Subject= General Account Southern Brooklyn Lumber Company grows, harvests, and processestimber for use as building lumber. The following data pertain to thecompany's sawmill:Work-in-process inventory, January 1 (direct materials: 60%,conversion: 40%)Work-in-process inventory, December 31 (direct materials: 70%,conversion: 60%)35,000units17,500unitsDuring the year the company started 216,000 units in production.1. Conduct a physical flow schedule.2. Compute the number of equivalent units of both direct materials andconversion for the year, using the weighted-average method.

Step 1:1. The physical flow schedule is prepared as follows:…

Answered: Southern Brooklyn Lumber Company grows,…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...

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During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
Kraus Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots From the Casting Department are rolled into steel sheet. The Rolling Department received 4,000 tons from the Casting Department in October. During October, the Rolling Department completed 3,900 tons, including 200 tons of work in process on October 1. The ending work in process inventory on October 31 was 300 tons. How many tons were started and completed during October?
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber. The following data pertain to the company’s sawmill: Work-in-process inventory, January 1(direct materials: 60%, conversion: 40%) 33,600 units Work-in-process inventory, December 31(direct materials: 70%, conversion: 60%) 16,800 units During the year the company started 210,000 units in production. Required: 1. Prepare a physical flow schedule. 2. Compute the number of equivalent units of both direct materials and conversion for the year, using the weighted-average method.
Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber. The following data pertain to the company's sawmill: Work-in-process inventory, January 1 (direct materials: 60%, conversion: 40%) Work-in-process inventory, December 31 (direct materials: 70%, conversion: 60%) 30,000 units 15,000 units During the year the company started 180,000 units in production. Required: 1. Prepare a physical flow schedule. 2. Compute the number of equivalent units of both direct materials and conversion for the year, using the weighted-average method.
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Simpson Company adds material at the start of production. The following production information is available for September: Beginning Work in Process Inventory (45% complete as to conversion) 10,000 units Started this period 120,000 units Ending Work in Process Inventory (80% complete as to conversion) 8,200 units Beginning Work in Process Inventory Costs: Material P24,500 Conversion 68,905 Current Period Costs: Material P 75,600 Conversion 130,053 Refer to Simpson Company. What is the cost of all units transferred out using the FIFO method?
Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. Work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $ 72,600 116,800 The equivalent units of activity for November were as follows: 7,700 equivalent units of direct material and 2,600 equivalent units of conversion activity. Direct material Conversion $528,000 879,000 Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing. Cost per Equivalent Unit
Idha Lumber Company grows, harvests, and process timber for use in construction. The following data pertain to the firm’s sawmill during November:Work-in-process 1/11 Direct material 75,000 Conversion 190,000Costs incurred during November: Direct material 435,000 Conversion 670,000The equivalent units of activity for November were as follows: 8,000 equivalent units of direct material and 2,000 equivalent units of conversion activity.Required: Calculate the cost per equivalent unit, for both 1. direct material Answer : ...........2. conversion, Answer: ...........during November. Use weighted-average process costing.
QWE Corporation has the following information available for March of the current year. Beginning Work in Process Inventory (25% complete as to conversion) 10,000 units Started Ending Work in Process Inventory (30% complete as to conversion) 120,000 units 30,000 units Beginning Work in Process Inventory Costs: Material 2,100 Conversion 2,030 Current Period Costs: Material $ 33,000 Conversion 109, 695 All material is added at the start of production and all products completed are transferred out. 1. Prepare an equivalent units of production schedule using a. FIFO b. WA 2. Prepare a schedule showing the computation cost per EUP assuming a. FIFO b. WA 3. Prepare a schedule showing the assignment of cost assuming a. FIFO b. WA
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 64,000 43,000 $ 107,000 $ 200,000 450,000 $650,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 48,000 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 88,000 gallons. Units transferred out in July, 98,000 gallons. Ending inventory, 38,000 gallons, 50 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Ending inventory

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