Managerial Accounting
15th Edition
ISBN: 9781337912020
Author: Carl Warren, Ph.d. Cma William B. Tayler
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 11E
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.
Determine the following:
- a. The number of units in work in process inventory at the end of the period
- b. Equivalent units of production for direct materials and conversion
- c. Costs per equivalent unit for direct materials and conversion
- d. Cost of the units started and completed during the period
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
PART 2.
(22 marks)
Mangal Furnishings produce serving trays for the tourist industry in a five-stage process - Cutting &
Shaping, Assembly, Sanding, Finishing and Packaging. Upon entering the finishing process, before
the trays are stained and polished, a specialized piece of equipment is used to engrave a logo on
each tray. After Packaging, the trays are sent to the business warehouse for delivery to customers.
The following data relates to the Finishing Process for the month of March during which 3,800 trays
valued at $597.90 each were transferred in from the Sanding Process.
Other production costs incurred during the month are summarized as follows:
Direct Materials Added
Direct Manufacturing Wages
Hireage cost of specialized logo equipment
Manufacturing Overhead
$343,380
$830,150
$21,300
$412,100
Process inspection occurs during the process and normally 2% of the trays entering the Finishing
process are rejected and sold as scrap to local retailers at $750 each. During the month…
Cline Manufacturing Company uses a job order system and maintains perpetual inventory records.
Indicate the the appropriate account(s) to be debited and credited for the transactions listed below. (On multiple entries enter
answers in alphabetical order.)
Transactions
1.
Raw materials were purchased on account.
2.
Issued a check to Dixon Machine Shop for repair
work on factory equipment.
3.
Direct materials were requisitioned for Job 280.
4.
Factory labor was paid as incurred.
5.
Recognized direct labor and indirect labor used.
6.
The production department requisitioned
7.
indirect materials for use in the factory.
Manufacturing overhead was applied to
production based on a predetermined overhead
rate of $8 per labor hour.
8.
Goods that were completed were transferred to
finished goods inventory.
9.
Goods costing $80,000 were sold for $105,000
on account.
10.
Paid for raw materials purchased previously on
account.
Account(s)
Debited
Based on the screenshot, what is the maximim flow?
Chapter 3 Solutions
Managerial Accounting
Ch. 3 - Which type of cost system, process or job order,...Ch. 3 - In job order cost accounting, the three elements...Ch. 3 - In a job order cost system, direct labor and...Ch. 3 - Why is the cost per equivalent unit often...Ch. 3 - What is the purpose for determining the cost per...Ch. 3 - Rameriz Company is a process manufacturer with two...Ch. 3 - What is the most important purpose of the cost of...Ch. 3 - How are cost of production reports used for...Ch. 3 - Job order versus process costing Which of the...Ch. 3 - Kraus Steel Company has two departments, Casting...
Ch. 3 - The Rolling Department of Kraus Steel Company had...Ch. 3 - The Rolling Department of Kraus Steel Company had...Ch. 3 - The cost of direct materials transferred into the...Ch. 3 - The costs per equivalent unit of direct materials...Ch. 3 - In October, the cost of materials transferred into...Ch. 3 - Prob. 8BECh. 3 - Entries for materials cost flows in a process cost...Ch. 3 - Flowchart of accounts related to service and...Ch. 3 - Radford Inc. manufactures a sugar product by a...Ch. 3 - The cost accountant for River Rock Beverage Co....Ch. 3 - The Converting Department of Worley Company had...Ch. 3 - Data for the two departments of Kimble Pierce...Ch. 3 - The following information concerns production in...Ch. 3 - a. Based upon the data in Exercise 17-7, determine...Ch. 3 - Equivalent units of production Kellogg Company...Ch. 3 - Costs per equivalent unit Georgia Products Inc....Ch. 3 - The charges to Work in ProcessAssembly Department...Ch. 3 - a. Based on the data in Exercise 17-11, determine...Ch. 3 - Errors in equivalent unit computation Napco...Ch. 3 - Cost per equivalent unit The following information...Ch. 3 - Costs per equivalent unit and production costs...Ch. 3 - Cost of production report The debits to Work in...Ch. 3 - Cost of Production report The Cutting Department...Ch. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - The Converting Department of Tender Soft Tissue...Ch. 3 - Units of production data for the two departments...Ch. 3 - The following information concerns production in...Ch. 3 - Prob. 24ECh. 3 - The following information concerns production in...Ch. 3 - Prob. 26ECh. 3 - Prepare a cost of production report for the...Ch. 3 - Entries for process cost system Port Ormond Carpet...Ch. 3 - Cost of production report Hana Coffee Company...Ch. 3 - Equivalent units and related costs; cost of...Ch. 3 - Work in process account data for two months; cost...Ch. 3 - Sunrise Coffee Company roasts and packs coffee...Ch. 3 - Entries for process cost system Preston Grover...Ch. 3 - Cost of production report Bavarian Chocolate...Ch. 3 - Equivalent units and related costs; cost of...Ch. 3 - Work in process account data for two months; cost...Ch. 3 - Blue Ribbon Flour Company manufactures flour by a...Ch. 3 - Dura-Conduit Corporation manufactures plastic...Ch. 3 - Analyzing process cost elements across product...Ch. 3 - Analyzing process cost elements over time Pix...Ch. 3 - Determining cost relationships Midst ate...Ch. 3 - Ethics in Action You are the Cookie division...Ch. 3 - Communications Jamarcus Bradshaw, plant manager of...Ch. 3 - Accounting for materials costs In papermaking...Ch. 3 - During December, Krause Chemical Company had the...Ch. 3 - Jones Corporation uses a first-in, first-out...Ch. 3 - Kimbeth Manufacturing uses a process cost system...Ch. 3 - A company is using process costing with the...
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
- Star Company incurred and paid the following costs for research and development activities: Material used from inventory $ 60,000 Wages and salaries 85,000 Allocation of general and administrative costs 25,000 Depreciation on building housing multiple research and development activities 30,000 Machine purchased for research and development project that has no future alternative uses 35,000 Total $235,000 If Star includes all these costs in research and development expense, including the entire cost of the machine with no alternative future uses, which of the following would be included in the journal entry?arrow_forwardForeign currency translation—Comprehensive income A U.S.-based parent company acquired a European Union–based subsidiary many years ago. The subsidiary is in the service sector, and earns revenues and incurs expenses evenly throughout the year. The following preclosing trial balance includes the subsidiary’s original Euros-based accounting information for the year ended December 31, 2022, immediately prior to closing the company’s nominal accounts into the corresponding balance sheet accounts. It also includes the information converted into $US based on the indicated exchange rates: $US Conversion Weighted- Debits (Credits) Euros Current Average Historical Monetary Assets € 120,000.00 $144,000 $147,600 $156,000 Nonmonetary assets 480,000 576,000 590,400 624,000 Monetary Liabilities (60,000) (72,000) (73,800) (78,000) Nonmonetary liabilities (300,000) (360,000) (369,000) (390,000) Contributed capital (144,000) (172,800) (177,120) (201,600) Retained…arrow_forwardTommys so books on leo July 21 year-end. The company does make eerless crue for Inverses ancage de ke year-end. On June 30, 2007, the Recall cours kolonce à 304,400 Now Reclude she folowing Dute Maker Face Value Tar Maturity Data R Apt C 85,000 90 day July 20 May 15 ya 7,000 July24 Car 10,000 December During Julhe following recom July Modes of $4,300 on Toorak edece 165700 un Vrede cord. The cred card recharge la 26. 20 Recall 24 (a) Journalize the July wonde July designery for ccrued in recevable coming 250 days for exams.com of goods sold edit account titles are automatically indented when amo Account Titles and Explanation Date Debit Credit Textbook and Media List of Accountaarrow_forward
- Foreign currency remeasurement—Total assets A U.S.-based parent company acquired a European Union–based subsidiary many years ago. The subsidiary is in the service sector, and earns revenues and incurs expenses evenly throughout the year. The following preclosing trial balance includes the subsidiary’s original Euros-based accounting information for the year ended December 31, 2022, immediately prior to closing the company’s nominal accounts into the corresponding balance sheet accounts. It also includes the information converted into $US based on the indicated exchange rates: $US Conversion Weighted- Debits (Credits) Euros Current Average Historical Monetary Assets € 180,000.00 $216,000 $221,400 $234,000 Nonmonetary assets 720,000 864,000 885,600 936,000 Monetary Liabilities (90,000) (108,000) (110,700) (117,000) Nonmonetary liabilities (450,000) (540,000) (553,500) (585,000) Contributed capital (216,000) (259,200) (265,680) (302,400) Retained earnings…arrow_forwardForeign currency remeasurement—Stockholders’ equity A U.S.-based parent company acquired a European Union–based subsidiary many years ago. The subsidiary is in the service sector, and earns revenues and incurs expenses evenly throughout the year. The following preclosing trial balance includes the subsidiary’s original Euros-based accounting information for the year ended December 31, 2022, immediately prior to closing the company’s nominal accounts into the corresponding balance sheet accounts. It also includes the information converted into $US based on the indicated exchange rates: $US Conversion Weighted- Debits (Credits) Euros Current Average Historical Monetary Assets € 160,000.00 $192,000 $196,800 $208,000 Nonmonetary assets 640,000 768,000 787,200 832,000 Monetary Liabilities (80,000) (96,000) (98,400) (104,000) Nonmonetary liabilities (400,000) (480,000) (492,000) (520,000) Contributed capital (192,000) (230,400) (236,160) (268,800) Retained…arrow_forward? ? Financial accounting questionarrow_forward
- The income statement of a merchandising company includes Cost of Goods Sold (COGS) and gross profit, which are not found on a service company’s income statement. This is because merchandising companies sell physical products, while service companies provide intangible services. Service company income statements are simpler, usually showing revenue from services minus operating expenses like salaries, rent, and supplies. In short, the main difference is that merchandising firms track product costs and gross profit, while service companies do not. Respond to this post. agree or disagreearrow_forwardPlease give me true answer this financial accounting questionarrow_forwardI need this question financial accountingarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENTFinanceISBN:9781337514835Author:MOYERPublisher:CENGAGE LEARNING - CONSIGNMENT
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:9781337514835
Author:MOYER
Publisher:CENGAGE LEARNING - CONSIGNMENT
Cost Accounting - Definition, Purpose, Types, How it Works?; Author: WallStreetMojo;https://www.youtube.com/watch?v=AwrwUf8vYEY;License: Standard YouTube License, CC-BY