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.

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 Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May 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 Direct MaterialsConversion Percent Percent Complete Complete 40% Units 5,700 100% 41,040 42,180 4,560 100% $ 37,620 421,686 $ 459,306 943,920 4,115,286 5,059,206 5,518,512 olem 3-4A (Algo) FIFO: Production cost report LO C2, P4 $ 80% me that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. ired: Prepare the Forming department's production cost report for May using FIFO. Prepare…
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use the FIFO method to summarize the total costs to account for; calculate the cost per equivalent unit for direct materials and conversion costs; and assign costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process.
Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units
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4. Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the mixing Department. Complete the partial production cost report below for the mixing Department, showing the equivalent units of production for direct materials and for conversion costs.
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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Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance Work in process, beginning balance Finished Goods, beginning balance Transactions: (1) Raw materials purchases (2) Raw materials used in production (all direct materials) (3) Direct labor (4) Manufacturing overhead costs incurred (5) Manufacturing overhead applied (6) Cost of units completed and transferred from Work in Process to Finished Goods (7) Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold (8) Finished goods are sold Required: Complete the following T-accounts by recording the beginning balances and each of the transactions listed above. Beginning Balance ding Balance Debit ginning Balance ng Balance Debit Raw Materials $ 22,000 $ 33,400 $ 51,400 Finished Goods Credit Credit Beginning Balance Ending Balance Debit Ending Balance Debit Beginning Balance Work in Process Manufacturing Overhead $78,800 $78,200 $ 53,400 $ 94,000 $ 73,400…
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