The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 9,300 units, 2/5 completed 18,228 31 Direct materials, 167,400 units 284,580 302,808 31 Direct labor 76,850 379,658 31 Factory overhead 43,228 422,886 31 Goods finished, 169,500 units 406,614 16,272 31 Bal., ? units, 4/5 completed 16,272 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Direct materials cost per equivalent unit • Conversion cost per equivalent unit Cost of the beginning work in process completed during December Cost of units started and completed during December Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and December, did the conversion cost per equivalent unit increase, decrease, or remain the same in December?

The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 9,300 units, 2/5 completed 18,228 31 Direct materials, 167,400 units 284,580 302,808 31 Direct labor 76,850 379,658 31 Factory overhead 43,228 422,886 31 Goods finished, 169,500 units 406,614 16,272 31 Bal., ? units, 4/5 completed 16,272 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Direct materials cost per equivalent unit • Conversion cost per equivalent unit Cost of the beginning work in process completed during December Cost of units started and completed during December Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and December, did the conversion cost per equivalent unit increase, decrease, or remain the same in December?

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Description: Costs per Equivalent UnitThe following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production.ACCOUNT Work in Process-Baking DepartmentACCOUNT NO.BalanceDateIt

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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Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Mar. 1 Bal., 5,400 units, 4/5 completed 4,320 31 Direct materials, 97,200 units 31 Direct labor 194,400 198,720 31 Factory overhead 55,640 31,300 254,360 285,660 31 Goods finished, 98,400 units 274,992 10,668 31 Bal. ? units, 3/5 completed 10,668 a. Determine the number of units in work in process inventory at March 31. units b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs Inventory in process, March 1 Started and completed in March Transferred to finished goods in March Inventory in process, March 31 Total For March Whole Units…
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 7,200 units, 2/5 completed 16,848 31 Direct materials, 129,600 units 259,200 276,048 31 Direct labor 75,270 351,318 31 Factory overhead 42,342 393,660 31 Goods finished, 131,400 units 380,916 12,744 31 Bal., ? units, 2/5 completed 12,744 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit $ 2. Conversion cost per equivalent unit $ 3. Cost of the beginning work in process completed during December $ 4. Cost of units started and completed during December $4 5. Cost of the ending work in process 2$ b. Assuming that the direct materials cost is the same for November and December, did…
Equivalent Units of Production The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department Date Item August 1 Direct 31 materials, 31 31 Direct labor 31 Bal., 6,000 units, 4/5 completed 31 108,000 units Factory overhead Total Goods finished, 109,500 units ACCOUNT NO. units Debit Credit 205,200 55,450 31,190 Balance Balance Debit Credit 4,560 209,760 Bal., ? units, 4/5 completed a. Determine the number of units in work in process inventory at August 31. Line Item Description Inventory in process, August 1 Started and completed in August Transferred to finished goods in August Inventory in process, August 31 265,210 296,400 284,970 11,430 b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is zero, enter in "0". 11,430 Baking Department Equivalent Units of Production for Direct Materials…
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2.(4) The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.
Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following information concerns production in the Papermaking Department for March. Account Work in Process—Papermaking Department Account No. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 4,900 units, 40% completed 10,584 31 Direct materials, 26,100 units 46,980 57,564 31 Direct labor 14,380 71,944 31 Factory overhead 8,092 80,036 31 Goods transferred, 29,100 units ? ? 31 Bal., 1,900 units, 50% completed ? a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production. a2. Prepare the March journal entry for the Papermaking Department for the conversion costs…
he following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work In Process-Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 18,000 units, 1?4 completed 14,760 31 Direct materials, 336,000 units 252,000 266,760 31 Direct labor 40,000 306,760 31 Factory overhead 60,530 367,290 31 Goods finished, 330,000 units 346,410 20,880 31 Bal. ? units, 2?5 20,880 completed a. Determine the number of units in work in process inventory at March 31. units
Sky-blue Pty Ltd is a large private company that manufactures special reinforced concrete and other products used in the construction of airport runways and heavy use motor vehicle freeways. During the course of the audit for the year ended 30 June 20X7, the government announced that it intends to scrap its proposed third runway project. You know that Skyblue Pty Ltd’s projections include a major share of the work expected to flow from this project. The company has been experiencing some cash flow difficulties, although this is not unusual in the industry. Management has recently fully extended their overdraft facility in order to pay day-to-day expenses such as wages and salaries. The audit partner is concerned that the company may be facing going concern problems, but the managing director maintains that future capital expenditure can be cut back to alleviate the going concern issue. In addition, surplus assets can be sold to the growing Asian market and long-term debt can be…
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Balance Date Item 0 Debit Credit Debit Credit August 1 Bal., 6,600 units, 4/5 completed 12,144 31 Direct materials, 118,800 units 166,320 178,464 31 Direct labor 45,340 223,804 31 Factory overhead 25,508 249,312 31 Goods finished, 120,300 units 240,336 8,976 31 Bal., ? units, 3/5 completed 8,976 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 1.33 X 2. Conversion cost per equivalent unit $ 0.60 3. Cost of the beginning work in process completed during August $ 792 X 4. Cost of units started and completed during August $ 219,441 X 7,584.16 X 5. Cost of the ending work in process b. Assuming that the direct materials cost is…
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process—Mixing Department June 1 balance 30,000 Completed and transferred to Finished Goods ? Materials 142,840 Direct labor 91,500 Overhead 109,000 June 30 balance ? The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and…
MetaThe following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit August 1 Bal., 7, 500 units, 2/5 completed 16, 500 31 Direct materials, 135,000 units 256,500 273,000 31 Direct labor 70, 840 343, 840 31 Factory overhead 39, 848 383, 688 31 Goods finished, 136, 800 units 369,210 14,478 31 Bal., ? units, 4/5 completed 14,478 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during August $fill in the blank 3 4. Cost of units started and completed during August $fill in the blank 4 5. Cost of the ending work in…
Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following information concerns production in the Papermaking Department for March: ACCOUNT Work In Process-Papermaking Department ACCOUNT NO. Date Item Mar. 1 Bal., 2,800 units, 35% completed Balance Debit Credit Debit Credit 9,178 31 Direct materials, 105,000 units 357,000 366,178 31 Direct labor 40,580 406,758 31 Factory overhead 44,396 451,154 31 Goods transferred, 104,800 units 31 Bal., 3,000 units, 80% completed ? ? ? Required: a. On March 31, prepare the following journal entries for the Papermaking Department:* 1. The materials charged to production 2. The conversion costs charged to production 3. The completed production transferred to the Converting Department +b. Determine the Work in Process-Papermaking Department March 31 balance. *Refer to the chart of accounts for the…