Q-3: Following data is pertaining to Assembly department.8,000 Units
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Q-3: Following data is pertaining to Assembly department.8,000 Units beginning; All materials, 50% labor and overheads.Cost of beginning inventory:MaterialsRs 3,9842,1482,148LaborOverheadsUnits placed in process 40,000, costing;MaterialsLabor24,000.

Equivalent units concept is used when opening or ending work in progress is not 100% complete but…

Business

Accounting

Q-3: Following data is pertaining to Assembly department. 8,000 Units beginning; All materials, 50% labor and overheads. Cost of beginning inventory: Materials Labor Overheads Rs 3,984 2,148 2,148 Units placed in process 40,000, costing; Materials 24,000. 19,968 19,968 Labor Overheads Units completed and transferred out 42,000. Units at end 6,000; all materials and 60% conversion cost. Required: Prepare a cost of production report by Average costing. Prepare a cost of production report by FIFO costing.

Q-3: Following data is pertaining to Assembly department. 8,000 Units beginning; All materials, 50% labor and overheads. Cost of beginning inventory: Materials Labor Overheads Rs 3,984 2,148 2,148 Units placed in process 40,000, costing; Materials 24,000. 19,968 19,968 Labor Overheads Units completed and transferred out 42,000. Units at end 6,000; all materials and 60% conversion cost. Required: Prepare a cost of production report by Average costing. Prepare a cost of production report by FIFO costing.

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

Materials are added at the beginning of a production process, and ending work in process inventory is 40% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $9,000 Beginning inventory: conversion 18,000 Direct material 41,000 Direct labor 74,000 Applied overhead 42,392 Total costs to account for $184,392 Units to ACcount For Beginning work in process 6,000 Units started into production 19,000 Transferred out 19,000 Production Cost Report Completed and transferred out Ending work in process Total units to account for 40% 100% Work in process completion percent Material Units Conversion Units Total Units Completed and transferred out Next Previous
Using average method solve for 1. Unit cost of tranferred unit for finishing department 2. cost of work in process
Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. ? If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…
Ocess The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials placed in process at the beginning of production. Work In Process-Assembly Department Bal., 2,000 units, 25% completed 5,100 To Finished Goods, 46,000 units Direct materials, 47,000 units @ $1.7 79,900 Direct labor 126,400 Factory overhead 49,165 Bal., 2 units, 65% completed Cost per equivalent units of $1.70 for Direct Materials and $3.70 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 24 1. Cost of beginning work in process inventory completed this period %24 2. Cost of units transferred to finished goods during the period %24 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest $ cent.)
Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
pvn.3
Materials are added at the beginning of the production process. Conversion costs are added uniformly throughout the production process. Assuming a FIFO flow of costs, what is this company's computed total production cost transferred out during the period?
Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
1. Using weighted average method, how much is the total cost of Work in Process Inventory, End?
Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company: Quantity Work in process, May 1 Started in May Completed during May Work in process, May 31 80 500 460 120 Stage of Completion Materials WIP-Beg. 90% 40% WIP-End 60% 30% Conversion Costs Cost Data: Materials P49,336 322,000 Conversion Costs Work in process, May 1 Cost added during May P9,104 139,200 The Assembly Department uses the average method of process costing. What are the equivalent units of production for direct materials and conversion costs? 5. FIFO METHOD -EUP AS TO MATERIALS: 6. FIFO METHOD -EUP AS TO CC:
Need answer
Work in Process—Assembly Department Bal., 3,000 units, 35% completed 7,395 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $1.8 127,800 Direct labor 100,700 Factory overhead 39,200 Bal., ? units, 40% completed ? Cost per equivalent units of $1.80 for Direct Materials and $2.00 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period $ 2. Cost of units transferred to finished goods during the period $ 3. Cost of ending work in process inventory $ 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) $ b. Did the production costs change from the preceding period?Yes c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit…