The following data pertain to Tulsa Paperboard Company, a manufacturer of cardboard boxes.Work in process, February 110,000 units*Direct material.$ 5,500Conversion17,000Costs incurred during FebruaryDirect material..$110,000Conversion171,600*Complete as to direct material; 40% complete as to conversion.The equivalent units of activity for February were as follows:Direct material (weighted-average method)110,000Conversion (weighted-average method).92,000Completed and transferred out.90,000Required: Compute the following amounts using weighted-average process costing.1. Cost of goods completed and transferred out during February.2. Cost of the February 28 work-in-process inventory.

Process costing is a costing method where the costs are estimated for each process and are allocated…

Answered: The following data pertain to Tulsa…

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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Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $210,000 and incurred direct labor cost of $140,000. Overhead totaled $320,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: X September 1 September 30 X $130,000 1. What was the cost of direct materials used in September ? $70,000 $75,000 X $140,000 $70,000 $70,000 2. What was the total manufacturing cost in September ? 3. What was the cost of goods manufactured for September?
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 3,000 units, 50% completed 9,150 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $2.1 149,100 Direct labor 100,100 Factory overhead 38,900 Bal. ? units, 40% completed ? Determine the following: a. The number of units in work in process inventory at the end of the period. units b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0". Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Whole Units Equivalent UnitsDirect Materials Equivalent UnitsConversion Inventory in process, beginning Started and completed Transferred to…
The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 1,400 units, 75% completed. 22,960*Direct materials (1,400 x $12.65) $17,710 Conversion (1,400 x 75% x $5.00) 5,250 ___________ $22,960 Materials added in January from Weaving Department $742,40058,000 units. Direct labor for January $134,550 Factory Overhead for January $151,611 Goods finished during Janaury…
sanju
Ocess The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials placed in process at the beginning of production. Work In Process-Assembly Department Bal., 2,000 units, 25% completed 5,100 To Finished Goods, 46,000 units Direct materials, 47,000 units @ $1.7 79,900 Direct labor 126,400 Factory overhead 49,165 Bal., 2 units, 65% completed Cost per equivalent units of $1.70 for Direct Materials and $3.70 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 24 1. Cost of beginning work in process inventory completed this period %24 2. Cost of units transferred to finished goods during the period %24 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest $ cent.)
Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 7,000 units, 35% completed 15,225 To Finished Goods, 161,000 units Direct materials, 165,000 units @ $1.3 214,500 Direct labor 318,900 Factory overhead 124,035 Bal. ? units, 50% completed a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. $ 1. Cost of beginning work in process inventory completed this period. $ 2. Cost of units transferred to finished goods during the period. 3. Cost of ending work in process inventory. 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. b. Did the production costs change from the preceding period? c. Assuming that the direct materials…
Sohar Company had the following department data: Physical Units Work in process, July 1 30,000 Completed and transferred out 135,000 Work in process, July 31 45,000 Materials are added at the beginning of the process. What is the total number of equivalent units for materials in July? Select one: a. 45,000. b. 150,000. c. 210,000. d. None of the answers are correct e. 135,000. Clear my choice
Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 10,400 units, 80% completed $128,128* *Direct materials (10,400 × $8.00) $83,200 Conversion (10,400 × 80% × $5.40) 44,928 $128,128 Materials added during January from Weaving Department, 160,000 units $1,304,000 Direct labor for January 387,313 Factory overhead for January 473,382 Goods finished during January (includes goods in process, January 1), 161,800 units — Work in process, January 31, 8,600 units, 35% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places. b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from…
Work in Process—Assembly Department Bal., 3,000 units, 35% completed 7,395 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $1.8 127,800 Direct labor 100,700 Factory overhead 39,200 Bal., ? units, 40% completed ? Cost per equivalent units of $1.80 for Direct Materials and $2.00 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period $ 2. Cost of units transferred to finished goods during the period $ 3. Cost of ending work in process inventory $ 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) $ b. Did the production costs change from the preceding period?Yes c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit…

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