A.Compute for the ending Finished Goods Inventory under Absorption costing B.Compute for the ending Finished Goods Inventory under Absorption costing
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QUESTIONS
A.Compute for the ending Finished Goods Inventory under Absorption costing
B.Compute for the ending Finished Goods Inventory under Absorption costing
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- During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual departmentOverhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per productJournalizing the distribution of service department costs to production departments Required: Using your solution to P4-7, prepare journal entries for the following: The distribution of the total factory overhead of $79,400 to the individual production and service departments where it originated. The distribution of the Building Maintenance overhead to the appropriate other departments. The distribution of the Factory Office overhead to the appropriate other departments.
- Title Brahtz Company uses an activity-based costing system. It has the following manufacturing activity ar Description Brahtz Company uses an activity-based costing system. It has the following manufacturing activity areas, related cost drivers and cost allocation rates:ActivityCost DriverCost Allocation RateMachine setupNumber of setups$25.00Materials handlingNumber of parts0.25MachiningMachine hours13.00AssemblyDirect labor hours22.00InspectionNumber of finished units7.00During the month, 100 units were produced, with no defects, requiring three setups. Each unit consisted of 17 parts, 3 direct labor hours and 2.5 machine hours. Direct materials cost $50 per finished unit.What is the total manufacturing cost for inspections?$-0-$700$90$7Sheridan Company developed the following data: Beginning work in process inventory $ 120000 Direct materials used 520000 Actual overhead 640000 Overhead applied 610000 Cost of goods manufactured 1620000 Ending work in process 90000 How much are total manufacturing costs for the period? $1590000 $1770000 $1530000 $1250000Accounting Delta Manufacturing Co uses Process costing. The following data is related to department 2. Details Units Amounts Unit received in process. Units completed and transferred to department 3 . Units in process (50% complete) Units lost in process Abnormal (80% complete) 12000 7000 4000 1000 $ Cost incurred by the department Material Labor F.O.H Cost from preceding department 30000 20000 10000 96000 Requirement: Prepare a cost of production report for department 2.
- Equivalent Units of Production and Cost per Equivalent Unit—FIFO Method Required: Assume that the company uses the FIFO method in its process costing system. 1. Compute the first department’s equivalent units of production for materials, labor, and overhead for the month. 2. Compute the first department’s cost per equivalent unit for materials, labor, overhead, and in total for the month.How can I do this problem? Required: Calculate the cost per equivalent unit for materials, labor and manufacturing overhead and in total Cost per equivalent unit-Weighted-Average Method Material Labor Overhead Working in process, May 1…. $18,000 $5,500 $27,500 Cost Added during May 238,900 $80,300 $401,500 Equivalent units of production 35,000 33,000 33,000Bonita Industries developed the following data: Beginning work in process inventory $ 120000 Direct materials used 620000 Actual overhead 740000 Overhead applied 610000 Cost of goods manufactured 1620000 Ending work in process 90000 How much are total manufacturing costs for the period? $1430000 $1590000 $1970000 $1350000
- ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?Princeton 3 Company has the following information for May:Cost of direct materials used in production $17,300Direct labor 44,700Factory overhead 28,800Work in process inventory, May 1 72,100Work in process inventory, May 31 76,400Finished goods inventory, May 1 30, 300Finished goods inventory, May 31 34,600For May, determine a) the cost of goods manufactured and b) the cost of goods soldAssigning Costs to Units—FIFO Method Data concerning a recent period’s activity in the Assembly Department, the first processing department in a company that uses the FIFO method in its process costing, appear below: A total of 26,000 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 2,000 units and ending work in process inventory consisted of 1,000 units. Required: 1. Compute the Assembly Department’s cost of ending work in process inventory for materials, conversion, and in total for the period. 2. Compute the Assembly Department’s cost of units transferred out to the next department for materials, conversion, and in total for the period.
