View Policies Current Attempt in Progress Carla Vista Company manufactures pizza sauce through two production departments: cooking and canning. In each process, mate and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts the following debits: Beginning work in process inventory Direct materials Direct labour Manufacturing overhead Costs transferred in Cooking $-0- 26,900 7,350 32,800 Canning $3,750 7,620 7,490 26,000 52,200 dit ontries Credit account titles are automatically indented whe

View Policies Current Attempt in Progress Carla Vista Company manufactures pizza sauce through two production departments: cooking and canning. In each process, mate and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts the following debits: Beginning work in process inventory Direct materials Direct labour Manufacturing overhead Costs transferred in Cooking $-0- 26,900 7,350 32,800 Canning $3,750 7,620 7,490 26,000 52,200 dit ontries Credit account titles are automatically indented whe

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 system: Use weighted average method to prepare cost of production report for April (must show calculations or no credit; round off unit costs to 3 decimal places) April 1 beginning inventory/WIP 800 units During April units started: 10,000 units April 30, ending inventory/WIP 1,800 units Completion rates: April 1 direct materials: 75%; conversion costs: 40% April 30 direct materials: 30%; conversion costs: 20% Work-in-Process account cost information: Beginning inventory – direct materials $ 22,000 Beginning inventory – conversion costs 35,000 April direct materials used 50,000 April conversion costs…
Azule Company manufactures in two sequential processes, Cutting and Binding. The two processes r recent month. Beginning work in process inventory costs added this period Direct materials Conversion cutting $ 3,445 Transferred from cutting to Binding Transferred from Binding to finished goods Ending work in process inventory 8,240 11, 100 Cutting Binding $ 6,426 Determine the ending balances in the Work in Process Inventory accounts for Cutting and for Binding in Process Inventory for both Cutting and for Binding. tatou 6,356 18,575 Binding $ 15,685 30,000
Subject: acounting
Question Pierce Co. manufactures a single product that goes through two processes — mixing and cooking. The following data pertains to the Mixing Department for September. Work-in-process inventory, September 1 38,000 units Conversion — 60% completed Work-in-process inventory, September 30 24,000 units Conversion — 40% completed Units started into production 86,000 units Units completed and transferred out ? units Costs: Work-in-process inventory, September 1 Material R $122,300 Material S 143,780 Conversion 194,550 Costs added during September: Material R 409,660 Material S 246,820 Conversion 526,618 Material R is added at the beginning of work in the Mixing Department. Material S is also added in the Mixing Department, but not until units of product are thirty percent completed with regard to conversion.…
Prepare a production cost report
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Great Pasta Company manufactures a single product that goes through two processes-mixing and cooking. The following data pertains to the Mixing Department for September Work-in-process Inventory September 1 Conversion complete Work-in-process inventory September 38 Conversion complete Units started into production in September Units completed and transferred out) Costs Work-in-process inventory September 1 Material P Material Q Conversion Costs added in September Material P Material Q Conversion 31,000 units 70% 19,000 units 50% 87,000 ? units $ 146,000 134,000 146,000 $ 219,000 200,000 430,800 Material P is added at the beginning of work in the Mixing Department. Material Q is also added in the Moxing Department, but not until units of product are forty percent completed with regard to conversion. Conversion costs are incurred uniformly during the process. Cost per equivalent unit for Material P under the weighted average method is calculated to be:
Units to be Assigned Costs Ivy Cosmetics Company consists of two departments, Blending and Filling. The Filling Department received 72,000 ounces from the Blending Department. During the period, the Filling Department completed 68,000 ounces, including 6,000 ounces of work in process at the beginning of the period. The ending work in process inventory was 10,000 ounces. How many ounces were started and completed by the Filling Department during the period?fill in the blank 1 ounces
Entries for process cost system Instructions Chart of Accounts Journal Final Questions Instructions Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpet backing is added at the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods $62,000 Work in Process-Spinning Department 35,000 Work in Process-Tufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: Jan. 1 Materials purchased on account, $500,000 2 Materials requisitioned for use: Fiber—Spinning Department, $275,000 Carpet backing—Tufting Department,…
Unit Information with BWIP, FIFO Method Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows: Production: Units in process, July 1, 60% complete* Units completed and transferred out Units in process, July 31, 80% complete* * With respect to conversion costs. 11,000 88,000 15,100
Accounting Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 3,000 100% 40% Units started this period 21,600 Units completed and transferred out 22,200 Ending work in process inventory 2,400 100% 80% Beginning work in process inventory Direct materials $ 19,800 Conversion 221,940 $ 241,740 Costs added this period Direct materials 496,800 Conversion 2,165,940 2,662,740 Total costs to account for $ 2,904,480 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.