Question 4 : a company, manufactures educational toys using process costing system. Plastic is molded into the appropriate shapes in the Molding Department. Molded components are transferred to the Assembly Department where the toys are assembled. Molding Beginning inventory: Units Prior department Materials 500 $2,500.00 $1,050.00 Conversion costs Started or transferred in: Units 1,000 February costs: Prior department Materials $5,000.00 Conversion costs $7,660.00 200 Ending inventory in units Beginning and ending work in process for the department showed the following degee of completion: Molding Degree of completion: Beginning work in process, materials Beginning work in process, conversion costs 30 Ending work in process, materials Ending work in process, conversion costs 100% 100 20 Required : 1. Calculate the Modeling Department's equivalent units of production for materials and conversion in July using FIFO method. 2.Summarize total costs to account for and assign total costs to units completed and transferred out. and to units in ending work in process.

Question 4 : a company, manufactures educational toys using process costing system. Plastic is molded into the appropriate shapes in the Molding Department. Molded components are transferred to the Assembly Department where the toys are assembled. Molding Beginning inventory: Units Prior department Materials 500 $2,500.00 $1,050.00 Conversion costs Started or transferred in: Units 1,000 February costs: Prior department Materials $5,000.00 Conversion costs $7,660.00 200 Ending inventory in units Beginning and ending work in process for the department showed the following degee of completion: Molding Degree of completion: Beginning work in process, materials Beginning work in process, conversion costs 30 Ending work in process, materials Ending work in process, conversion costs 100% 100 20 Required : 1. Calculate the Modeling Department's equivalent units of production for materials and conversion in July using FIFO method. 2.Summarize total costs to account for and assign total costs to units completed and transferred out. and to units in ending work in process.

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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PRACTICE EXERCISE 2: Use a separated sheet of paper for your answer. Prepare for the Projected Cost of Goods Manufactured Schedule of SARS Company for 2020 given the following: Direct Materials: Direct Labor: Manufacturing Overhead: Beginning WIP* Inventory Ending WIP Inventory *WIF is Work in Process P100,000 P50,000 P60,000 P10,000 P30,000
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STRUCTURED QUESTIONS Instructions: Answer ALL questions. Write your answers in foolscap paper. QUESTION 1 Part A Best Component Sdn.Bhd produces two types of vehicle components, CA and CB, all made from the same material. The business uses activity-based costing system. Information for the two components for the previous year is as follows: СА СВ Total Production and sales volume (units) 8,000 6,000 14,000 Number of components 160 140 300 Machine hours Number of material moves per 2000 2000 4000 30 50 80 annum The annual manufacturing overhead costs were as follows: Activity cost pool Assembly Machine X Material move Costs (RM) 60,000 40,000 30,000 REQUIRED a) Assuming activity cost pools for assembly, machine X, and material move are used, calculate the activity cost driver rates for each of the three cost pools b) Using the activity cost driver rates determined in (a), calculate the total manufacturing overhead cost assigned to each product CA and CB. c) Calculate the manufacturing…
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I need help with the beginning work in process inventory, direct materials and ending work in process inventory : The following are the actual numbers for January: Materials Purchased $5,000 of Materials Consumed 40% of those purchased materials Direct Labor Direct Labor was $6,240 Overhead Overhead was $2,800
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