M Question 4-CHhttps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F... Q37 ACG3343 2023 X M Question 3-Chapter X GEN ExercisesHomework iRequired Information[The following information applies to the questions displayed below.]Beginning WIP inventoryDirect materialsConversion costsCurrent period costsDirect materialsConversion costsCheck my work mode: This shows what is correct or Incorrect for the work you have completed so far. It doeAnnin Laboratories uses the FIFO method to account for its work-in-process Inventories. The accounting records show thefollowing Information for February:Cost of goods transferred outCost of ending inventory9Quantity Information is obtained from the manufacturing records and includes the following:Beginning inventoryCurrent period units startedEnding inventoryF2Answer is complete but not entirely correct.$ 181,069 XIs$ 115,010 X$ 29,0539,355Compute the cost of goods transferred out and the ending Inventory for February using the FIFO method.Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar.F3176,56791,145DIIF4X b Home | bartleby6,000 units (40% complete as to materials, 15% complete as to conversion)45,700 units28,000 units (75% complete as to materials, 35% complete as to conversion)Q SearchSavedDEF5< PrevF6XS4 of 10包MLDCEF8Next >17F9(DELLprt sc

Process Costing : Operation costing method employed to determine the value of a product at each…

Required Information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process Inventories. The accounting records show the following Information for February. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory Quantity Information is obtained from the manufacturing records and includes the following: $ 29,053 9,355 176,567 91,145 Cost of goods transferred out Cost of ending inventory Compute the cost of goods transferred out and the ending Inventory for February using the FIFO method. Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar. S 181,069 S 115,010 6,000 units (48% complete as to materials, 15% complete as to conversion) units 45,700 28,000 units (75% complete as to materials, 35% complete as to conversion) Answer is complete but not entirely correct. Q Search < Prev JA 4 of 10 LO Next > H

Required Information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process Inventories. The accounting records show the following Information for February. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory Quantity Information is obtained from the manufacturing records and includes the following: $ 29,053 9,355 176,567 91,145 Cost of goods transferred out Cost of ending inventory Compute the cost of goods transferred out and the ending Inventory for February using the FIFO method. Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar. S 181,069 S 115,010 6,000 units (48% complete as to materials, 15% complete as to conversion) units 45,700 28,000 units (75% complete as to materials, 35% complete as to conversion) Answer is complete but not entirely correct. Q Search < Prev JA 4 of 10 LO Next > H

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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Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,500 16,100 7,400 34,750 19,800 21,800 26,200 7,200 12,600 27,000 14,750 4,940 41,500 58,000 296,220 26,000 13,600 Pepper Company $ 17,350 22,050 9,450 25,150 39,400 14,600 20, 200 8,000 15,750 43,000 14,320 3,750 60,500 46,000 388,450 18,700 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of…
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Garcon Pepper Company Company $ $ 13,200 18,550 Work in process inventory, beginning 17,700 22,500 Raw materials inventory, beginning 7,700 14,100 Rental cost on factory equipment 31,000 24,100 Direct labor 24,200 43,800 Finished goods inventory, 19,700 13,800 ending Work in process inventory, ending 24,400 21,000 Raw materials inventory, ending 6,700 7,600 Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 12,300 17,000 34,000 53,500 13,000 14,000 6,500 3,550 36,000 68,000 50,400 56,800 297,600 379,360 27,000 24,200 15,000 20,950 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,700 16,800 8,700 30,250 24,600 20,600 24,100 Required 1 5,800 12,600 24,500 14,900 5,660 40,000 Required 2 59, 200 283,890 34,000 14,200 Pepper Company $ 19,300 22,800 12,600 23,500 43,800 13,600 16,400 7,600 14,750 53,000 14,400 2,250 67,500 48,700 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion…
the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out. Ending work in process inventory Beginning work in process inventory Direct materials Units The production department had the cost information below. Conversion Costs added this period Direct materials Conversion Total costs to account for 60,000 322,000 300,000 82,000 $ 118,472 48,594 850,368 649,296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $1,666,730 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Percent Complete 40% 30%
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 980 Conversion costs 557 Current period costs Direct materials 27,220 Conversion costs 16,803 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (65% complete as to materials,56% complete as to conversion) Current period units started 5,900 units Ending inventory 1,500 units (45% complete as to materials,15% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs.
Required information [The following information applies to the questions displayed below.] 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 $ 31,450 3,900 Units 470,050 263, 250 3,000 39,500 39,000 3,500 $ 35,350 733,300 $768,650 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.
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department Percentage completion of beginning inventory Percentage completion of ending Inventory 390 4,330 320 4,408 Materials $18.00 The cost of beginning Inventory according to the company's costing system was $7,880 of which $4,807 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $179.771. The costs per equivalent unit for the month were: Conversion $ 23,00 Materials 70% 70% Cost per equivalent unit Required: 1. Compute the total cost per equivalent unit for the month. Conversion 30x 40x 4