Principles of Cost Accounting
17th Edition
ISBN: 9781305087408
Author: Edward J. Vanderbeck, Maria R. Mitchell
Publisher: Cengage Learning
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Chapter 5, Problem 16Q
To determine
Explain the manner in which the finished goods on hand are reported on the cost of production summary and on the
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a. Determine the number of units in work in process inventory at the end of the month.
b. Determine the number of whole units to be accounted for and to be assigned costs
and the equivalent units of production for May.
when prepareing a schedule of cost of goods manufactred for the month, how do you determine the cost of producing a product?
How do you compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March. What is the answer?
How do you prepare a cost reconciliation report for the Drying Department for March. What is the answer?
Chapter 5 Solutions
Principles of Cost Accounting
Ch. 5 - What are the two basic systems of cost accounting,...Ch. 5 - Following is a list of manufactured products. For...Ch. 5 - Give three examples of industries and companies...Ch. 5 - What is the primary difference between the two...Ch. 5 - What is the difference between the term unit cost...Ch. 5 - How do the two cost accounting systems differ in...Ch. 5 - What is the primary objective in accumulating...Ch. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - What would be the effect on the unit cost of...
Ch. 5 - What information is reflected on a production...Ch. 5 - What are the four main sections of a cost of...Ch. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - In determining the costs transferred to a third...Ch. 5 - Prob. 16QCh. 5 - Prob. 17QCh. 5 - Compute the equivalent production (unit output)...Ch. 5 - During the month, a company with no...Ch. 5 - Comacho Chemical Co. recorded costs for the month...Ch. 5 - Norwood Co. had 200 units in work in process at...Ch. 5 - Using the following data, determine which figures...Ch. 5 - The records of Burris Inc. reflect the following...Ch. 5 - The records of Stone Inc. reflect the following...Ch. 5 - Argo Manufacturing Co. had 500 units, three-fifths...Ch. 5 - AAA Appliances Inc. has two production...Ch. 5 - AAA Appliances Inc. has two production...Ch. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Chavez Concrete Inc. has two production...Ch. 5 - Chavez Concrete Inc. has two production...Ch. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Geneva Products Co. produces a latex paint and...Ch. 5 - Dublin Brewing Co. uses the process cost system....Ch. 5 - Kokomo Kayak Inc. uses the process cost system....Ch. 5 - Prob. 4PCh. 5 - Sifting, the second department in a...Ch. 5 - Forming, the second department in a...Ch. 5 - Premier Products Inc. has three departments and...Ch. 5 - Premier Products Inc. has three departments and...Ch. 5 - Aero Aluminum Inc. uses a process cost system. The...Ch. 5 - Aero Aluminum Inc. uses a process cost system. The...Ch. 5 - Prob. 11PCh. 5 - Petrini Products Co. has two departments: Mixing...Ch. 5 - Tanaka Manufacturing Co. uses the process cost...Ch. 5 - Syracuse Beverages Inc. has three plants that make...
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- Job cost sheets show the following information: What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?arrow_forwardSummary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?arrow_forwardMonterrey Products Co. uses the process cost system. A record of the factory operations for the month of October follows: Required: Prepare a cost of production summary, assuming that the production losses are considered to be normal.arrow_forward
- The following information concerns production in the Forging Department for June. The Forging Department uses the weighted average method. a. Determine the cost per equivalent unit. b. Determine cost of units transferred to Finished Goods. c. Determine the cost of units in ending Work in Process.arrow_forwardSpokane Production Co. obtained the following information from its records for July: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for July: a. The gross profit or loss for each job completed and sold, and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)arrow_forwardProduction information shows these costs and units for the smoothing department in August. What is the value of the inventory transferred out to finished goods and the value of the WIP inventory at the end of the month, assuming conversion costs are 30% complete?arrow_forward
- Bangor Products Co. obtained the following information from its records for April: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for April: a. The gross profit or loss for each job completed and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)arrow_forwardThe following information concerns production in the Finishing Department for May. The Finishing Department uses the weighted average method. a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production.arrow_forwardRequired: 1. Enter the balance as of April 1 in a four-column account for Work in Process-Filling. Record the debits and credits in the account for April. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion; (b) cost per equivalent unit; (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in April; and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Filling Department DATE ITEM Apr. 1 Bal., 600 units, 80% completed 30 Cooking Dept., 14,340 units at $7.30 30 Direct labor 30 Factory overhead 30 Finished goods 30 Bal., 1,400 units, 30% completed ACCOUNT NO. BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 5,760 14,682 27,162 14,626 If an amount box does not require an entry, leave it blank. Round cost per unit answers to the nearest cent.arrow_forward
- During the accounting period, Work in Process Inventory will be debited for Sales Salaries Work sent to Completed Goods DirectLabor Costsarrow_forwardThe cost accountant prepares the cost of production summary by first collecting the period’s production costs from summaries of material requisitions, payroll, and factory overhead analysis sheets. True or False?arrow_forward1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 1,200 units, 60% completed Sept. 30 Smelting Dept., 27,000 units at $3.7 Sept. 30 Direct labor Sept. 30 Factory overhead Sept. 30 Finished goods Sept. 30 Bal., 3,500 units, 20% completedarrow_forward
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