a. Total cost of units in process at the end in Department 1b. Total cost of units transferred out to store room in Department 2c. Total cost of units transferred out in Department 1d. Total cost of units in process at the end in Department 2 The XYZ Corporation has two departments in its operations, namely Department I and II.Inventories, cost, and production data for the month of June 2008 are as follows:QuantityDepartment IIn process, beginningDepartment II5,0006,000Work to be done1/32/5Started in process44,00040,000?Transferred out37,000In process endStage of completion?3/57/8CostIn process, beginningP5, 200P10,685Added this monthMaterials19,80034,799Labor14,2002,60027,47018,450OverheadConversion cost are applied evenly in all departments. Materials are applied as follows:Department 1- all at the start of the process: Department Il- 30% at the start of the process, 40%when process is one half completed, 30% at the end of the process.

What is meant by Process Costing? Process costing is a method of cost accounting, which is used…

The XYZ Corporation has two departments in its operations, namely Department I and II. Inventories, cost, and production data for the month of June 2008 are as follows: Quantity In process, beginning Department I 6,000 Department II 5,000 Work to be done 1/3 2/5 Started in process 44,000 Transferred out 40,000 37,000 ? In process end Stage of completion ? 3/5 7/8 Cost In process, beginning P5, 200 P10,685 Added this month Materials 19,800 34,799 Labor 14,200 2,600 27,470 18,450 Overhead Conversion cost are applied evenly in all departments. Materials are applied as follows: Department 1- all at the start of the process: Department IIl- 30% at the start of the process, 40% when process is one half completed, 30% at the end of the process.

The XYZ Corporation has two departments in its operations, namely Department I and II. Inventories, cost, and production data for the month of June 2008 are as follows: Quantity In process, beginning Department I 6,000 Department II 5,000 Work to be done 1/3 2/5 Started in process 44,000 Transferred out 40,000 37,000 ? In process end Stage of completion ? 3/5 7/8 Cost In process, beginning P5, 200 P10,685 Added this month Materials 19,800 34,799 Labor 14,200 2,600 27,470 18,450 Overhead Conversion cost are applied evenly in all departments. Materials are applied as follows: Department 1- all at the start of the process: Department IIl- 30% at the start of the process, 40% when process is one half completed, 30% at the end of the process.

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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Process costing divides units into three groups Units from ___________ that are completed during the period. -Transferred in -Work in process -Ending inventory -Beginning Inventory Units that are _______ during the period. -not started -Started and completed -Incomplete Units that are ________ at the end of the period. -Incomplete -Not started -started and complete
Equivalent Units of Production and Related Costs 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., 6,000 units, 25% completed Direct materials, 141,000 units @ $2.1 Direct labor 15,300 To Finished Goods, 138,000 units 296,100 194,700 75,765 ? Factory overhead Bal. 2 units, 65% 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 box does not require an entry, leave it blank. Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Fquivalent
In process costing, costs are accounted for by a. year. b. process. c. job. d. batch
Which of the following is true of process costing? A. A separate finished goods account is set up for each process or department. B. For the costing purpose, a single production report is made for the entire production process. C. Costs are accumulated by job. D. Finished units in one department initially become part of Work-in-process for the next department.
CH 2 KB. Which are the three product costs that are added to work in process? Direct materials, direct labor, materials used in production Direct materials, direct labor, applied manufacturing overhead Direct materials, direct labor, actual manufacturing overhead Direct labor, materials used in production, actual manufacturing overhead
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Dengo Company 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 Beginning work in process inventory Costs added this period Direct materials. Conversion Total costs to account for Units 4,400 20, 600 25,000 3,800 $314, 760 1,374,948 Direct Materials Conversion Percent Percent Complete Complete 100% 30% 100% $ 124,790 1,689, 708 $ 1,814, 498 70%
As production takes place, all manufacturing costs are added to the: A. Manufacturing Overhead Account B. Cost of Goods Sold Account O C. Finished Goods Inventory D. Work in Process Inventory Account