Superior Micro Products uses the weighted-average method of process costing. Data for the Assembly Department for May appearbelow:Work in process, May 1Cost added during MayEquivalent units of productionRequired:Materials$ 12,800$ 77,5651,100Labor$ 19,350Overhead$ 90,855$ 12,900$ 60,5701,000900Compute the cost per equivalent unit for materials, labor, overhead, and in total.Note: Round your answers to 2 decimal places.Cost per equivalent unitMaterialsLaborOverheadTotal

Superior Micro Products uses the weighted-average method of process costing. Data for the Assembly…

Answered: Superior Micro Products uses the…

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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FIFO method of process costing, equivalent units. Consider the following data for the Assembly Division of Fenton Watches, Inc.: Physical Units Direct Conversion (Watches) Materials Costs Beginning work in process (May 1)80 493, 360 Started in May 2009 600 91, 040 500 Completed during May 2009 460 Ending work in process (May 31)b 220 vag Total costs added during May 2009 3, 220, 0001, 392, 000 Degree of completion: direct materials, 90%; conversion costs, 40%. Degree of completion: direct materials, 60%; conversion costs, 30%. 1- When cost accountants use Process Costing systems. 2. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. 3. Assign cost to a) completed and transferred out units, and b) Work in Process (ending).
Drilling Company uses activity-based costing and provides this information: Driver Rate Manufacturing Activity Materials handling Machinery Assembly Inspection Cost Driver Drilling has just completed 74 units of a component for a customer. Each unit required 94 parts and 2.70 machine hours. The prime cost is $1,240 per finished unit. All other manufacturing costs are classified as manufacturing overhead. Required 1 Number of parts Number of machine hours Number of parts Number of finished units Required: 1. Compute the total manufacturing costs and the unit costs of the 74 units just completed using ABC costing. 2. In addition to the manufacturing costs, the firm has determined that the total cost of upstream activities, including research and development and product design, is $174 per unit. The total cost of downstream activities, such as distribution, marketing, and customer service, is $294 per unit. Compute the full product cost per unit, including upstream, manufacturing, and…
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Use the following information for the next two questions: Sur Company uses a job-order costing system and has the following data available: $78,000 $0 Beginning Direct Materials Inventory Beginning Work-In-Process Inventory Beginning Finished Goods Inventory Direct materials purchased on account Direct materials used $10,000 $444,000 $270,000 $390,000 $438,000 140% Overhead application rate (based on direct labor cost) All work-in-process inventory during this period was completed and sold. 36. Direct labor cost incurred Factory overhead incurred The journal entry to record the actual factory overhead costs incurred would include a A) Debit to Cash, Accounts Payable etc. for $438,000 B) Debit to Factory Department Overhead Control for $438,000 C) Credit to Factory Department Overhead Control for $546,000 D) Credit to Work-In-Process Inventory for $546,000 37. The journal entry to record the factory overhead costs applied would include a A) Credit to Cash, Accounts Payable etc. for…
A company has traditionally allocated its overhead based on machine hours but had collected this information to change to activity-based costing: Estimated Activity Activity Center Product 1 Product 2 Estimated Cost Machine Setups 15 45 $11,400 Assembly Parts 4,500 4,500 217,800 Packaging Pieces 250 200 27,450 Machine Hours per Unit 4 Production Volume 750 1,500 A. How much overhead would be allocated to each unit under the traditional allocation method? Round your answers to two decimal places. Product 1 Product 2 Allocation per unit $ B. How much overhead would be allocated to each unit under activity-based costing? Round your answers to two decimal places. Product 1 Product 2 Allocation per unit $ $4
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 23,200 Units finished during the period 17,500 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 5,700 Cost of materials used $ 55,080 Labor and overhead costs $ 57,075 Total cost of the 17,500 units finished is:
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 29,500 $ 48,456 $ 236,049 Cost added during May $ 179,375 $ 32,304 $ 157,366 Equivalent units of production 2,500 2,400 2,300 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)
•) Mccabe Corporation uses the weighted average Method in it's process Costing. The following data pertain to its Assembly Department for September. Work in process, September Units Started into production doring September Units Completed during September and transferred to the next department Work in process, September 30 Percentage Complete Units Material Conversion 800 55% 10.1. 8,200 7,300 1,700 25% 25.1. Compute the equivalent units of production for both materials and Conversion Cost for the Assembly Department for September Using the weighted average method.
Craft Company reports the following partial activity-based costing information for its Deluxe model. Complete the table by entering amounts for the missing items. Note: Round "Overhead per unit" to 2 decimal places. Activity Assembly Factory services Setup Total allocated cost Units produced Overhead cost per unit Activity Usage 3,000 direct labor hours 2,800 square feet setups $ $ Activity Rate 10 per direct labor hour per square foot 180 per setup Allocated Cost 28,000 4,500 2,500
Question: Ebony Company uses the weighted-average method of process costing to assign production costs to the products. Information for April follows. Assume that all materials are added at the beginning of the production process, and that direct labor and factory overhead are added uniformly throughout the process. Complete a process cost summary using the following sections: Beginning WIP Units completed and transferred Units Material Conversion 5000 50000 100000 20000 250000 500000 Ending WIP 80% complete with 7000 respect to conversion and 100% for materials 1. Costs charged to production 2. Unit cost information 3. Equivalent units of production 4. Cost per Equivalent unit of production
Pureform, Incorporated, uses the weighted-average method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 650,000 45,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 54,800 Materials $ 725,300 $ 276,175 The beginning work in process inventory was 70% complete for materials and 55% complete for labor and overhead. The ending work in process inventory was 50% complete for materials and 30% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. Note: Round your answers to 2 decimal places. Labor $…
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