(AICPA adapted)EXERCISESRound off all amounts to three decimal places.1. Cost of production report. A company's Department 2 costs for June were:Cost from Department 1Cost added in Department 2:Materials.LaborFactory overhead.$16,32043,41556,10058,575The quantity schedule shows 12,000 units were received during the month from Department 1:7,000 units were transferred to finished goods; and 5,000 units in process at the end of June were50% complete as to materials cost and 25% complete as to conversionRequired: Cost of production report.2. Costing of units transferred; lost units. Read, Inc., instituted a new pročess in October, düringwhich it started 10,000 units in Department A. Of the units started, 1,000 units, a normal number,were lost during the process; 7,000 were transferred to Department B; and 2,000 remained in workin process inventory at the end of the month, 100% complete as to materials and 50% complete asto conversion cost. Materials and conversion costs of $27,000 and $40,000, respectively, werecharged to the department in October.Required: Total cost transferred to Department B.los masred ntuPequankroufued, Cauplede)cluits(AICPA adapted)3. Cost of production report; normal loss. For December, the Production Control Department ofOarola Chemical, Inc., reported the following production data for Department 2:Transferred in from Department 1.Transferred out to Department 3.In process at end of December (with labor-and factory over-head)..55 000 liters**** *39,500 liters10 500 litersAll materials were put into process in Department 1.The Cost Department collected these figures for Department 2:Unit cost for units transferred in from Department 1..Labor cost in Department 2..Applied factory overhead$1.80$27,52015,480Required: A cost of production report for Department 2 for Decamber.

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Description: (AICPA adapted)EXERCISESRound off all amounts to three decimal places.1. Cost of production report. A company's Department 2 costs for June were:Cost from Department 1Cost added in Department 2:Materials.LaborFactory overhead.$16,32043,41556,10058,5

Cost of production report states the summary of the aggregate manufacturing cost of the item and it…

Business

Accounting

1. Cost of production report. A company's Department 2 costs for June were: Cost from Department 1. Cost added in Department 2: Materials... Labor Factory overhead. $16,32 43,4 56,10 58,5 ........e ............ ....... . The quantity schedule shows 12,000 units were received during the month frc 7,000 units were transferred to finished goods; and 5,000 units in process at the 50% complete as to materials cost and 25% complete as to conversion cost Required: Cost of production report. los Fmusrednu

1. Cost of production report. A company's Department 2 costs for June were: Cost from Department 1. Cost added in Department 2: Materials... Labor Factory overhead. $16,32 43,4 56,10 58,5 ........e ............ ....... . The quantity schedule shows 12,000 units were received during the month frc 7,000 units were transferred to finished goods; and 5,000 units in process at the 50% complete as to materials cost and 25% complete as to conversion cost Required: Cost of production report. los Fmusrednu

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 19E

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During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
AAA Appliances Inc. has two production departments. The nature of the process is such that no units remain in process in Finishing at the end of the period. At the beginning of the period, 10,000 units with a cost of 30,000 were transferred from Assembly to Finishing. Finishing incurred costs of 8,800 for materials, 7,200 for labor, and 8,800 for factory overhead, and finished 10,000 units during the month. Using the data in E5-9, prepare a statement of cost of goods manufactured for the month ended January 31, 2016, assuming that no further work was done in Assembly during January.
Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.
Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.
Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
During the month, a company with no departmentalization incurred costs of 45,000 for materials, 36,000 for labor, and 22,500 for factory overhead. There were no units in process at the beginning or at the end of the month, and 20,000 units were completed. Determine the unit cost for the month for materials, labor, factory overhead, and the total unit cost. (Round unit costs to three decimal places.)
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.