QUESTION 1Keystone Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department arerolled into steel sheets. The Rolling Department received 8,500 tons from the Casting Department. During the period the RollingDepartment completed 7,900 tons, including 400 tons of work in process at the beginning of the period. The ending work in processinventory was 1,000 tons.How many tons were started and completed during the period?O 7,900 TonsO 8,500 tons1,000 Tons0 7,500 Tons QUESTION 2The Rolling Department of Keystone Steel Company had 400 tons in beginning work in process inventory (20% complete). During theperiod 7,900 tons were completed. The ending work in process inventory was 1,000 tons (30% complete).What are the total equivalent units for direct materials if materials are added at the beginning of the process?O 7,900 Tons8,500 TonsO 1,000 TonsO 8,900 Tons

Process costs: It is a method of cost accounting, which is used where the production is…

Answered: QUESTION 1 Keystone Steel Company has…

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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Instructions Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Dining, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $371,000, $142,000, and $98,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29.200, and work in process at the end of the period totaled $28.400 Required: a (1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials (2) a) On September 30, joumalize the entry to record the flow of costs into the Refining Department during the period for direct labor." On September 30, joumalize the entry to record the flow of costs into the Refining Department during the period for factory overhead b. On September 30, joumalize the entry to record the transfer of production costs to…
Chart of Accounts Journal Instructions Domino Foods, Inc., manufactures a sugar product by a continuous process involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $400,000, $150,000, and $100,000, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $40,000, and work in process at the end of the period totaled $35,000. Required: A. (1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials* (2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor* (3) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for factory overhead * B. On September 30, journalize the entry to…
A. 12,000.00 B. 23,200.00 C. 26,000.00 D. 19,100.00
4
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Chapter 18 The following events took place for Billy Adams Manufacturing Company during January, the first month of its operations as a producer of thermometers: a. Purchased $73,000 of materials. b. Used $53,000 of direct materials in production. c. Incurred $96,000 of direct labor wages. d. Incurred $115,000 of factory overhead. e. Transferred $201,000 of work in process to finished goods. f. Sold goods with a cost of $193,000. g. Earned revenues of $450,000. h. Incurred $75,000 of selling expense i. Incurred $41,500 of administrative expense. Using the above information, complete the following: a. Prepare the January income statement for Billy Adams Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations.
15. Jordana Woolens is a manufacturer of wool cloth. The information for March is as follows: Beginning work in process 10,000 units Units started 20,000 units Units completed 25,000 units Beginning work-in-process direct materials $ 6,000 Beginning work-in-process conversion $ 2,600 Direct materials added during month $30,000 Direct manufacturing labor during month $12,000 Factory overhead $ 5,000 Beginning work in process was half converted as to labor and overhead. Direct materials are added at the beginning of the process. All conversion costs are incurred evenly throughout the process. Ending work in process was 60% complete. Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
Problem 1 Brabensky Company produces a product in two departments: (1) Assembly and (2) Painting. The company uses a process cost accounting system. Purchased raw materials for $90,000 on account. Raw materials requisitioned for production were: Direct materials Assembly department $77,000 Factory labor used: Assembly department $34,000 Painting department 18,000 Manufacturing overhead is applied to the product based on machine hours used in each department: Assembly department—320 machine hours at $40 per machine hour. Painting department—120 machine hours at $15 per machine hour. Units costing $86,000 were completed in the Painting Department and were transferred to the Finished Good. Finished goods costing $70,000 were sold on cash for $102,000. Instructions Prepare the journal…
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