Beginning Work in Process: (65% to be done)PROBLEM 23: Cost of Production Report (Continuous)RMG Corporation has the following information for the current month:175,00035,00014,8756,12525,375U'nita startedunitsTotal spoilageSpoilage within tolerance levelEnding Work in Process: (20% incomplete)Transferred outBeginning Worlk in Process Costs:MaterialConversionunitsunitsunitsunitsunitsP46,25060,675Current Costs:MaterialConversionP170,625265,335All marerials sre added at the start of the production process. RMG Corporationinspects gooda at 100 perecnt complerion as to conversion. Using the methodthat does not cnmmingle the beginning and current period production activityRequired: (Use five decirmal placca to compure for unit cost)a. What are coguivalent 1inits of production for conversion cost?b. Total costs of trunsferred cut unitsc. The armuurt of work in-prucess, end

Name: Beginning Work in Process: (65% to be done)PROBLEM 23: Cost of Produc
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Description: Beginning Work in Process: (65% to be done)PROBLEM 23: Cost of Production Report (Continuous)RMG Corporation has the following information for the current month:175,00035,00014,8756,12525,375U'nita startedunitsTotal spoilageSpoilage within tolerance

In cost accounting, equivalent units indicate the completed portion of the units in production. It…

Business

Accounting

U'nits sturted Beginning Work in Procesa: (65% to be done) Total apoilage Spoilage within tolerance level Ending Work in Process: (20% incomplete) Transferred out Beginning Work in Process Costs: Material Conversion 175,000 35,000 14,875 6,125 25,375 units units units units units units P46,250 60,675 Current Costs: Material PI70,625 265,335 Conversion

U'nits sturted Beginning Work in Procesa: (65% to be done) Total apoilage Spoilage within tolerance level Ending Work in Process: (20% incomplete) Transferred out Beginning Work in Process Costs: Material Conversion 175,000 35,000 14,875 6,125 25,375 units units units units units units P46,250 60,675 Current Costs: Material PI70,625 265,335 Conversion

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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1 (a) Product P63 is made by three sequential processes, I, II, and III. In process III a by-product arises and after further processing in process BP, at a cost of K2 per unit, by product BP9 is produced. Selling and distribution expenses of K1 per unit are incurred in marketing BP9 at a selling of K9 per unit. Process I III III Standards provide for: Normal loss in process, of input, of 10% 5% 10% Loss in process, having a scrap value, per unit, of K1 K3 K5 For the month of April 2020…
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am. 24.
TOPIC: PROCESS COSTING-LOST UNITS
Use FIFO method
2. XYZ Co. manufactures a high-quality product which goes through two departments; mixing department and finishing department. Beg WIP Inv.: 8,000 units Raw Material $45,600 $49,300 $43,720 $81,200 D/L incurred in current period $206,700 $186,680 30,000 Direct Labor Manuf. Overh. D/M used in current period M/O applied Units completed and T/O End. WIP Inv.: 10,000, D/M 100%, Conv. 20%. a) Prepare the production report b) Prepare the journal entries for -release of D/M, -incurrance of D/L, -application of M/O, and - transferring units completed to mixing dept.
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 39,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 138,000. Units completed and transferred out: 177,000. Ending Inventory: 37,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $57,000. Costs in beginning Work in Process - Conversion: $62,850. Costs incurred in February - Direct Materials: $301,000. Costs incurred in February -Conversion: $613,150. Calculate the equivalent units of conversion. Multiple Choice 251,000 225,100 O 138,000 175 000
Determine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200