What is the total materials used in November 2021?a.P115,200b.P111,150c.P 96,515d.P115,895 Reyes Company produces a product that undergoes three processes and thecompleted items at end of process 3 are the items to be sold to customers. ForNovember 2021, Reyes Company presented the following costs on threeprocesses:Costs incurred:MaterialsDirect LaborOverheadMaterials are addedat:Process 1Process 2Process 345,00039,00038,00032,89528,27529,24022,620100% at the 50% at beginning, 40% at beginning, 30% at31,20023,392beginning50% at 60%complete50% complete, andremaining 30% at 80%complete.Started/Transferred In 20,000 units ?Completed andtransferred outIn Process, end19,000 units 18,500 units18,000 units1,000 units50% complete complete500 units 70%250 units 40% complete, 250units 70% complete

The question is related to Process costing. Under process costing the input of process 1 will be the…

Reyes Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Reyes Company presented the following costs on three processes: Costs incurred: Materials Direct Labor Overhead Materials are added at: Process 1 Completed and transferred out In Process, end 45,000 39,000 31,200 100% at the beginning Started/Transferred In 20,000 units ? Process 2 38,000 32,895 28,275 29,240 22,620 23,392 50% at beginning, 40% at beginning, 30% at 50% complete, and 50% at 60% complete remaining 30% at 80% complete. 19,000 units 18,500 units 1,000 units 500 units 70% 50% complete complete Process 3 ? 18,000 units 250 units 40% complete. 250 units 70% complete

Reyes Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Reyes Company presented the following costs on three processes: Costs incurred: Materials Direct Labor Overhead Materials are added at: Process 1 Completed and transferred out In Process, end 45,000 39,000 31,200 100% at the beginning Started/Transferred In 20,000 units ? Process 2 38,000 32,895 28,275 29,240 22,620 23,392 50% at beginning, 40% at beginning, 30% at 50% complete, and 50% at 60% complete remaining 30% at 80% complete. 19,000 units 18,500 units 1,000 units 500 units 70% 50% complete complete Process 3 ? 18,000 units 250 units 40% complete. 250 units 70% complete

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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uols A moodle1.du.edu.om Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in progress is 4000, and closing stock of Work in progress is 5000 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Cost of goods manufactured 358500 OMR Calculate cost of goods available for sale Select one: a. None of these O b. 395000 OMR O c. 385500 OMR O d. 378500 OMR Previous page Next page ASSIGNMENT 1 Jump to... Quiz navigation 200 1 2 3 5 6 7 8 || 9 4. II
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Identify under or over allocation from the following information :i. Actual Overhead tk 2,000, allocated overhead tk 1,500ii. Allocated Overhead 6,000 ,actual overhead 5,200iii. Actual Overhead 10,000, allocated overhead tk 18,000
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Prime cost is 236000 OMR, and cost of production for the year is 298420 OMR Opening stock of work in progress is 12000, and closing stock of Work in progress is 13500 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Cost of goods manufactured 958000 OMR Calculate cost of goods available for sale Select one: a. 978000 OMR b. 998600 OMR c. None of these d. 999000 OMR
Problem 2 The Antipolo company operates three departments. Product costs are tracked by department and assigned process costing system. Overhead is applied to production in each department at a rate of 80 percent of direct labor cost. The hereunder T-account information pertains to the department operations submitted by the cost accountant. Work in process - Stripping Dept. 1 20,000 Cost Transf. 90,000 80,000 ? Work in process - Adhesion Dept. 2 70,000 Cost Transf. 480,000 Beg. ? Beg. DM Trans. In ? DL DM 22,600 FO DL |Ending 17,000 FO ? Ending 20,600 Work in Process - Packing Dept. 3 150,00 Transf. Fgoods ? ? Finished Goods 185,000 Cost of sales 770,000 Beg. Beg. CoGmf 880,000 DM DL Fo Ending 90,000 Ending 40,000
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Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor OMR 360000 OMR 200000 Factory maintenance Power and heat- factory Direct Expenses Indirect factory labor Freight In Depreciation Factory Advertisement expenses Inventories, 1 January 2020. OMR 29000 OMR 18500 15% of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 OMR 50000 Work-in-process Finished goods OMR 75000 Purchase returns of direct materials OMR 7400 Depreciationadministrative Inventories, 31 December 2020: Material Work-in process Finished goods OMR 13800 OMR 19000 OMR 32000 3000 Units Total Production Units 35000 units Tinished goods are valued at the current unit manufacturing cost. You are required to prepare: L. Manufacturing Statement IL Calculate unit production cost.
Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
CCOUNTING Section3 Lecture (20201_020113 Courses / COST ACCOUNTING Section3 Lecture (20201 020113101 AAUP - JENIN)/ 23 February-1 Ma Time left 01740 The following infiormation pertains to a manufacturing company which uses weighted average method: Work in process, beginning direct materials $550,000 and conversion $450,000, Costs added in current period, direct materials $650,000 and conversion S750,000 cost per equivaient unit, direct materials $200 and conversion $300. Using weighted average method, the equlvalent units of materials is Oa 8000 units b.6000 units OC4500 units d.5333 units Oear my choice Next page Jump to chapter 15+15 powe point -
Verer Custom Carpentry manufactures chairs in its Processing Department. Direct materials are included at the inception of the production cycle and must be bundled in single kits for each unit. Conversion costs are incurred evenly throughout the production cycle. Inspection takes place when units are fully processed. After inspection, some units are spoiled due to undetectable material defects. Spoiled units generally constitute 4% of the good units. Data provided for March 2017 are as follows: WIP, beginning inventory 3/1/2017 Direct materials (100% complete) Conversion costs (90% complete) Started during March Completed and transferred out WIP, ending inventory 3/31/2017 Direct materials (100% complete) Conversion costs (70% complete) Costs: WIP, beginning inventory: Direct materials Conversion costs Direct materials added i Conversion costs added 32,500 units 70,500 units 80,100 units 18.300 units $71.000 40,000 105,700 128,160