**19:** Calculate the TOTAL amount that the Accountant would Credit OUT of WIP Welding for the month:[Blank space for response]**20:** Prepare the Journal Entry to show the costs moving FROM the WIP Welding Account and into the WIP Track Account:[Blank space for response]**21:** Calculate the ending balance in the WIP Welding Account:[Blank space for response] **Instructions for Educational Content on Welding Department WIP Account****Overview:**This text presents data for the Welding Department Work In Process (WIP) Account for BNSF line. After the completion in the Welding Department, the costs will transfer to the next WIP department, which is Track Installation. All materials are introduced at the start of the production cycle.**Work In Process – Welding:**- **Beginning Balance:** - Units: 9,000 - Completion: 40% - Cost: $72,360- **Direct Materials:** - Quantity: 40,000 units - Cost per Unit: $6.80 - Total Cost: $272,000- **Direct Labor Cost:** - Total: $80,000- **Factory Overhead Cost:** - Total: $40,450- **Transfer to Track WIP Department:** - Quantity: 41,500 Units - Cost: $??- **Ending Balance:** - Units: ?? - Completion: 30% - Cost: $??The document emphasizes the transition of costs and production from the welding stage to track installation, and how materials and labor contribute to overall production costs.

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

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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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Concord Company manufactures two products, Mini A and Maxi B. Concord's overhead costs consist of setting up machines- $860000; machining- $2020000; and inspecting- $570000. Information on the two products is: Direct labour hours Machine setups Machine hours Inspections Mini A Maxi B $1324000. $1660400. $1690400. O $2542105. 10000 600 24000 800 28000 400 26000 700 Overhead applied to Maxi B using activity-based costing is
ps//camdenccinstructure.com/courses/3788/assignmen LU Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100000 for the year. Cost Driver Activity Cost Pool Ordering and Receiving Orders Est. Overhead $ 130000 Machine Setup Setups 306000 Machining Machine hours 1537500 Assembly Parts 1220000 Inspection 310000 Inspections If overhead is applied using traditional costing based on direct labor hours, the overhead application rate is O $35.04. O $12.20. O $9.89. O $15.38. ip
Mack Precision Tool and Die has two production departments, Fabricating and Finishing, and two service departments, Repair and Quality Control. Direct costs for each department and the proportion of service costs used by the various departments for the month of March follow: Department Fabricating Finishing Repair Quality Control Required A Required B Direct Costs Repair $ 136,600 102, 200 43,800 81,800 Required: Use the step method to allocate the service costs, using the following: From: a. The order of allocation starts with Repair. b. The allocations are made in the reverse order (starting with Quality Control). Service department costs Repair Quality control Total costs allocated Complete this question by entering your answers in the tabs below. $ $ Repair Proportion of Services Used by Quality Control 0 0.8 Use the step method to allocate the service costs, using the following: The order of allocation starts with Repair. Note: Amounts to be deducted should be indicated by a minus…
calculate the predetermined rates for each department
Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity. Round your answers to two decimal places. Overhead Overhead Annual Rate per Activity per Activity Usage Activity Machine Setups $157,850 4,100 $ Machine Hours 324,622 14,114 2$ Inspections 119,000 3,400
Pare
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 21,200 To Finished Goods, 115,000 units 153,400 370,300 144,050 Bal., 5,000 units, 70% completed Direct materials, 118,000 units @ $1.3 Direct labor Factory overhead Bal., ? units, 35% completed Cost per equivalent units of $1.30 for Direct Materials and $4.50 for Conversion Costs. a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) b. Did the production costs change from the preceding period? 0000 c. Assuming that the direct materials cost per unit did…
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., 9,000 units, 70% completed Direct materials, 212,000 units @ $1.8 Direct labor Factory overhead Bal. ? units, 50% completed 28,800 381,600 314,000 122,170 a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. To Finished Goods, 207,000 units 1. Cost of beginning work in process inventory completed this period. 2. Cost of units transferred to finished goods during the period. 3. Cost of ending work in process inventory. 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. $ 0.0.0.0 $ ?
Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 43,000 9,200 63,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 57,000 18,600 34,300 $ 183,000 150,000 18,000 34,500 98,500 Exercise 15-12 (Algo) Computing materials, labor, overhead, and cost of goods manufactured LO P1, P2, P3, P4 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the…
Silven Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity $138,000 Number of setups 10,200 Number of orders 92,400 Machine hours 18,480 Receiving hours phones with the following expected activity demands: Setting up equipment Ordering materials Machining Receiving Silven produces two models of cell Model X 5,000 80 200 6,600 385 Units completed Number of setups Number of orders Machine hours Receiving hours Required: Model Y 10,000 40 400 4,950 770 120 600 11,550 1,155
Carib Tings & More does hand-crafted memorabilia for the tourism industry, in which each batch of items is a job. The company has a highly machine intensive production process, so it allocates manufacturing overhead based on machine hours. Carib Tings & More pre-determined overhead application rate for 2024 was computed from the following data:Total estimated factory overheads $2,400,000Total estimated machine hours 40,000At the end of May 2024, Carib Tings & More reported work in process inventory of $176,000.During June 2024, Carib Tings & More actually used 3,000 machine hours and recorded the following transactions.i) Purchased $324,000 worth of materials on account. Separately, Carib Tings & More paid a $2,500 bill for freight in.ii) Manufacturing wages incurred $400,000iii) Materials requisitioned (includes $30,000 of indirect materials) $420,000iv) Assigned manufacturing wages, 85% direct labour, 15% indirect labour v) Depreciation expense on factory…

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