Answered: Required: Prepare the cost of…

Business

Accounting

Required: Prepare the cost of production report for the two departments.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: REQUIRED: Prepare a production cost report sheet using FIFO method to assign costs to units…

A: If FIFO method is used then units in the beginning inventory are first used to make transfer to the…

Q: Department I Department II Department III Quantity Data: In Process, Beg 45,000 units, 1/3 done ?…

Q: During December, Rian Company's Department B equivalent unit product costs, computed under the…

A: The information gave the question: The prices of the Following: Materials: P1Conversion:…

Q: 4-1B Production Report Ritchie Company has two departments. Its first department (the Melting…

A: Part 2: ExplanationStep 1: Calculate the equivalent units of productionEquivalent units of…

Q: Problem 6A-7 CloverSweet Inc. manufactures a product that goes through two departments prior to…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The…

A: Equivalent Units Of Production Is Number Of Units That Have Been Completed And Transferred Out, And…

Q: Question 5 Golden company just finished its second month of operations. Golden mass-produces…

A: The physical flow of units explain about the units accounted for production.

Q: Exercise 5-12 Equivalent Units; Assigning Costs; Cost Reconciliation-Weighted-Average Method (LO5-2,…

A: A cost reconciliation statement is a document that reconciles the profits or losses reported by cost…

Q: Question 4. A company's Department 3 costs for Julywere: Cost from Department 2 $16320 Cost…

A: A production cost report is used to depict the production and cost activity that incurs in the…

Q: work ezto.mheducation.c The following data reports on the July production activities of the Molding…

A: In the process costing system, the equivalent number of units are obtained by multiplying the number…

Q: Exercise 4-12 (Algo) Equivalent Units; Assigning Costs; Cost Reconciliation-Weighted-Average Method…

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Q: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Exercise 7-2. Equivalent Unit Computations 1. Increase in Units A company has the following…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Glendale Company is using process costing system. The following were taken from the books for…

A: 1. Equivalent production for materials = units completed and transferred +( unit in progress x % of…

Q: Exercise 20-6 Weighted average: Cost per EUP and costs assigned to output C3 Fields Company has two…

A: Solution:- 1 & 2)Calculation of Equivalent units of production and Costs per equivalent of…

Q: Appendix EX 20-28 Cost per equivalent unit: average cost method The following information concerns…

A: (a) The calculation of number and cost per equivalent units is as follows: Number of Equivalent…

Q: Acer Corporation. has the following information for June (SEE PICTURE BELOW): All material is added…

A: The equivalent units are calculated on the basis of percentage work completed during the period.

Q: Question Content Area Department G had 1,920 units 25% completed at the beginning of the period,…

A: Answer:- FIFO method of inventory meaning:- The first things acquired are presumed to be the first…

Q: Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The…

A: Finished goods are goods on which manufacturing costs have been incurred and that are complete but…

Q: VI. Interpreting a Production Report Dolce company manufactures a product that goes through several…

A: Weighted Average Cost Approach: The weighted average approach is most frequently used when inventory…

Q: Exercise 4-12

A: 1. Calculate the equivalent units of materials, labor, and overhead in the ending inventory for the…

Q: Equivalent Units of Production The following information concerns production in the Baking…

A: To determine the equivalent units of production (EUP) for direct materials and conversion costs,…

Q: FIFO -Equivalent Production The equivalent production of 22,000 units under the average costing is…

A: Solution: Equivalent production under FIFO = Units completed from beginning WIP * % completed during…

Q: he addition of water at the start of the process in Dept. B of Mcdo Mfg. Co., increases the quantity…

Q: Exercise 6-9 UNEVEN APPLICATION – MULTIPLE DEPTS The Matis Manufacturing Company uses average…

Q: Exercise 55-7 (Algo) Equivalent Units of Production and Cost per Equivalent Unit-FIFO Method [LO…

A: Equivalent units mean the number of units on which the cost has been incurred.Equivalent units…

Q: Units of production data for the two departments of Continental Cable and Wire Company for May of…

A: The weighted average method of inventory valuation calculates the average cost of all the units…

Q: Exercise 8-25 (Static) Compute Equivalent Units: FIFO Method (LO 8-5) The following data are…

A: In this question we require equivalent units (materials; conversion) used to compute production…

Q: Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following…

A: Equivalent units of ending inventory for Material = 31,000 x 70% = 21,700 units Equivalent units of…

Q: Equivalent Units of Production: Average Cost Method Units of production data for the two departments…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Required information Problem 8-57 (Static) Compute Equivalent Units (LO 8-1, 3, 5) [The following…

A: In process costing, equivalent units are used to describe partially finished units of production in…

Q: Answer part B Equivalent Units of Production: weighted average method The Converting Department of…

A: EQUIVALENT UNITS = UNITS TRANSFERRED TO DEPARTMENT + (CLOSING WORK IN PROGRESS X COMPLETION…

Q: Department G had 2,400 units 25% completed at the beginning of the period, 13,500 units were…

A: Ending work in progress inventory is calculated by multiplying the cost per equivalent unit with the…

Question

Exercise 6-7 EVEN APPLICATION – MULTIPLE DEPTS

The ICT Manufacturing Corp. has its product processed in Depatments M and P. The

production data for March are given below:

Department M Department P

Quantity data:

WIP, beg 5,000 8,000

Stage of Completion 1/5 3⁄4

Units placed in process 30,000

Units transferred out ? 30,000

WIP, end 7,000 ?

Stage of Completion 2/7 2/5

Cost data:

WIP, beg P750 P9,481.44

Factory costs:

Materials 17,400 7,920

Direct labor 8,990 3,960

Factory overhead 3,480 2,640

Required: Prepare the cost of production report for the two departments.

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Department M

VIEW

Department P

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Question 2 Vaasa Chemicals makes a product by way of two processes Mixing & Refining. Its process costing system in the Mixing Department has two direct cost categories (Chemical P & Chemical Q) and one conversion costs pool. Chemical P is introduced at the start of the operations in the Mixing Department and Chemical Q is added when the product is three- fourths (75%) completed in the Mixing Department. The following information pertains to the Mixing department for July: Units Work in process inventory, July 1 Started production Completed and transferred to Refining Department Ending work in process inventory [two-thirds (66%%)of the way through the Mixing process] 50,000 35.000 15,000 Costs Beginning WIP inventory SO Costs added during July: Chemical P 250,000 Chemical Q 70,000 Direct Labour 32,000 Manufacturing overhead 103,000 Required: i) Compute the equivalent units in the Mixing Department for direct materials and for conversion costs ii) Compute: a) the cost of the units…
Problem 6- FIFO - Equivalent Production The equivalent production of 22,000 units under the average costing is arrived at as follows: Finished and transferred - 20,000 units x 100% = 20,000 In process, March 31 - With the beginning work in process consisting of 5,000 units, 1/5 done, what 3,000 units x 2/3 = 2,000 %3D should be the equivalent production under FIFO?
Exercise 6.17 FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs 28,000 Units started and completed Units, beginning work in process: 28,000 10,000 x 0% 10,000 x 40% 4,000 Units, ending work in process: 6,000 x 100% 6,000 x 75% 6,000 4,500 Equivalent units of output 34,000 38,500 The cost per equivalent unit for the period was as follows: Direct materials $2.00 Conversion costs 6.00 Total $8.00 The cost of beginning work in process was direct materials, $40,000; conversion costs, $30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
Units to be Assigned Costs Question 11 Eve Cosmetics Company consists of two departments, Blending and Filling. The Filling Department received 51,800 ounces from the Blending Department. During the period, the Filling Department completed 53,200 ounces, including 3,500 ounces of work in process at the beginning of the period. The ending work in process inventory was 2,100 ounces. How many ounces were started and completed during the period?fill in the blank 1 ounces
Question 9 of 10 < Current Attempt in Progress -/1 E: Cullumber Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts show the following debits. Cooking Canning Beginning work in process $0 $4,240 Direct materials 22,260 9.540 Direct labor 9,010 7,420 Manufacturing overhead 33,390 27,400 Costs transferred in 56,180 Journalize the April transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when an entered. Do not indent manually.) SUPPORT
Appendix EX 20-25 Equivalent units of production: average cost method Units of production data for the two departments of Atlantic Cable and Wire Company for July of the current fiscal year are as follows: Drawing Department Winding Department Work in process, July 1 Completed and transferred to next processing department during July Work in process, July 31 500 units, 50% completed 350 units, 30% completed 11,400 units 10,950 units 700 units, 55% completed 800 units, 25% completed Each department uses the average cost method. a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Winding Department.
Exercise 8-22 (Algo) Compute Equivalent Units (LO 8-1, 3, 5) Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available. Work in process, August 1 (56% complete with respect to conversion) Started in August Completed Work in process, August 31 (77% complete with respect to conversion) 17,400 121,600 121,600 17,400 Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. Equivalent Units Conversion Costs Materials a Using the weighted-average method 139,000 O 134,998 O Using the FIF0 method 139,000 X 125,254
Problem 16-3B Weighted average: Production cost report P2 P4 Switch Co. manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting process for January follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Check (2) Cost transferred out, $741,400 Units 10,000 250,000 220,000 40,000 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct Materials Percent Complete 75% 50% Percent Complete $ 7,500 49,840 $ 57,340 Conversion 112,500 616,000 728,500 $785,840 60% 30% Required 1. Prepare the Cutting department's production cost report for January using the weighted average method. 2. Prepare the January 31 journal entry to transfer the cost of units from Cutting to Assembly.
Question 5 Part 2. Please answer in same format as question