FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
25th Edition
ISBN: 9781264753277
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 20, Problem 6PSB
Problem 20-6BAFIFO: Costs per equivalent unit; costs assigned to products C2 C4
Harson Co. manufactures a single product in two departments: Forming and Assembly. During May, the Forming department completed a number of units of a product and transferred them to Assembly. Of these transferred units, 62,500 were in process in the Forming department at the beginning of May and 175,000 were started and completed in May. May's Forming department beginning inventory units were 40% complete with respect to materials and 80% complete with respect to conversion. At the end of May, 76.250 additional units were in process in the Forming department and were 80% complete with respect to materials and 20% complete with respect to conversion. The Forming department had $683.750 of direct materials and $446,050 of conversion cost charged to it during May. Its beginning inventory included $99,075 of direct materials cost and $53,493 of conversion cost.
1. Compute the number of units transferred to Assembly.
2. Compute the number of equivalent units with respect to both materials used and conversion used in the Forming department for May using the FB70 method.
Check (2) EU P to r materials, 273,500
3. Compute the direct materials cost and the conversion cost per equivalent unit for the Forming department.
4. Using the FIFO method, assign the Forming department's May costs to the units transferred out and assign costs to its ending work in process inventory.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Vd
Subject: accounting
Question 18
Jublot Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory 600
Materials costs $ 7,300
Conversion costs $ 2,300
Percent complete with respect to materials 50 %
Percent complete with respect to conversion 10 %
Units started into production during the month 9,400
Units transferred to the next department during the month 8,600
Materials costs added during the month $ 196,300
Conversion costs added during the month $ 315,800
Ending work in process inventory:
Units in ending work in process inventory 1,400
Percent complete with respect to materials 70 %
Percent complete with respect to conversion 40 %
The cost per equivalent unit for materials for the month in the first processing department is closest to:
$14.48
$15.88…
One question multiple parts
Chapter 20 Solutions
FUND OF ACCT PRIN(LOOSE-LEAF)+ACCESS
Ch. 20 - Prob. 1QSCh. 20 - Prob. 2QSCh. 20 - Process vs. job order operations C1 For each of...Ch. 20 - Physical flow reconciliation C2 Prepare a physical...Ch. 20 - Prob. 5QSCh. 20 - A FIFO: Computing equivalent units C4 Refer to QS...Ch. 20 - Prob. 7QSCh. 20 - Prob. 8QSCh. 20 - Prob. 9QSCh. 20 - Prob. 10QS
Ch. 20 - Prob. 11QSCh. 20 - Prob. 12QSCh. 20 - Prob. 13QSCh. 20 - Prob. 14QSCh. 20 - Prob. 15QSCh. 20 - Prob. 16QSCh. 20 - A FIFO: Journal entry to transfer costs P4 Refer...Ch. 20 - Prob. 18QSCh. 20 - Weighted average: Assigning costs to output C3...Ch. 20 - Prob. 20QSCh. 20 - Prob. 21QSCh. 20 - Prob. 22QSCh. 20 - Recording costs of materials P1 Hotwax mates...Ch. 20 - Prob. 24QSCh. 20 - Recording costs of factory overhead P1 P3 Prepare...Ch. 20 - Recording transfer of costs to finished goods P4...Ch. 20 - Prob. 27QSCh. 20 - Prob. 28QSCh. 20 - Prob. 29QSCh. 20 - Exercise 20-1 Process vs. job order operations C1...Ch. 20 - Exercise 20-2 Comparing process and job order...Ch. 20 - Prob. 3ECh. 20 - Prob. 4ECh. 20 - Prob. 5ECh. 20 - Prob. 6ECh. 20 - Prob. 7ECh. 20 - Exercise 20-8 Weighted average: Computing...Ch. 20 - Prob. 9ECh. 20 - Prob. 10ECh. 20 - Prob. 11ECh. 20 - Prob. 12ECh. 20 - Exercise 20-13A
FIFO: Completing a process cost...Ch. 20 - Exercise 20-14 Production cost flow and...Ch. 20 - Exercise 20-15 Recording product costs P1 P2 P3...Ch. 20 - Prob. 16ECh. 20 - Prob. 17ECh. 20 - Prob. 18ECh. 20 - Prob. 19ECh. 20 - Prob. 20ECh. 20 - Prob. 21ECh. 20 - Exercise 20-22 Recording costs of labor P2 Prepare...Ch. 20 - Prob. 23ECh. 20 - Prob. 24ECh. 20 - Exercise 20-25 Recording cost flows in a process...Ch. 20 - Exercise 20-26 Interpretation of journal entries...Ch. 20 - Prob. 27ECh. 20 - Prob. 28ECh. 20 - Prob. 29ECh. 20 - Prob. 30ECh. 20 - Prob. 1PSACh. 20 - Prob. 2PSACh. 20 - Prob. 3PSACh. 20 - Problem 20-4A Weighted average: Process cost...Ch. 20 - Problem 20-5AA FIFO: Process cost summary:...Ch. 20 - Prob. 6PSACh. 20 - Prob. 7PSACh. 20 - Prob. 1PSBCh. 20 - Prob. 2PSBCh. 20 - Prob. 3PSBCh. 20 - Prob. 4PSBCh. 20 - Problem 20-5BA FIFO: Process cost summary;...Ch. 20 - Problem 20-6BAFIFO: Costs per equivalent unit;...Ch. 20 - Problem 20-7BA FIFO: Process cost summary,...Ch. 20 - Prob. 20SPCh. 20 - Prob. 20CPCh. 20 - Prob. 1GLPCh. 20 - Apple has entered into contracts that require the...Ch. 20 - Apple and Google work to maintain high-quality and...Ch. 20 - Prob. 3AACh. 20 - Prob. 1DQCh. 20 - Prob. 2DQCh. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - Explain in simple terms the notion of equivalent...Ch. 20 - Prob. 7DQCh. 20 - Prob. 8DQCh. 20 - Direct labor costs flow through what accounts in a...Ch. 20 - Prob. 10DQCh. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Companies such as Apple commonly prepare a process...Ch. 20 - Prob. 15DQCh. 20 - Prob. 16DQCh. 20 - Prob. 17DQCh. 20 - How could a company manager use a process cost...Ch. 20 - Explain a hybrid costing system. Identify' a...Ch. 20 - Prob. 1BTNCh. 20 - Prob. 2BTNCh. 20 - Many companies use technology to help them improve...Ch. 20 - Prob. 4BTN
Knowledge Booster
Learn more about
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
- Problem 6: Cost of Production Report Mara uses weighted-average process costing. It had the following data in August. Beginning inventory, 60% complete Units completed Units in ending inventory, 40% complete Cost of beginning inventory Current period production costs 10,000 units 50,000 units 5,000 units P105,000 P831,000 a. Compute the equivalent unit production for August. b. Compute the unit cost for August. Compute the ending inventory of work in process. d. Compute the cost transferred to finished goods. C.arrow_forwardh1arrow_forwardProblem Problem 1: the activity in Nolan Company's Blending Department for the money of April is given below: # of units Conversion Cost % Work in process inventory April 1. Started into process during this month.. Work in process inventory april 30.... All materials are added at the beginning of processing in the Blending Department 8,000 50,000 10,000 50% 70% Required: a. What are the equivalent units for materials for the month, using the FIFO b. What are the equivalent units for materials for the month, using the Weighted average method?arrow_forward
- Step by step answer wantarrow_forwardProblem 16-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3 [The following information applies to the questions displayed below.] Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 775,000 units of product to finished goods. At the end of November, the goods in process inventory consists of 183,000 units that are 70% complete with respect to labor. Beginning inventory had $560,430 of direct materials and $180,620 of direct labor cost. The direct material cost added in November is $3,750,570, and the direct labor cost added is $3,431,780. Problem 16-2A Part 1 Required: Determine the equivalent units of production with respect to direct labor and direct 1. materials. Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials %…arrow_forwardQUESTION 24 Cost AccountingChoose the answer from the choicesarrow_forward
- Exercise 20-6 Weighted average: Cost per EUP and costs assigned to output C3 Fields Company has two manufacturing departments, Forming and Painting. The company uses the weighted-average method of process costing. At the beginning of the month, the Forming department has 25,0 units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $60,100 consisted of $44,800 of direct materials costs and $15,300 of conversion cost: During the month, the Forming department started 300,000 units. At the end of the month, the Forming department had 30,000 units in ending inventory, 80% complete as to materials and 30% complete as to conversion. Units completed in the Forming department are transferred to the Painting department. Cost information for the Forming department follows. Beginning work in process inventory Direct materials added during the month Conversion added during the month..... $ 60,100 1,231,200 896,700 1. Calculate the…arrow_forwardQUESTION 18 Gaither Company uses a process cost system and the weighted average method. The following data applies to January. Units Beginning Work in Process 2,500 Started during the period 25,000 Ending Work in Process 1,000 The ending work in process inventory is 90% complete. The total number of equivalent whole units processed during January was: 27,500. 26,500. 25,600. 27,400.arrow_forwardProblem Problem 1: the activity in Nolan Company's Blending Department for the money of April is given below: Work in process inventory April 1. Started into process during this month.. Work in process inventory april 30... # of units Required: 10,000 60,000 15/000 Conversion Cost % All materials are added at the beginning of processing in the Blending Department 70% 50% a. What are the equivalent units for materials for the month, using the FIFO b. What are the equivalent units for materials for the month, using the Weighted average method?arrow_forward
- PROBLEM 16: Cost of Production Report Spiderman Corp. has two departments. The following are the data of the two departments. Quantity Beginning WIP October 1 Incomplete as to material Complete as to conversion cost Department 1 32,500 20% 75% Department 2 22,500 30% 40% 120,000 ? Units started in October Units Completed in October Ending WIP October 31 Complete as to material Incomplete as to conversion cost 112,500 27,500 ? 60% 0% 80% 60% Costs Beginning WIP Transferred in 287,500 120,000 42,500 Materials 200,000 187,500 Conversion Current Period Transferred in Materials 875,000 500,000 125,000 300,000 Conversion Required: 1. Using FIFO method а. Compute the EUP of the two departments. b. Compute the unit cost of the two departments. С. Compute the costs of transferred to out the two departments d. Compute the ending inventory costs for the two departments. 2. Using Weighted method Compute the EUP of the two departments. а. b. Compute the unit cost of the two departments. c. Compute…arrow_forwardQUESTION 17 Hanson Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.. Materials costs. Conversion costs.. Percent complete with respect to materials.. Percent complete with respect to conversion. Units started into production during the month. Units transferred to the next department during the 200 S2,200 S1,000 50% 10% 6,500 6,100 month Materials costs added during the month. Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials. Percent complete with respect to conversion.. S135,000 $312,600 600 80% 60% Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error,…arrow_forward4-1B Production Report Ritchie Company has two departments. Its first department (the Melting Department) shows the following data for the month of April: Work in process, beginning: Units in process 400 Stage of completion with respect to materials 60% Stage of completion with respect to conversion 85% Costs in the beginning inventory: Materials cost $170 Conversion cost $460 Units started into production during the month 1,100 Units completed and transferred out ??? Costs added to production during the month: Materials cost $1,300 Conversion cost $2,500 Work in process, ending: Units in process 100 70% 80% Required: Stage of completion with respect to materials Stage of completion with respect to conversion Using the weighted average method, prepare a production cost report and the appropriate T-Account for the companyarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
Job Cost Sheet - Job Cost Accounting System; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=ElD8nKNXE1I;License: Standard Youtube License