MANAGERIAL ACCT W/CONNECT >IC<
15th Edition
ISBN: 9781259405303
Author: Garrison
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 5E
EXERCISE 4-5 Cost Reconciliation Report-Weighted-Average Method LO4-5
Maria Am Corporation uses the weighted-average method in its
Required:
Prepare a cost reconciliation report for the Baking Department for June.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2]
Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one
department for October:
Units
Equivalent units of production
Work in process, October 1
Work in process, October 31
The department started 391,000 units into production during the month and transferred 406,000 completed units to the next
department.
47,000
32,000
Percent Completed
Conversion
60%
45%
Materials
Materials
Required:
Compute the equivalent units of production for October.
85%
66%
Conversion
Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method
[LO 4-2]
Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are
available for one department for October:
Work in process, October 1
Work in process, October 31
Units
53,000
36,000
Equivalent units of production
Percent Completed
Materials
90%
72%
The department started 389,000 units into production during the month and transferred 406,000
completed units to the next department.
Required:
Compute the equivalent units of production for October.
Materials
Conversion
65%
54%
Conversion
Exercise 4-1 (Algo) Process Costing Journal Entries [LO 4-1]
Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's
operations in March follows:
a. Raw materials used in production: Molding Department, $27,600; and Firing Department, $4,100.
b. Direct labor costs incurred: Molding Department, $19,600; and Firing Department, $4,200.
c. Manufacturing overhead was applied: Molding Department, $23,900; and Firing Department, $36,600.
d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company's
process costing system, the cost of the unfired, molded bricks was $67,700.
e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's process
costing system, the cost of the finished bricks was $108,000.
f. Finished bricks were sold to customers. According to the company's process costing system, the cost…
Chapter 4 Solutions
MANAGERIAL ACCT W/CONNECT >IC<
Ch. 4.A - EXERCISE 4A-1 Computation of Equivalent Units of...Ch. 4.A - EXERCISE 4A-2 Cost per Equivalent Unit-FIFO Method...Ch. 4.A - EXERCISE 4A-3 Assigning Costs to Units-FIFO Method...Ch. 4.A - EXERCISE 4A-4 Cost Reconciliation Report-EIFO...Ch. 4.A - EXERCISE 4A-5 Computation of Equivalent Units of...Ch. 4.A - EXERCISE 4A-6 Equivalent Units of Production-FIFO...Ch. 4.A - EXERCISE 4A-7 Equivalent Units of Production and...Ch. 4.A -
EXERCISE 4A-8 Equivalent Units of Production—FIFO...Ch. 4.A - EXERCISE 4A-9 Equivalent Units; Equivalent Units...Ch. 4.A - PROBLEM 4A-10 Equivalent Units of Production;...
Ch. 4.A - Prob. 11PCh. 4.A - Prob. 12CCh. 4.B - Prob. 1ECh. 4.B - EXERCISE 4B-2 Step-Down Method LO4-11 Madison Park...Ch. 4.B - Prob. 3ECh. 4.B - EXERCISE 4B-4 Direct Method LO4-10 Refer to the...Ch. 4.B - Prob. 5PCh. 4.B - PROBLEM 4B-6 Step-Down Method versus Direct...Ch. 4.B - CASE 4B-7 Step-Down Method versus Direct Method...Ch. 4 - Prob. 1QCh. 4 - In what ways are job-order and process costing...Ch. 4 - Why is cost accumulation simpler in a process...Ch. 4 - How many Work in Process accounts are maintained...Ch. 4 - Prob. 5QCh. 4 - Prob. 6QCh. 4 - Prob. 7QCh. 4 - Prob. 8QCh. 4 - Prob. 1AECh. 4 - This exercise relates to the Double Diamond Skis’...Ch. 4 - This exercise relates to the Double Diamond Skis’...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 -
Clopack Company manufactures one product that...Ch. 4 -
Clopack Company manufactures one product that...Ch. 4 -
Clopack Company manufactures one product that...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Prob. 10F15Ch. 4 - Prob. 11F15Ch. 4 - Prob. 12F15Ch. 4 -
Clopack Company manufactures one product that...Ch. 4 - Prob. 14F15Ch. 4 - Prob. 15F15Ch. 4 - Prob. 1ECh. 4 - EXERCISE 4-2 Computation of Equivalent...Ch. 4 - Prob. 3ECh. 4 - EXERCISE 4-4 Assigning Costs to...Ch. 4 - EXERCISE 4-5 Cost Reconciliation...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 -
EXERCISE 4-9 Equivalent Units and Cost per...Ch. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13PCh. 4 - Prob. 14PCh. 4 - Prob. 15PCh. 4 - PROBLEM 4-16 Comprehensive...Ch. 4 - Prob. 17PCh. 4 - Prob. 18PCh. 4 - Prob. 19CCh. 4 - (
CASE 4-20 Ethics and the Manager, Understanding...
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
- FIFO Method, Single Department Analysis, One Cost Category Refer to the data in Problem 6.33. Required: Prepare a cost of production report for the Fabrication Department for December using the FIFO method of costing.arrow_forwardExercise 4-1 (Algo) Process Costing Journal Entries [LO 4-1] Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's operations in March follows: a. Raw materials used in production: Molding Department, $28,800; and Firing Department, $4,700. b. Direct labor costs: Molding Department, $16,300; and Firing Department, $5,400. c. Manufacturing overhead was applied: Molding Department, $23,000; and Firing Department, $39,700. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. The cost of the unfired, molded bricks was $65,500. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. The cost of the finished bricks was $109,800. f. Finished bricks were sold to customers. The cost of the finished bricks sold was $105,300. Required: Prepare journal entries to record items (a) through (f) above. Note: If no entry is required for a…arrow_forwardExercise 4-5 Assigning Overhead to Products in ABC [LO4-2, LO4-3] Sultan Company uses an activity-based costing system. At the beginning of the year, the company made the following estimates of cost and activity for its five activity cost pools: Activity Cost Pool Activity Measure ExpectedOverhead Cost Expected Activity Labor-related Direct labor-hours $ 156,000 26,000 DLHs Purchase orders Number of orders $ 11,000 220 orders Parts management Number of part types $ 80,000 100 part types Board etching Number of boards $ 90,000 2,000 boards General factory Machine-hours $ 180,000 20,000 MHs Required: 1. Compute the activity rate for each of the activity cost pools. 2. The expected activity for the year was distributed among the company’s four products as follows: Expected Activity Activity Cost Pool Product A Product B Product C Product D Labor-related (DLHs) 6,000 11,000 4,000 5,000 Purchase orders (orders) 60…arrow_forward
- Exercise 4-4 (Algo) Assigning Costs to Units—Weighted-Average Method [LO 4-4] Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory 2,110 910 Cost per equivalent unit $ 15.16 $ 6.03 A total of 20,900 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total.arrow_forwardPROBLEM 8 The following data for the month of September were taken form the cost records of Department 1 of Pro-Life products which uses process costing system: Opening inventory of work in process: Units – 500 (with all materials added and 50% of labor and overhead) Cost - Materials 2, 400 Labor 1, 500 Factory overhead 760 Put into production: Units – 5, 000 Costs - Materials 25, 100 Labor 19, 380 Factory overhead 14, 900 Completed and transferred – 4, 800 units Ending inventory of work in process: Units – 700 (with all materials, and 60% of labor and overhead) 10. The cost per equivalent unit (rounded to nearest centavo) under FIFO: 11. The cost per equivalent unit (rounded to nearest centavo) under weighted average:arrow_forwardČ P112,500 D P177,400 2DThe cost of goods put to process for the month of June is: A P717600 B P803,600 C P957,000 D P957,600arrow_forward
- Exercise 4-4 (Algo) Assigning Costs to Units—Weighted-Average Method [LO 4-4] Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory $2,130 $850 Cost per equivalent unit $15.66 $4.83 A total of 21,300 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) Materials Conversion Total 1. Cost of ending work in process inventory 2. Cost of units transferred outarrow_forwardModule 4 - Activity-Based Costing: Activity 1 Problem on Activity based costing: Babes Manufacturing, Inc. Provided the following information for the month of October, 2020: Product Honey Product Hapi 850 units Number of units produced Activities/Cost Drivers: 450 units Materials handling Production set-up Quality inspections Machine depreciation Additional data: 900 kilos 9 runs 80 hours 3,200 kilos 15 runs 120 hours 280 hours 505 hours Direct material per unit Direct labor Factory overhead is applied at the rate of 100% based on direct labor cost Estimated overhead costs for October, 2020 amounts to P160,000. The product is selling at 20% above cost. P400.00 P600 50% of direct materials Factory overhead costs estimates for year 2020: Estimated number Estimated Acfivity Cost Drivers of cost drivers Overhead cost Materials handling Production set-up Quality inspections Machine depreciation Machine hours No. Of kilos No. Of rund Inspection hours 50,000 kilos 300 runs 4,000 hours 20,000…arrow_forwardExercise 4-5 (Static) Assigning Overhead to Products in ABC [LO4-2, LO4-3] Sultan Company uses an activity-based costing system. At the beginning of the year, the company made the following estimates of cost and activity for its five activity cost pools: Activity Cost Pool Activity Measure Expected Overhead Cost Expected Activity Labor-related Direct labor-hours $ 156,000 26,000 DLHs Purchase orders Number of orders $ 11,000 220 orders Parts management Number of part types $ 80,000 100 part types Board etching Number of boards $ 90,000 2,000 boards General factory Machine-hours $ 180,000 20,000 MHs Required: 1. Compute the activity rate for each of the activity cost pools. 2. The expected activity for the year was distributed among the company’s four products as follows: Activity Cost Pool Expected Activity Product A Product B Product C Product D Labor-related (DLHs) 6,000 11,000 4,000 5,000 Purchase orders (orders) 60 30 40 90 Parts management (part…arrow_forward
- Exercise 4-5 (Algo) Cost Reconciliation Report—Weighted-Average Method [LO4-5] Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $4,880, the cost of ending work in process inventory was $1,120, and the cost added to production was $25,300. Required: Prepare a cost reconciliation report for the Baking Department for June.arrow_forwardProblem 2 The Antipolo company operates three departments. Product costs are tracked by department and assigned process costing system. Overhead is applied to production in each department at a rate of 80 percent of direct labor cost. The hereunder T-account information pertains to the department operations submitted by the cost accountant. Work in process - Stripping Dept. 1 20,000 Cost Transf. Work in process - Adhesion Dept. 2 70,000 Cost Transf. 480,000 Beg. Beg. DM 90,000 Trans. In ? DL 80,000 DM 22,600 FO DL Ending 17,000 ? Ending 20,600 FO Work in Process - Packing Dept. 3 150,00 Transf. Fgoods ? Finished Goods 185,000 Cost of sales 770,000 Вeg. CoGmf 880,000 Beg. DM DL Fo 90,000 Ending Ending 40,000 2A The cost of goods transferred out from the Stripping is: a. P173,000 b. P227,000 c. P237,000 d. P273,000 Page 2B The Direct Labor cost incurred in Adhesion Dept. 2 is a. P76,000 b. P95,000 c. P96,000 d. P171,000 2C The direct material cost incurred in Packaging Dept.3 is a.…arrow_forwardProblem 2 Jeffery Technologies used the weighted-average method in it process costing system. Data for the Assembly Department for October appears below: Work in Process, October 1 Costs added during October Equivalent Units of Production Required: Materials $25,000 $235,000 40,000 Conversion Costs $40,000 $260,000 25,000 1. Compute the cost per equivalent unit of production for materials and conversion costs. Show calculations. 2. Compute the total cost per equivalent whole unit.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Cost Classifications - Managerial Accounting- Fixed Costs Variable Costs Direct & Indirect Costs; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=QQd1_gEF1yM;License: Standard Youtube License