complete a production cost report for the mixing department for the month of september 2018 to determine the cost of the units completed and transferred out and the cost of the ending Work-in-Process Inventory - Mixing. Assume Kirtland paints uses the weighted-average method. please include explanations. ### Mixing Department Production Information for September 2023#### Units and Costs Overview- **Beginning Work-in-Process Inventory** - **Units:** 0 - **Costs:** $0- **Started in Production in September** - **Units:** 24,000 - **Costs:** $41,520*- **Total to Account For** - **Units:** 24,000 - **Costs:** $41,520- **Completed and Transferred to Finishing Department during September** - **Units:** 16,000 - **Costs:** ?- **Ending Work-in-Process Inventory** - **Units:** 8,000 - **Completion:** - **15% complete for direct materials** - **60% complete for conversion costs** - **Costs:** ?- **Total Accounted For** - **Units:** 24,000 - **Costs:** $41,520\*Includes $10,320 for direct materials and $31,200 for conversion costs.

Process costing is a method of cost accounting, which is used where there is continuous production…

Units Costs Beginning Work-in-Process Inventory 24,000 41,520* Started in Production in September 24,000 41,520 Total to Account For Completed and Transferred to Finishing Department during September 16,000 Ending Work-in-Process Inventory (15% complete for 8,000 direct materials; 60% complete for conversion costs) 24,000 S 41,520 Total Accounted For *Includes $10,320 direct materials and $31,200 conversion costs

Units Costs Beginning Work-in-Process Inventory 24,000 41,520* Started in Production in September 24,000 41,520 Total to Account For Completed and Transferred to Finishing Department during September 16,000 Ending Work-in-Process Inventory (15% complete for 8,000 direct materials; 60% complete for conversion costs) 24,000 S 41,520 Total Accounted For *Includes $10,320 direct materials and $31,200 conversion costs

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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Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 72,000 882,000 775,000 179,000 $ 558,090 84,660 3,734,910 1,608,540 Direct Materials Percent Complete 100% 100% 2. Compute cost per equivalent unit of production for both direct materials and conversion. Costs EUP ( $…
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(a) Prepare a statement of equivalent production to determine the equivalent units for direct materials (From Moulding & Direct Material Added), and conversion costs and the cost per equivalent unit for direct materials and conversion costs. (b) Calculate the: - Total cost of units completed and transferred to the Packaging Department - Cost of the unexpected losses - Cost of ending work-in-process inventory in the Polishing Department
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So I have to finish the Cost of production Report, as you can see I need help with the cost sections below on my report. See attached photo of my work in progress for this report
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I need to finish with these three questions and need help please. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. 2. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. 3.Discuss the uses of the cost of production report and the results of part (c).
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…
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