Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process. Equivalent units : Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit. Weighted average method: Weighted average method is one of the methods of process costing, under this method the cost of beginning work in process is mixed with the current period cost and weighted cost and equivalent units are calculated. In other words, the weighted average method does not teat the beginning work in process cost separately. Requirement-1: To prepare: The process cost summary using weighted average method

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Answer 1

Question

Chapter 20, Problem 4BPSB

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

Weighted average method: Weighted average method is one of the methods of process costing, under this method the cost of beginning work in process is mixed with the current period cost and weighted cost and equivalent units are calculated. In other words, the weighted average method does not teat the beginning work in process cost separately.

Requirement-1:

To prepare: The process cost summary using weighted average method

To determine

Requirement-2:

To prepare: The journal entry to record the transfer of completed good to finished goods inventory

To determine

Requirement-3a:

To indicate: Two major estimates that affect the cost per equivalent units

To determine

Requirement-3b:

To indicate: The bias from management to estimate the Percentage for equivalent units

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Given answer financial accounting question

Sweeten Corporation had sales of $1,050,000. The beginning accounts receivable balance was $80,000, and the ending accounts receivable balance was $250,000. How much is the cash collected from customers for this reporting period? a. $880,000 b. $1,220,000 c. $980,000 d. $1,150,000

Answer 2

Question

Chapter 20, Problem 4BPSB

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

Weighted average method: Weighted average method is one of the methods of process costing, under this method the cost of beginning work in process is mixed with the current period cost and weighted cost and equivalent units are calculated. In other words, the weighted average method does not teat the beginning work in process cost separately.

Requirement-1:

To prepare: The process cost summary using weighted average method

To determine

Requirement-2:

To prepare: The journal entry to record the transfer of completed good to finished goods inventory

To determine

Requirement-3a:

To indicate: Two major estimates that affect the cost per equivalent units

To determine

Requirement-3b:

To indicate: The bias from management to estimate the Percentage for equivalent units

Expert Solution & Answer

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Answer 3

Question

Chapter 20, Problem 4BPSB

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

Weighted average method: Weighted average method is one of the methods of process costing, under this method the cost of beginning work in process is mixed with the current period cost and weighted cost and equivalent units are calculated. In other words, the weighted average method does not teat the beginning work in process cost separately.

Requirement-1:

To prepare: The process cost summary using weighted average method

To determine

Requirement-2:

To prepare: The journal entry to record the transfer of completed good to finished goods inventory

To determine

Requirement-3a:

To indicate: Two major estimates that affect the cost per equivalent units

To determine

Requirement-3b:

To indicate: The bias from management to estimate the Percentage for equivalent units

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 20, Problem 4BPSB

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

Weighted average method: Weighted average method is one of the methods of process costing, under this method the cost of beginning work in process is mixed with the current period cost and weighted cost and equivalent units are calculated. In other words, the weighted average method does not teat the beginning work in process cost separately.

Requirement-1:

To prepare: The process cost summary using weighted average method

To determine

Requirement-2:

To prepare: The journal entry to record the transfer of completed good to finished goods inventory

To determine

Requirement-3a:

To indicate: Two major estimates that affect the cost per equivalent units

To determine

Requirement-3b:

To indicate: The bias from management to estimate the Percentage for equivalent units

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 4BPSB

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

Weighted average method: Weighted average method is one of the methods of process costing, under this method the cost of beginning work in process is mixed with the current period cost and weighted cost and equivalent units are calculated. In other words, the weighted average method does not teat the beginning work in process cost separately.

Requirement-1:

To prepare: The process cost summary using weighted average method

To determine

Requirement-2:

To prepare: The journal entry to record the transfer of completed good to finished goods inventory

To determine

Requirement-3a:

To indicate: Two major estimates that affect the cost per equivalent units

To determine

Requirement-3b:

To indicate: The bias from management to estimate the Percentage for equivalent units

Answer 6

Chapter 20, Problem 4BPSB

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

Weighted average method: Weighted average method is one of the methods of process costing, under this method the cost of beginning work in process is mixed with the current period cost and weighted cost and equivalent units are calculated. In other words, the weighted average method does not teat the beginning work in process cost separately.

Requirement-1:

To prepare: The process cost summary using weighted average method

Answer 7

Chapter 20, Problem 4BPSB

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

Weighted average method: Weighted average method is one of the methods of process costing, under this method the cost of beginning work in process is mixed with the current period cost and weighted cost and equivalent units are calculated. In other words, the weighted average method does not teat the beginning work in process cost separately.

Requirement-1:

To prepare: The process cost summary using weighted average method

Answer 8

To determine

Requirement-2:

To prepare: The journal entry to record the transfer of completed good to finished goods inventory

Answer 9

To determine

Requirement-2:

To prepare: The journal entry to record the transfer of completed good to finished goods inventory

Answer 10

To determine

Requirement-3a:

To indicate: Two major estimates that affect the cost per equivalent units

Answer 11

To determine

Requirement-3a:

To indicate: Two major estimates that affect the cost per equivalent units

Answer 12

To determine

Requirement-3b:

To indicate: The bias from management to estimate the Percentage for equivalent units

Answer 13

To determine

Requirement-3b:

To indicate: The bias from management to estimate the Percentage for equivalent units

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 20 - Prob. 1DQ Ch. 20 - Prob. 2DQ Ch. 20 - Prob. 3DQ Ch. 20 - Prob. 4DQ Ch. 20 - Prob. 5DQ Ch. 20 - Prob. 6DQ Ch. 20 - Prob. 7DQ Ch. 20 - Prob. 8DQ Ch. 20 - Prob. 9DQ Ch. 20 - Prob. 10DQ

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Requirement-2:

To prepare: The journal entry to record the transfer of completed good to finished goods inventory

Requirement-3a:

To indicate: Two major estimates that affect the cost per equivalent units

Requirement-3b:

To indicate: The bias from management to estimate the Percentage for equivalent units

Want to see the full answer?

Chapter 20 Solutions

Videos

Requirement-2: To prepare: The journal entry to record the transfer of completed good to finished goods inventory

Requirement-3a: To indicate: Two major estimates that affect the cost per equivalent units

Requirement-3b: To indicate: The bias from management to estimate the Percentage for equivalent units

Want to see the full answer?

Chapter 20 Solutions

Requirement-2:

To prepare: The journal entry to record the transfer of completed good to finished goods inventory

Requirement-3a:

To indicate: Two major estimates that affect the cost per equivalent units

Requirement-3b:

To indicate: The bias from management to estimate the Percentage for equivalent units