9. The ledger of a company has the following work in processaccount:Work in Process AccountDate Particulars Amount Date Particulars Amount5/1Balance7180 5/31 Transferred Out5/31 Materials103205/31Labor54805/31 Overhead33005/31 BalanceProduction records show that there were 800 units in thebeginning inventory, 30% complete, 2200 units started,and 2400 units transferred out. The beginning WIP hadcost of 4080 and conversion cost of 3100. The units inending inventory were 40% complete. Materials areentered at the beginning of the process.Instructions:a) How many units are in process at May 31?b) What is the unit materials cost for May?c) What is the unit Conversion cost for May?d) What is the total cost of Units transferred out in May?e) What is the cost of the 'May 31" inventory?10. On January 1, 2020 the Jindal Steel Company budgetcommittee has reached agreement on the following datafor the 6 months ending June 30, 2020First quarter 15,000;16,000;third quarter 17,00050% of the next quarter's productionįrequirementsSales units:secondquarterEnding raw materials inventoryEnding finished goods inventory 30% of the next quarter's expected salesDirect Labor time per unitDirect labor rate per hourjunits1.6 hours$12Three pounds of raw materials are required to makeeach unit of finished goods. Raw materials purchasedare expected to cost $4 per pound.Instructions:a. Prepare a production budget by quarters for the 6-month period ended June 30, 2020.b. Prepare a direct materials budget for ONE QUARTERended March 31, 2020.c. Prepare a Direct Labor budget for the 6-month periodended June 30, 2020.

Name: 9. The ledger of a company has the following work in processaccount:W
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Description: 9. The ledger of a company has the following work in processaccount:Work in Process AccountDate Particulars Amount Date Particulars Amount5/1Balance7180 5/31 Transferred Out5/31 Materials103205/31Labor54805/31 Overhead33005/31 BalanceProduction reco

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9. The ledger of a company has the following work in process account: Work in Process Account Date Particulars Amount Date Particulars Amount 5/1 Balance 7180 5/31 Transferred Out ? 5/31 Materials 10320 5/31 Labor 5480 5/31 Overhead 3300 5/31 Balance ? Production records show that there were 800 units in the beginning inventory, 30% complete, 2200 units started, and 2400 units transferred out. The beginning WIP had cost of 4080 and conversion cost of 3100. The units in ending inventory were 40% complete. Materials are entered at the beginning of the process. Instructions: a) How many units are in process at May 31? b) What is the unit materials cost for May? c) What is the unit Conversion cost for May? d) What is the total cost of Units transferred out in May? e) What is the cost of the 'May 31" inventory?

9. The ledger of a company has the following work in process account: Work in Process Account Date Particulars Amount Date Particulars Amount 5/1 Balance 7180 5/31 Transferred Out ? 5/31 Materials 10320 5/31 Labor 5480 5/31 Overhead 3300 5/31 Balance ? Production records show that there were 800 units in the beginning inventory, 30% complete, 2200 units started, and 2400 units transferred out. The beginning WIP had cost of 4080 and conversion cost of 3100. The units in ending inventory were 40% complete. Materials are entered at the beginning of the process. Instructions: a) How many units are in process at May 31? b) What is the unit materials cost for May? c) What is the unit Conversion cost for May? d) What is the total cost of Units transferred out in May? e) What is the cost of the 'May 31" inventory?

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 16E: Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the...

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