TB Problem Qu. 4-122 (Algo) Hutchcroft Corporation uses the weighted-average...Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company's AssemblyDepartment for the month of June.Cost per equivalent unitEquivalent units in ending work in processMaterials$ 28.801,080Conversion$ 31.60450During the month, 7,100 units were completed and transferred from the Assembly Department to the next department.Required:Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using theweighted-average method.Note: Round your answers to 2 decimal places.Cost of ending work in process inventoryCost of units completed and transferred outMaterialsConversion

The objective of the question is to calculate the cost of ending work in process inventory and the…

Answered: TB Problem Qu. 4-122 (Algo) Hutchcroft…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @$13 per DLH Actual Results 62,100 pounds @ $8.10 per pound 26,000 hours @ $15.50 per hour $ 349,600 8,800 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH=Standard Hours AR = Actual Rate SR Standard Rate Actual Cost $ 0 $ 00 0 0 $ 0 Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour 8,900 units $ 325,700 Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH Actual Hours SH Standard Hours Standard Rate AR Actual Rate SR Actual Cost G < Prev 8 of 8 Next Standard Cost
Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company: Quantity Work in process, May 1 Started in May Completed during May Work in process, May 31 80 500 460 120 Stage of Completion Materials WIP-Beg. 90% 40% WIP-End 60% 30% Conversion Costs Cost Data: Materials P49,336 322,000 Conversion Costs Work in process, May 1 Cost added during May P9,104 139,200 The Assembly Department uses the average method of process costing. What are the equivalent units of production for direct materials and conversion costs? 5. FIFO METHOD -EUP AS TO MATERIALS: 6. FIFO METHOD -EUP AS TO CC:
es Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5) 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 $ 59,000 38,000 $ 97,000 $ 150,000 400,000 $ 550,000 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. ⚫ Units started in July, 83,000 gallons. • Units transferred out in July. 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit Direct Materials $ 1.19 Conversion Costs $ 4.44
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Foley Manufacturing uses a process costing system. The following for one department in April: Units 15,000 40,000 Percent Completed Materials 65% 70% Work in Process April 1 Work in Process April 30 The department started 145,000 units during the month. Conversion 45% 50% Required: 1. Determine the physical flow of products. Show reconciliation below. 2. Compute the equivalent units of production for April assuming the company used the weighted-average method of accounting for units and costs.
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Please heklp I am having issues solving this problem Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April. Work in process on April 1 had 110,000 units made up of the following. Amount Degree of Completion Prior department costs transferred in from the Molding Department $ 152,900 100 % Costs added by the Assembling Department Direct materials $ 89,100 100 % Direct labor 37,540 60 % Manufacturing overhead 25,070 50 % $ 151,710 Work in process, April 1 $ 304,610 During April, 510,000 units were transferred in from the Molding Department at…

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