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Loose-Leaf for Financial and Managerial Accounting
7th Edition
ISBN: 9781260004861
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 16, Problem 5PSB
Problem 16-5BA FIFO: Process cost summary; equivalent units; cost estimates C3 C4 P4
Refer to the data in Problem 16-4B. Assume that Switch uses the FIFO method to account for its
- Beginning work in process consisted of 10,000 units that were 75% complete with respect to direct materials and 60% complete with respect to conversion.
- Of the 22,000 units completed, 10,000 were from beginning work in process. The remaining 210,000 were units started and complete during January.
Required
- Prepare the company’s process cost summary for January using FIFO. Round cost per EUP to three decimal places.
- Prepare the
journal entry dated January 31 to transfer the cost completed units to finished goods inventory.
(2) Cost transferred out to, $743,554.
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using the average method what is the total equivalent units of production under process 3 for materials and conversion, respectively? 15,110 and 15,140, 15,200 and 15,200, 14,950 and 14,950, 15,200 and 15,000
Chapter 16 Solutions
Loose-Leaf for Financial and Managerial Accounting
Ch. 16 - Prob. 1MCQCh. 16 - Prob. 2MCQCh. 16 - Prob. 3MCQCh. 16 - 4. A company’s beginning work in process in...Ch. 16 - Prob. 5MCQCh. 16 - What is the main factor for a company in closing...Ch. 16 - Prob. 2DQCh. 16 - Prob. 3DQCh. 16 - Prob. 4DQCh. 16 - Prob. 5DQ
Ch. 16 - Prob. 6DQCh. 16 - Prob. 7DQCh. 16 - Prob. 8DQCh. 16 - Prob. 9DQCh. 16 - Prob. 10DQCh. 16 - Prob. 11DQCh. 16 - Prob. 12DQCh. 16 - 13. List the four steps in accounting for...Ch. 16 -
14. APPLE Companies such as Apple commonly...Ch. 16 - 15. GOOGLE Are there situations where Google can...Ch. 16 - Prob. 16DQCh. 16 - Prob. 17DQCh. 16 - Process vs. job order operations C1 For each of...Ch. 16 - Prob. 2QSCh. 16 - Prob. 3QSCh. 16 - Physical flow reconciliation C2 The following...Ch. 16 - Prob. 5QSCh. 16 - Prob. 6QSCh. 16 - Prob. 7QSCh. 16 - Prob. 8QSCh. 16 - Prob. 9QSCh. 16 - Prob. 10QSCh. 16 - Prob. 11QSCh. 16 - Prob. 12QSCh. 16 - Prob. 13QSCh. 16 - Prob. 14QSCh. 16 - Prob. 15QSCh. 16 - Prob. 16QSCh. 16 - Prob. 17QSCh. 16 - Prob. 18QSCh. 16 - Prob. 19QSCh. 16 - Prob. 20QSCh. 16 - Prob. 21QSCh. 16 - Prob. 22QSCh. 16 - Prob. 23QSCh. 16 - Prob. 24QSCh. 16 - Prob. 25QSCh. 16 - Prob. 26QSCh. 16 - Process Cost Summary C3 Anheuser-Busch In Bev is...Ch. 16 - Prob. 1ECh. 16 - Prob. 2ECh. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Prob. 5ECh. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Prob. 10ECh. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Exercise 16-13AFIFO: Completing a process cost...Ch. 16 - Prob. 14ECh. 16 - Prob. 15ECh. 16 - Exercise 16-16 Weighted average: Process cost...Ch. 16 - Prob. 17ECh. 16 - Prob. 18ECh. 16 - Prob. 19ECh. 16 - Prob. 20ECh. 16 - Prob. 21ECh. 16 - Prob. 22ECh. 16 - Prob. 23ECh. 16 - Prob. 24ECh. 16 - Prob. 25ECh. 16 - Prob. 26ECh. 16 - Exercise 16-27 Hybrid Costing System A2 Explain a...Ch. 16 - Prob. 1PSACh. 16 - Prob. 2PSACh. 16 - Prob. 3PSACh. 16 - Prob. 4PSACh. 16 -
Problem 16-5AA FIFO: Process cost summary;...Ch. 16 - Prob. 6PSACh. 16 - Prob. 7PSACh. 16 - Prob. 1PSBCh. 16 - Prob. 2PSBCh. 16 - Prob. 3PSBCh. 16 - Problem 16-4B Weighted average: Process cost...Ch. 16 - Problem 16-5BA FIFO: Process cost summary;...Ch. 16 - Prob. 6PSBCh. 16 - Prob. 7PSBCh. 16 - Prob. 16SPCh. 16 - Prob. 16CPCh. 16 - Prob. 1GLPCh. 16 - Prob. 1BTNCh. 16 - Prob. 2BTNCh. 16 - Prob. 3BTNCh. 16 - Prob. 4BTNCh. 16 - Prob. 5BTNCh. 16 - Prob. 6BTNCh. 16 - Prob. 7BTNCh. 16 - Prob. 8BTNCh. 16 - Prob. 9BTN
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- A company is using process costing with the first-in, first-out (FIFO) method, and all costs are added evenly throughout the manufacturing process. If there are 5,000 units in beginning work in process inventory (30% complete), 10,000 units in ending work in process inventory (60% complete), and 25,000 units started in process this period, how many equivalent units are there for this period? a. 22,500 units. b. 26,000 units. c. 24,500 units. d. 25,000 units.arrow_forwardWrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?arrow_forwardUnder process 2, what is the equivalent unit of production on materials and conversion, respectively? * 5,700 and 5,700 5,440 and 5,460 6,000 and 5,850 5,600 and 5,600arrow_forward
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- step by step please. parts i-ivarrow_forwardBeginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs Direct materials Conversion cost Total current period costs Required: 1. Using FIFO method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Beginning Inventory Started and Completed Ending Inventory Total Using FIFO method of process costing, calculate the number of equivalent units. Equivalent Units Req 1D Physical Units 0 Direct Materials 0 Units 127,800 233,000 333,800 ? Conversion 0 Costs $ 182,000 334,000 $ 516,000 $ 497,400…arrow_forwardProcess Costingarrow_forward
- what is the equivalent unit of production of materials and conversion, respectively, under process 2? 9,650 and 9,650, 9,380 and 9,420, 9,180 and 9,220, 9,500 and 9,500arrow_forwardFIFO Method, Valuation of Goods Transferred Out and Ending Work in Process McCourt Company uses the FIFO method to account for the costs of production. For the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs Units started and completed 14,000 14,000 Units, beginning work in process: 5,000 × 0% — — 5,000 × 40% — 2,000 Units, ending work in process: 3,000 × 100% 3,000 — 3,000 × 75% — 2,250 Equivalent units of output 17,000 18,250 The cost per equivalent unit for the period was as follows: Direct materials $4.00 Conversion costs 12.00 Total $16.00 The cost of beginning work in process was direct materials, $80,000; conversion costs, $60,000. Required: Question Content Area 1. Determine the cost of ending work in process. Determine the cost of goods transferred out.…arrow_forwardAssign costs to the department’s output—specifically, to the units transferred out and to the units that remain in work in process at period-end. (Round "Cost per EUP" to 2 decimal places.)arrow_forward
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