Problem 16-3B Weighted average: Production cost report P2 P4Switch Co. manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting process for Januaryfollows.Beginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in process inventoryCheck (2) Cost transferred out, $741,400Units10,000250,000220,00040,000Beginning work in process inventoryDirect materialsConversionCosts added this periodDirect materialsConversionTotal costs to account forDirect MaterialsPercent Complete75%50%Percent Complete$ 7,50049,840 $ 57,340Conversion112,500616,000 728,500$785,84060%30%Required1. Prepare the Cutting department's production cost report for January using the weighted average method.2. Prepare the January 31 journal entry to transfer the cost of units from Cutting to Assembly.

Name: Problem 16-3B Weighted average: Production cost report P2 P4Switch Co
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Problem 16-3B Weighted average: Production cost report P2 P4Switch Co. manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting process for Januaryfollows.Beginning work in process inventoryUnits started th

Definition of process costing: Process costing is a term used in cost accounting to describe one…

Answered: Switch Co. manufactures a single…

Business

Accounting

Switch Co. manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting process for January follows.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,300 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Units 3,200 12,300 10, 200 5,300 Total costs accounted for Percent Complete for Direct Materials 75% $ 1,143 624 1,143 13,827 17,856 CARLBERG COMPANY Cost assignment-FIFO EUP Assign costs to the Assembly department's output-specifically, the units transferred…
Harson Co. manufactures a single product in two departments: Forming and Assembly. During May, the Forming department completed a number of units of a product and transferred them to Assembly. Of these transferred units, 62,500 were in process in the Forming department at the beginning of May and 175,000 were started and completed in May. May’s Forming department beginning inventory units were 40% complete with respect to materials and 80% complete with respect to conversion. At the end of May, 76,250 additional units were in process in the Forming department and were 80% complete with respect to materials and 20% complete with respect to conversion. The Forming department had $683,750 of direct materials and $446,050 of conversion cost charged to it during May. Its beginning inventory included $99,075 of direct materials cost and $53,493 of conversion cost. 1. Compute the number of units transferred to Assembly. 2. Compute the number of equivalent units with respect to both materials…
Percent Completed Units Mixing Materials Conversion Work in process inventory, September 1 Work in process inventory, September 30 4 100% 60% 50% 4 100% 20% 10% Mixing Materials Conversion Work in process inventory, September 1 Cost added during September $ 9,456 $ 108 $ 1,828 $ 229,154 $ 23,766 $ 143,449
Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,200 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory. Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Cost per Equivalent Unit of Production Costs added this period Costs of beginning work in process Total costs + Equivalent units of production Cost per equivalent unit of production Units 3,000 12,200 10,000 5,200 Direct Materials $ Percent. Complete for Direct Materials 70% $ 1,484 804 12,936 16,926 85% Calculate the Assembly department's cost per equivalent unit of production for materials and for conversion for November. Use the weighted average method. 1,484 1,484 $ $ 2,288…
White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process—Sifting Department was as follows on July 1:Work in Process—Sifting Department (900 units, 3/5 completed) on July 1Cost Source Dollar AmountDirect Materials (900 x $3.15) $2,835Conversion (900 x 3/5 x $0.30) 162Total Materials and Conversion 2,997The following costs were charged to Work in Process—Sifting Department during July:Work in Process—Sifting DepartmentCost Source Dollar AmountDirect materials transferred from Milling Department: 15,700 units at $2.30 a unit $36,110Direct Labor 5,420Factory Overhead 2,384During July, 15,500 units of flour were completed. Work in Process—Sifting Department on July 31 was 1,100 units, 4/5 completed.Instructionsa. Prepare a cost…
The product of Pili Co. passes through three producing departments namely, A, B, C. The departmental unit costs for April and May are as follows: Dept A Dept B Dept C April 5 8 4 May 5.80 7.50 4.30 As of May 31, there are 10,000 units in process in Dept C, 1/2 done. They were placed in process in Dept A in April, transferred to Dept B in May, and then to Dept C in May. Assuming that these 10,000 units comprise the only work in process inventory for each of the last three months, how much must be their accumulated cost?
Sheridan Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts show the following debits. Beginning work in process Direct materials Direct labor Manufacturing overhead Costs transferred in April 30 30 Cooking 30 $0 30 23,940 9,690 35,910 Journalize the April transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Canning $4,560 Date Account Titles and Explanation 10,260 (To record materials used) 7,980 29,480 60,420 (To assign direct labour to production) (To assign overhead to production) (To record transfer of units to the Canning Department) Debit Credit
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
Garrison Inc. manufactures a product where all manufacturing inputs are applied uniformly. The company produced the following physical flow schedule for July: Units to account for: Units in BWIP (60% complete) Units started Total units to account for Units accounted for: Units completed: From BWIP Started and completed Units, EWIP (65% completed) Total units accounted for Required: Units started and completed Units in BWIP Units in EWIP Equivalent units of output Prepare a schedule of equivalent units using the FIFO method. Garrison Inc. Schedule of Equivalent Units 0000 17,000 46,000 63,000 38,000 17,000 38,000 55,000 8,000 63,000
Dengo Co. makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory.. Units started and completed... Units completed and transferred out... Ending work in process inventory.... [continued on next page] Units 3,000 19,200 22,200 2,400 [continued from previous page] Required Direct Materials Percent Complete 100% 100% Chapter 16 Process Costing and Analysis Conversion Percent Complete 40% 80% Problem 16-7Aª FIFO: Cost per equivalent unit; costs assigned to products C2 Beginning work in process.. Costs added this period Direct materials. Conversion....... Total costs to account for... $248,400 1,082,970 $ 120,870 1,331,370 $1,452,240 1. Compute equivalent units of production for both direct materials and conversion. 2. Compute…
Shirley Processing. Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Cost Beginning work-in-process Current period Total Physical 108,000 957,588 1,065,500 976,588 89,000 1,065,508 Total $ 188,570 1,891,498 $ 2,088,068 Equivalent units Percentage Complete Conversion 48% Materials 100% 100% 100% Required A Direct Materials $ 168,180 1,244,750 $ 1,412,938 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing, Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. 100% 28% Conversion $ 28,390 646,748 $ 667,138 Required…
RSTN Company produces its product in two sequential processing departments. During October, the first process finished and transferred 295,000 units of its product to the second process. Of these units, 34,000 were in process at the beginning of the month and 261,000 were started and completed during the month. At month-end, 27,500 units were in process. Compute the number of equivalent units of production for direct materials for the first process for October under each of the following three separate assumptions using the FIFO method. 1 All direct mast