ABC company accumulated the following cost in Department B During the Month of November:田Cost Transferredfrom Dept. AConversionCostsP 5,450104.000P 109,450MaterialTotalBeginning InventoryCurrent Period CostP 17,050184.000P 201,050P 34.000P 34,000P 22,500322.000P344,500Production for November in Department B (in units):2,000 60% complete20,0005,000 40% completeWIP-November 1Complete period transferredWIP-November 30Materials are not added in Department B until the very end of processing Department B.Required: Compute the value of ending WIP Using FIFO method:

Name: ABC company accumulated the following cost in Department B During the
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: ABC company accumulated the following cost in Department B During the Month of November:田Cost Transferredfrom Dept. AConversionCostsP 5,450104.000P 109,450MaterialTotalBeginning InventoryCurrent Period CostP 17,050184.000P 201,050P 34.000P 34,000P 2

First in first out: First in first out defines the method of managing the inventory of the…

Answered: Materials are not added in Department B…

Business

Accounting

Materials are not added in Department B until the very end of processing Department B. Required: Compute the value of ending WIP Using FIFO method:

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...

See similar textbooks

Similar questions

What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accumulated at the end of the period are as follows: Assume the beginning raw materials inventory was 62,800, the beginning finished goods inventory was 118,400, and there was no beginning work-in-process inventory. Required: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process, and Finished Goods.
Using the weighted-average method, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units.
The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for 90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
COST ALLOCATION AND LOWER-OF-COST-OR-MARKET Hall Companys beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: There are 1,100 units of inventory on hand on December 31. REQUIRED 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Halls inventory on December 31 was 16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. Prepare required entries to apply: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
The following inventory information is available for Narcisa Manufacturing Corporationfor the year: Beginning Ending Inventories:Raw materials P17,000 P19,000Work in process 9,000 14,000Finished goods 11,000 8,000Total P37,000 P41,000 In addition, the following transactions occurred:a. Raw materials purchased on account, P75,000.b. Incurred factory labor, P80,000, all is direct labor. (Credit Factory Wages Payable).c. Incurred the following overhead costs during the year: Utilities P6,800, Depreciation onmanufacturing machinery P8,000, Manufacturing machinery repairs P6,200, Factoryinsurance P9,000 (Credit Accounts Payable and Accumulated Depreciation).d. Assigned P80,000 of factory labor to…
Zoola, Inc. provided the following information regarding its inventory for the current year, its second yearof operations.Transaction Units Unit CostBeginning inventory1/1 3,000 17.00Purchases, January 23 4,500 16.00Purchases, February 14 1,200 16.50Purchases, March 17 2,300 17.00 Units Sold-April 13 at 20 9,600Purchases, May 5 5,600 15.00Purchases, July 4 3,200 16.00 Unit Sold-October 31 at 19 8,700Purchases, November 22 1,400 15.00Instruction :1.1 Compute Zoola’s ending inventory and cost of goods sold under the following cost-flow assumptions assuming a perpetual inventory…
Ryan company recorded the following data pertaining to raw material Y during the current year. units Date Received cost Issued On hand Jan. 1 Inventory 200 16,000 Jan. 8 Issue 8,000 8,000 Jan. 20 Purchase 24,000 240 32,000 What is the moving average unit cost on January. 31?
Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T). WIP inventory—Department T Beginning inventory (9,200 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) $ 49,430 Department T conversion costs 13,760 Current work (20,900 units started) Prior department costs 119,130 Department T costs 235,440 The ending inventory has 4,200 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: Complete the production cost report using FIFO.
Required information [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $1,069,960 on October 1. Of this amount, $459,200 was the cost of direct materials and $610,760 was the cost of conversion. The 63,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 132,000 units were transferred out and 45,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,578,400 for direct materials and $4,182,090 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.)