Question:The following information is available for Jacqui, Inc. for the month of JanuaryWork-in-process, January 1 (70% complete) 10,000Units CostDirect materials$24,000Direct labor12,000Manufacturing overhead16,000Work-in process, January 1$52,000Started in production during January40,000Cost Added:Direct materials$72,000Direct labor32,000Manufacturing overhead40,400Total costs added during January$144,400Work-in-process, January 31 (80% complete) 4,000Materials are added at the beginning of the process.Calculate the cost per equivalent unit in process for conversion using the weighted average method.

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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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Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 8,200 units, 60% completed *Direct materials (8,200 x $9.80) $101,024* $80,360 Conversion (8,200 × 60% x $4.20) 20,664 $101,024 Materials added during January from Weaving Department, 126,400 units Direct labor for January Factory overhead for January $1,251,360 240,404 293,828 Goods finished during January (includes goods in process, January 1), 127,800 units Work in process, January 31, 6,800 units, 20% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places. Karachi Carpet Company Cost of Production Report-Cutting Department Units Units charged to production: Inventory in process, January 1 For the Month Ended January 31…
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Applying factory overhead Instructions Chart of Accounts Factory Overhead Journal Instructions Bergan Company estimates that total factory overhead costs will be $620,000 for the year. Direct labor hours are estimated to be 80,0000. Required: a. For Bergan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places. b. During May, Bergan Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. c. Prepare the journal entry on May 31 to apply factory overhead to both jobs in May according to the predetermined overhead rate, Refer to the chart accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal…
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a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places. The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 8,200 units, 65% completed $103,894* *Direct materials (8,200 × $10.2) $83,640 Conversion (8,200 × 65% × $3.8) 20,254 $103,894 Materials added during January from Weaving Department, 126,400 units $1,301,920 Direct labor for January 219,708 Factory overhead for January 268,533 Goods finished during January (includes goods in process, January 1), 127,800 units — Work in process, January 31, 6,800 units, 40% completed — Cost of Production Report-Cutting Department For the Month Ended January 31 Unit Information Units charged to production: Number of…
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