Work in process on April 1 had 119,000 units made up of the following. Degree of Completion Amount Prior department costs transferred in from the Holding $176,120 100% Department Costs added by the Assembling Department Direct materials Direct labor Hanufacturing overhead $101,150 45,718 19,346 $166, 214 60% s0% iork in process, April 1 $342, 334 During April, 519.000 units were transferred in from the Molding Department at a cost of $768,120. The Assembling Department the following costs. Direct materials Direct labor Hanufacturing overhead $403,920 240,432 107,304 Total costs added $751,656 Assembling finished 419,000 units and transferred them to the Packaging Department. At April 30, 219.000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April was as follows. Direct materials Direct labor Hanufacturing overhead 70 40 Requlred: a. Prepare a production cost report using the weighted-average method. (Round "Cost per equlvalent unit" to 2 decimal places

Work in process on April 1 had 119,000 units made up of the following. Degree of Completion Amount Prior department costs transferred in from the Holding $176,120 100% Department Costs added by the Assembling Department Direct materials Direct labor Hanufacturing overhead $101,150 45,718 19,346 $166, 214 60% s0% iork in process, April 1 $342, 334 During April, 519.000 units were transferred in from the Molding Department at a cost of $768,120. The Assembling Department the following costs. Direct materials Direct labor Hanufacturing overhead $403,920 240,432 107,304 Total costs added $751,656 Assembling finished 419,000 units and transferred them to the Packaging Department. At April 30, 219.000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April was as follows. Direct materials Direct labor Hanufacturing overhead 70 40 Requlred: a. Prepare a production cost report using the weighted-average method. (Round "Cost per equlvalent unit" to 2 decimal places

Name: 3Kansas Supplies is a manufacturer of plastic parts that uses the wei
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Description: 3Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs ofproduction. It produces parts in three separate departments: Molding. Assembling, and Packaging. The following informati

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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The following information is available for Department C for the month of August: Units Cost Work in process, August 1 (70% complete) 10,000 Direct materials $36,000 Direct labor 18,000 Manufacturing overhead 24,000 Total work in process, August 1 $78,000 Started in production during August 40,000 Costs added: Direct materials $108,000 Direct labor 48,000 Manufacturing overhead 61,040 Total costs added during August $217,040 Work in process, August 31 (80% complete) 4,000 Units completed and transferred out 42,000 Materials are added at the beginning of the process. Inspection takes place at the 50% point in the conversion process to determine spoiled units. (Round unit costs to two decimal places.) The company uses the weighted average cost flow assumption. Department C's equivalent units of production for conversion using the weighted average costing method are a. 50,000. b. 54,000. c. 44,800. d. 47,200.
Cost of Units Completed and in Process 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., 6,000 units, 55% completed 15,000 To Finished Goods, 138,000 units ? Direct materials, 141,000 units @ $1.4 197,400 Direct labor 207,100 Factory overhead 80,495 Bal., ? units, 25% completed ? Cost per equivalent units of $1.40 for Direct Materials and $2.10 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period $fill in the blank 1 2. Cost of units transferred to finished goods during the period $fill in the blank 2 3. Cost of ending work in process inventory $fill in the blank 3 4.…
Following is a partial process cost summary for Mitchell Manufacturing's Canning Department. Equivalent Units of Production Direct Materials Conversion Units Completed and transferred out 80,000 80,000 Units in Ending Work in Process: Direct Materials (12,000 × 100%) 12,000 Conversion (12,000 × 70%) 8,400 Equivalent Units of Production 92,000 88,400 Cost per Equivalent Unit Costs of beginning work in process $ 41,600 $ 61,200 Costs incurred this period 139,400 187,600 Total costs $ 181,000 $ 248,800 Cost per equivalent unit $ 1.97 per EUP $ 2.81 per EUP The total materials costs transferred out of the Canning Department equals:
Department G had 3,600 units, 40% completed at the beginning of the period, 12,000 units were completed during the period, 2,000 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Line Item Description Amount Work in process, beginning of period $ 60,000 Costs added during period: Direct materials (10,400 at $9.8365) 102,300 Direct labor 79,800 Factory overhead 25,200 Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, the materials and conversion cost per unit (rounded to the nearest cent), respectively, are
Department G had 1,920 units 25% completed at the beginning of the period, 13,300 units were completed during the period; 1,600 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $26,700 Costs added during period: Direct materials (12,980 units at $8) 103,840 Direct labor 86,400 Factory overhead 28,800 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of the units started and completed during the period is (do not round unit cost calculations) $91,040 $170,856 $210,764 $190,810
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.05 and $0.80, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 3,500 Started and completed during July 50,000 50,000 Transferred out of Rolling (completed) 50,000 53,500 Inventory in process, July 31 5,000 2,000 Total units to be assigned costs 55,000 55,500 The beginning work in process inventory on July 1 had a cost of $2,000. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production $fill in the blank 1 Inventory in process, ending $fill in the blank 2 Total costs assigned by the Rolling Department $fill in the blank 3
The Finishing department of Tree Company for the month of June reported the following Costs: Work in process, beg Cost from preceding department 12,000 Materials 8,400 Conversion Costs 13,680 Costs This Department Materials 518,000 Conversion Costs Cost from Preceding Dep't This Month 940,000 740,000 Quantities Work in Process, beg. Transferred in from prior department Transferred out to next department 1,000 36,800 34,500 Normal Lost Units 200 Abnormal Lost Units Percentage of completion of Work in Process Beg End Materials Conversion Cost The normal spoilage is discovered at the time of final inspection of the units as they leave the 3,000 BEG END 100% 50% 60% department and are transferred to finished goods. It is therefore assumed that the units have been fully processed in the Finishing Department. Prepare all journal entries necessary to record the production of the Finishing Department.
Department G had 1,920 units 25% completed at the beginning of the period, 13,600 units were completed during the period, 1,600 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period Costs added during period: Direct materials (13,280 units at $9) Direct labor Factory overhead $27,200 119,520 76,200 25,400 All direct materials are placed in process at the beginning of production, and the first-in, first-out method of inventory costing is used. What is the total cost of the units started and completed during the period (do not round unit cost calculation)? a. $175,756 b. $211,074 c. $105,120 d. $193,415
Question Content Area Department A had 4, 800 units in Work in Process that were 79% completed at the beginning of the period at a cost of $6, 100. During the period, 25,000 units of direct materials were added at a cost of $55,000, and 27,700 units were completed. At the end of the period, 2, 100 units were 36% completed. All materials are added at the beginning of the process. Direct labor was $25,200 and factory overhead was $4,200. The cost of the 2,100 units in process at the end of the period if the first - in, first-out method is used to cost inventories was a. $5,521 b. $6, 422 c. $5,071 d. $4,620
Department G had 2,280 units 25% completed at the beginning of the period, 12,700 units were completed during the period, 1,900 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $33,800 Costs added during period: Direct materials (12,320 units at $8) 98,560 Direct labor 81,600 Factory overhead 27,200 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of 2,280 units of beginning inventory which were completed during the period is (do not round unit cost calculations) $33,800 $50,572 $45,698 $48,672