Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Textbook Question
Chapter 3, Problem 3.19E
Answer questions on costs and production. (LO 5), AP
The ledger of Hasgrove Company has the following work in process account.
Production records show that there were 800 units in the beginning inventory. 30% complete, 1,100 units started, and 1,500 units transferred out. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Hasgrove uses the FIFO method to compute equivalent units.
Instructions
Answer the following questions.
(a) How many units are in process at March 31?
(b) What is the unit materials cost for March?
(c) What is the unit conversion cost for March?
(d) What is the total cost of units started in February and completed in March?
(e) What is the total cost of units started and finished in March?
(f) What is the cost of the March 31 inventory?
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Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Tamar Company
manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent
Complete Percent Complete Beginning work in process inventory 4,650 100 % 40% Units started this period 33,480 Units completed and transferred out 34,410 Ending
work in process inventory 3, 720 100 % 80% Beginning work in process inventory Direct materials $ 30,690 Conversion 344,007 S 374, 697 Costs added this period Direct
materials 770,040 Conversion 3,357, 207 4,127,247 Total costs to account for $ 4,501, 944 Problem 16-3A (Algo) Weighted average: Production cost report LO P2, P4
Required: Prepare the Forming department's production cost report for May using the weighted average method. Prepare the May 31 journal entry to transfer the cost of
units from…
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average
method and it reports the following unit data for the Forming department. Units completed in the forming department
are transferred to the painting department.
Direct
Materials
Percent
Complete
60%
Conversion
Percent
Complete
40%
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
30,000
400,000
390,000
40,000
85%
35%
Production cost information for the forming department follows.
Beginning work in process
Direct materials
$ 50,800
19,300
Conversion
$ 70,100
Costs added this period
Direct materials
1,539,200
1,047,260
2,586,460
$ 2,656,560
Conversion
Total costs to account for
Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1
a.…
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Chapter 3 Solutions
Managerial Accounting: Tools for Business Decision Making
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