Supporting Calculations-Weighted Average Method Laboratories, Inc., produces one of its products in two successive departments. All mnaterials are added at the beginning of the Patterson uses the weighted average method for process costing. January 1, 2019, Inventory account balances are as follows: Materials inventory Work in process-Department 1 (3.000 units. 30% complete) $30.000 Direct material Conversion costs 4560 10.640 ork in process-Department 2 (3.550 units, 40 complete) 43439 Brshed goods inventory (2.000 units S16) 32.000 During January, the following transactions occurred: 1. Purchased material on account, $90,000. 2. Placed $84,000 of material into process in Department 1. This $84,000 represents 24.000 units of materials. 3. Distributed total payroll costs: $108,116 of direct labor to Departrment 1, 562,700 of direct labor to Department 2, and $51,000 of indirect labor to Manufacturing Overhead. 4. Incurred other actual manufacturing overhead costs, 581,000. (Credit Other Accounts) 5. Applied overhead to the two processing departments: $88,000 to Department 1 and $43,900 to Department 2. 6. Transferred 25,000 completed units from Department 1 to Department 2. The 2,000 units remaining in Department 1 were 20% completed with respect to conversion costs. 7. Transferred 26,000 completed units from Department 2 to finished goods inventory. The 2.550 units remaining in Department 2 were 70% completed with respect to conversion costs. 8. Sold 20,000 units on account at $27 per unit. Patterson uses weighted average inventory costing procedures for the finished goods inventory. Part A Part B Part C Part D b. Prepare a product cost report (with its supporting calculations) for Department 1. Round aver age cost per equivalent unit to two decimal.places. Use rounded answers for subsequent calculations Round other answers to the nearest whole Patterson Laboratories Inc. Department low of Unis and Equivalent Units Calculations january 2019 Equvalent nits Conversion Cost SMork Direct Materiale SWork Dene Done 25.000 100 25.000 Conplete/Transferred (rversory 25.000 2.000 2000 25.400 27.000 27000
Supporting Calculations-Weighted Average Method Laboratories, Inc., produces one of its products in two successive departments. All mnaterials are added at the beginning of the Patterson uses the weighted average method for process costing. January 1, 2019, Inventory account balances are as follows: Materials inventory Work in process-Department 1 (3.000 units. 30% complete) $30.000 Direct material Conversion costs 4560 10.640 ork in process-Department 2 (3.550 units, 40 complete) 43439 Brshed goods inventory (2.000 units S16) 32.000 During January, the following transactions occurred: 1. Purchased material on account, $90,000. 2. Placed $84,000 of material into process in Department 1. This $84,000 represents 24.000 units of materials. 3. Distributed total payroll costs: $108,116 of direct labor to Departrment 1, 562,700 of direct labor to Department 2, and $51,000 of indirect labor to Manufacturing Overhead. 4. Incurred other actual manufacturing overhead costs, 581,000. (Credit Other Accounts) 5. Applied overhead to the two processing departments: $88,000 to Department 1 and $43,900 to Department 2. 6. Transferred 25,000 completed units from Department 1 to Department 2. The 2,000 units remaining in Department 1 were 20% completed with respect to conversion costs. 7. Transferred 26,000 completed units from Department 2 to finished goods inventory. The 2.550 units remaining in Department 2 were 70% completed with respect to conversion costs. 8. Sold 20,000 units on account at $27 per unit. Patterson uses weighted average inventory costing procedures for the finished goods inventory. Part A Part B Part C Part D b. Prepare a product cost report (with its supporting calculations) for Department 1. Round aver age cost per equivalent unit to two decimal.places. Use rounded answers for subsequent calculations Round other answers to the nearest whole Patterson Laboratories Inc. Department low of Unis and Equivalent Units Calculations january 2019 Equvalent nits Conversion Cost SMork Direct Materiale SWork Dene Done 25.000 100 25.000 Conplete/Transferred (rversory 25.000 2.000 2000 25.400 27.000 27000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
How can I prepare a product cost report (with it's supporting calculations) for department 1. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number.
![14
XXX
%24
%24
%24
%24
%23
art A
Part B
Part C
Part D
repare a product cost report (with its supporting calculations) for Department 1.
und average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. a
Patterson Laboratories, Inc. Department 1
Flow of Units and Equivalent Units Calculations, January 2019
Equivalent Units
% Work
Direct
% Work
Conversion
Done
Materials
Done
Costs
Complete/Transferred
25,000
100 %
A 000's
0000
000
25,400
Ending Inventory
A 000
Total
000'2
Product Cost Report
Direct
Conversion
Materials
Costs
Beginning Inventory
Current
Total Costs to Account For
Sx0
+Total Equivalent Units
Average cost / Equivalent unit (round 2 decimal places)
Complete/Transferred:
Direct Materials
Conversion costs
Cost of Goods Manufactured
Ending Inventory:
Direct Materials
Conversion costs
Cost of Ending Inventory
Total Costs Allocated
Determine the balances remaining in the Materials Inventory account, in each work in process account, and in the Finished Goods Inventory ae
Check
You have correctly selected 94.
Partially correct
Marks for this submission: 0.60/1.00.
f3
f4
f5
f2
DDI
esc
2.
3.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3178b11-0d89-4944-aaab-005f74046825%2F3509f7e4-5988-40ac-81bb-455b843b1555%2Fxu7iyzb.jpeg&w=3840&q=75)
Transcribed Image Text:14
XXX
%24
%24
%24
%24
%23
art A
Part B
Part C
Part D
repare a product cost report (with its supporting calculations) for Department 1.
und average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. a
Patterson Laboratories, Inc. Department 1
Flow of Units and Equivalent Units Calculations, January 2019
Equivalent Units
% Work
Direct
% Work
Conversion
Done
Materials
Done
Costs
Complete/Transferred
25,000
100 %
A 000's
0000
000
25,400
Ending Inventory
A 000
Total
000'2
Product Cost Report
Direct
Conversion
Materials
Costs
Beginning Inventory
Current
Total Costs to Account For
Sx0
+Total Equivalent Units
Average cost / Equivalent unit (round 2 decimal places)
Complete/Transferred:
Direct Materials
Conversion costs
Cost of Goods Manufactured
Ending Inventory:
Direct Materials
Conversion costs
Cost of Ending Inventory
Total Costs Allocated
Determine the balances remaining in the Materials Inventory account, in each work in process account, and in the Finished Goods Inventory ae
Check
You have correctly selected 94.
Partially correct
Marks for this submission: 0.60/1.00.
f3
f4
f5
f2
DDI
esc
2.
3.
![student handout 1063-2002-07 X
PEE
M2: MBC Problems Ch. 3 & 4
https://mybusinesscourse.com/platform/mod/quiz/attempt.php?attempt3D5990916&cmid%3D3284148page=3&scrollpos=1182#q4
M2 Business Analysis Case EYK X+
E BusinessCourse
A Return to course
Two Departments, Journal Entries with Supporting Calculations-Weighted Average Method
Patterson Laboratories, Inc., produces one of its products in two successive departments. All materials are added at the beginning of the process in Department 1; no materials are used in Department 2. Conversion costs are incurred evenly in both departments.
Patterson uses the weighted average method for process costing. January 1, 2019, inventory account balances are as follows:
Materials inventory
Support Dashboard Bradley
Work in process-Department 1 (3,000 units, 30% complete)
$30,000
Direct material
Conversion costs
4,560
10,640
Work in process-Department 2 (3,550 units, 40% complete) 43,439
Finished goods inventory (2.000 units @ $16)
32,000
During January, the following transactions occurred:
1. Purchased material on account, $90,000.
2. Placed $84,000 of material into process in Department 1. This $84,000 represents 24,000 units of
materials.
3. Distributed total payroll costs: $108,116 of direct labor to Department 1, $62,700 of direct labor
to Department 2, and $51,000 of indirect labor to Manufacturing Overhead.
4. Incurred other actual manufacturing overhead costs, $81,000. (Credit Other Accounts.)
5. Applied overhead to the two processing departments: $88,000 to Department 1 and $43,900 to
Department 2.
6. Transferred 25,000 completed units from Department 1 to Department 2. The 2,000 units remaining
in Department 1 were 20% completed with respect to conversion costs.
7. Transferred 26,000 completed units from Department 2 to finished goods inventory. The 2,550
units remaining in Department 2 were 70% completed with respect to conversion costs.
8. Sold 20,000 units on account at $27 per unit. Patterson uses weighted average inventory costing procedures
for the finished goods inventory.
Part A
Part B
Part C
Part D
b. Prepare a product cost report (with its supporting calculations) for Department 1.
Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number.
Patterson Laboratories, Inc. Department 1
Flow of Units and Equivalent Units Calculations, January 2019
Equivalent Units
9% Work
Conversion
% Work
Direct
Materials
Done
Costs
Done
100 96
25,000
100 9%
25,000
Complete/Transferred
Ending Inventory
25,000
20 %
400
2.000
100 %
2,000
25,400
27,000
27,000
Total
Product Cost Report
pg dn
end
pg up
home
delete
f12
f10
DII
fn
DDI
fg9
144
f7
f6
f5
f4
f3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3178b11-0d89-4944-aaab-005f74046825%2F3509f7e4-5988-40ac-81bb-455b843b1555%2Fu9vxbh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:student handout 1063-2002-07 X
PEE
M2: MBC Problems Ch. 3 & 4
https://mybusinesscourse.com/platform/mod/quiz/attempt.php?attempt3D5990916&cmid%3D3284148page=3&scrollpos=1182#q4
M2 Business Analysis Case EYK X+
E BusinessCourse
A Return to course
Two Departments, Journal Entries with Supporting Calculations-Weighted Average Method
Patterson Laboratories, Inc., produces one of its products in two successive departments. All materials are added at the beginning of the process in Department 1; no materials are used in Department 2. Conversion costs are incurred evenly in both departments.
Patterson uses the weighted average method for process costing. January 1, 2019, inventory account balances are as follows:
Materials inventory
Support Dashboard Bradley
Work in process-Department 1 (3,000 units, 30% complete)
$30,000
Direct material
Conversion costs
4,560
10,640
Work in process-Department 2 (3,550 units, 40% complete) 43,439
Finished goods inventory (2.000 units @ $16)
32,000
During January, the following transactions occurred:
1. Purchased material on account, $90,000.
2. Placed $84,000 of material into process in Department 1. This $84,000 represents 24,000 units of
materials.
3. Distributed total payroll costs: $108,116 of direct labor to Department 1, $62,700 of direct labor
to Department 2, and $51,000 of indirect labor to Manufacturing Overhead.
4. Incurred other actual manufacturing overhead costs, $81,000. (Credit Other Accounts.)
5. Applied overhead to the two processing departments: $88,000 to Department 1 and $43,900 to
Department 2.
6. Transferred 25,000 completed units from Department 1 to Department 2. The 2,000 units remaining
in Department 1 were 20% completed with respect to conversion costs.
7. Transferred 26,000 completed units from Department 2 to finished goods inventory. The 2,550
units remaining in Department 2 were 70% completed with respect to conversion costs.
8. Sold 20,000 units on account at $27 per unit. Patterson uses weighted average inventory costing procedures
for the finished goods inventory.
Part A
Part B
Part C
Part D
b. Prepare a product cost report (with its supporting calculations) for Department 1.
Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number.
Patterson Laboratories, Inc. Department 1
Flow of Units and Equivalent Units Calculations, January 2019
Equivalent Units
9% Work
Conversion
% Work
Direct
Materials
Done
Costs
Done
100 96
25,000
100 9%
25,000
Complete/Transferred
Ending Inventory
25,000
20 %
400
2.000
100 %
2,000
25,400
27,000
27,000
Total
Product Cost Report
pg dn
end
pg up
home
delete
f12
f10
DII
fn
DDI
fg9
144
f7
f6
f5
f4
f3
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