Weighted-average method, equivalent units. The assembly division of Quality Time Pieces,Inc. uses the weighted-average method of process costing. Consider the following data for the month ofMay 2017:Physical UnitsDirectMaterialsConversion(Watches)CostsBeginning work in process (May 1)Started in May 2017Completed during May 2017Ending work in process (May 31)Total costs added during May 2017100$ 459,888$ 142,570510450160$3,237,000$1,916,000* Degree of completion: direct materials, 80%; conversion costs, 35%."Degree of completion; direct materials, 80%; conversion costs, 40%.Compute equivalent units for direct materials and conversion costs. Show physical units in the first columnof your schedule.

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Answered: Weighted-average method, equivalent…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Beginning Ending $ Raw materials $ 8,100 10,900 Work in $ $ 5,100 process Finished goods 20,400 $ $ 70,000 25, 200 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available $ 652,000 $ 88,000 $…
TK Co. manufactures a single product that goes through two processes, mixing and cooking. The data pertain to the mixing department for April 2016: Work-in-process inventory, April 1 Conversion: 80 percent completed Work-in-process inventory, April 30 Conversion: 40 percent completed Units started into production Units completed and transferred out 27,000 units 17,000 units Costs Work-in-process inventory, April 1 Materials X 64,800 Materials Y 89,100 119,880 Conversion Cost added during April Materials X 152,700 138,400 302,520 Materials Y Conversion Materials X is added at the beginning of work in the mixing department. Material Y also added in the mixing department, but not until units of product are 60 percent complete with regard to conversion. Conversion costs are incurred uniformly during the process. 9. The cost per equivalent unit for material Y is а. Р5.25 b. Р4.50 с. Р3.25 d. P5.00 10. The cost of units transferred out is a. P650,000 b. P787,500 с. Р688,000 d. P750,500 11.…
Compute for the total cost transfered to the next department using average costing.
Cebu Company adds materials at the beginning of the process in Department 1. Data concerning the materials used in November 2021 production are as follows: Units WIP, March 1 Started during March Completed and transferred to next department during March Normal spoilage incurred WIP, March 31 16,000 34,000 36,000 4,000 10,000 1. The equivalent units for the materials unit cost calculation using FIFO is 2. The equivalent units for the materials unit cost calculation using weighted average is
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…
Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 31,450 3,900 Units 470,050 263, 250 3,000 39,500 39,000 3,500 $ 35,350 733,300 $768,650 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places.
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Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 11,500 $ 54,800 $ 33,480 Ending $ 18,600 $ 66,400 $ 42,200 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Primare Corporation Schedule of Cost of Goods Sold $ 31,000 $ 4,530 $ 59,900 $ 88,600 $ 4,190 Required 1 Required 2 Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods…
Akabanebashi uses backflush costing to account for its manufacturing costs. The trigger points for recording of inventories are the purchase of materials , the completion of products and sale finished goods. During the month of September 2015 , the following transactions occured: 1. Purchased raw materials on account 92,000 2. Requisitioned raw materials to production 92,000 3. Direct labor cost incurred 40,000 4. Manufacturing overhead costs 60,000 5. Cost of goods manufactured 192,000 5. Completed products sold at 50% markup on cost. Required: Prepare the journal entries to record above transactions
For October, prime cost incurred was
Shirley Processing. Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Cost Beginning work-in-process Current period Total Physical 108,000 957,588 1,065,500 976,588 89,000 1,065,508 Total $ 188,570 1,891,498 $ 2,088,068 Equivalent units Percentage Complete Conversion 48% Materials 100% 100% 100% Required A Direct Materials $ 168,180 1,244,750 $ 1,412,938 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing, Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. 100% 28% Conversion $ 28,390 646,748 $ 667,138 Required…
Date + + + + + I + ī + ||| I General Journal Account/Explanation Page G2 PR Debit Credit

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