SOLUTIONS TO EYERCISES Problems: Set A 115 P3-4A Rivera Company has several processing departments. Costs charged to the Assem- bly Department for November 2014 totaled $2,280,000 as follows. Assign costs and prepare production cost report. (LO 5, 6, 7), AP Work in process, November 1 Materials Conversion costs $79,000 48,150 $ 127,150 Materials added 1,589,000 Labor 225,920 337,930 Overhead Production records show that 35,000 units were in beginning work in process 30% com- plete as to conversion costs, 660,000 units were started into production, and 25,000 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process. Instructions (a) Determine the equivalent units of production and the unit production costs for the Assembly Department. (b) Determine the assignment of costs to goods transferred out and in process. (c) Prepare a production cost report for the Assembly Department. (b) Transferred $2,211,000 69,000 out WIP P3-5A Morse Company manufactures basketballs. Materials are added at the beginning Determine equivalent units of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2014 are as follows. and unit costs and assign costs.
SOLUTIONS TO EYERCISES Problems: Set A 115 P3-4A Rivera Company has several processing departments. Costs charged to the Assem- bly Department for November 2014 totaled $2,280,000 as follows. Assign costs and prepare production cost report. (LO 5, 6, 7), AP Work in process, November 1 Materials Conversion costs $79,000 48,150 $ 127,150 Materials added 1,589,000 Labor 225,920 337,930 Overhead Production records show that 35,000 units were in beginning work in process 30% com- plete as to conversion costs, 660,000 units were started into production, and 25,000 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process. Instructions (a) Determine the equivalent units of production and the unit production costs for the Assembly Department. (b) Determine the assignment of costs to goods transferred out and in process. (c) Prepare a production cost report for the Assembly Department. (b) Transferred $2,211,000 69,000 out WIP P3-5A Morse Company manufactures basketballs. Materials are added at the beginning Determine equivalent units of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2014 are as follows. and unit costs and assign costs.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:SOLUTIONS TO EYERCISES
Problems: Set A
115
P3-4A Rivera Company has several processing departments. Costs charged to the Assem-
bly Department for November 2014 totaled $2,280,000 as follows.
Assign costs and prepare
production cost report.
(LO 5, 6, 7), AP
Work in process, November 1
Materials
Conversion costs
$79,000
48,150
$ 127,150
Materials added
1,589,000
Labor
225,920
337,930
Overhead
Production records show that 35,000 units were in beginning work in process 30% com-
plete as to conversion costs, 660,000 units were started into production, and 25,000 units
were in ending work in process 40% complete as to conversion costs. Materials are entered
at the beginning of each process.
Instructions
(a) Determine the equivalent units of production and the unit production costs for the
Assembly Department.
(b) Determine the assignment of costs to goods transferred out and in process.
(c) Prepare a production cost report for the Assembly Department.
(b) Transferred
$2,211,000
69,000
out
WIP
P3-5A Morse Company manufactures basketballs. Materials are added at the beginning Determine equivalent units
of the production process and conversion costs are incurred uniformly. Production and
cost data for the month of July 2014 are as follows.
and unit costs and assign
costs.
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