amden County CollegeReferencesChapter 3 QuizbMy Questions | bartlebyinstructure.com/courses/3788/assignments/35967?moduleitem id-88693View PoliciesCurrent Attempt in ProgressA department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. For themonth of July, there was nothe ending work in process that were 30% complete. During July, $174600 materials costs and $152660 conversion costs were chargedto the department.beginning work in process; 39200 units were completed and transferred out; and there were 19000 units inThe unit production costs for materials and conversion costs for July wereConversion CostsMaterials$2.62$3.89$3.40$3.00$3.89$4.45$2.62$3.00eTextbook and Media10:51 AA 4 10/4/2ipeninshomef12deleteno lprt scf9f8f7f6X

Process firms accumulate production costs by process or department for a given period of time.…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Barney makes a single product in two Departments. The production data for Dept. 2 for Aug 2020 follows: Production Cost Last Month This MonthTransferred in 40,750 222,750Materials 9,500 168,750Conversion 4,850 202,500Quantities In Process beginning (40% done) 10,000Received from Dept. 1 75,000Completed and Transferred 62,500In Process end (60% done) 15,000 31. Under FIFO, what is the cost of goods completed? a. 488,125 b. 535,100 c. 537,500 d. 528,700
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior dept. 70,000 In process, February 28 ? 12,000 Stage of completion 2/5…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior dept. 70,000 In process, February 28 ? 12,000 Stage of completion 2/5…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month:                                                                            Department X                                   Department Y Quantity units:                In process, February 1                          16,000                                                10,000                Stage of completion                              4/5                                                       40%                Started in process                                  64,000                Received from prior dept.                                                                               70,000                In process, February 28                           ?                                                       12,000                Stage of completion                              2/5…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month:                                                                            Department X                                   Department Y Quantity units:                In process, February 1                          16,000                                                10,000                Stage of completion                              4/5                                                       40%                Started in process                                  64,000                Received from prior dept.                                                                               70,000                In process, February 28                           ?                                                       12,000                Stage of completion                              2/5…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month:                                                                            Department X                                   Department Y Quantity units:                In process, February 1                          16,000                                                10,000                Stage of completion                              4/5                                                       40%                Started in process                                  64,000                Received from prior dept.                                                                               70,000                In process, February 28                           ?                                                       12,000                Stage of completion                              2/5…
Computing EUP—FIFO Method Refer to Short Exercise S18A-15. At Spring Fresh Water is added at the beginning of the filtration process. Conversion costs are added evenly throughout the process. Now assume that in February, 130,000 liters were completed and transferred out of the Filtration Department into the Bottling Department. The 70,000 liters remaining in Filtration’s ending Work-in-Process Inventory were 80% of the way through the filtration process Recall that Spring fresh has no beginning inventories. Compute the equivalent units of production for direct materials and conversion costs for the Filtration Department using the FIFO method.
Peter Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.]The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 82,000 70% 30% Units started this period 432,000 Completed and transferred out 410,000 Ending work in process inventory 104,000 85% 35% Exercise 3-11A (Algo) FIFO: Costs assigned to output LO C2 The production department had the cost information below. Beginning work in process inventory Direct materials $ 206,850 Conversion 35,490 $ 242,340 Costs added this period Direct materials 1,512,630 Conversion 991,230 2,503,860 Total costs to account for $ 2,746,200 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the…
Michael’s Pottery makes decorative garden pieces using three consecutive processes: Moulding, Baking & Spraying. Quality control check takes place during the process, at which point, rejected units are separated from good units. The following details relate to production for the month of October 2020, for the Baking Department. i) Work-in-process, October 1: -0- ii) Transfer from Moulding: 2,000 units valued at $336.40 each iii) Other manufacturing costs incurred during October: Direct material added        $202,120 Direct Manufacturing Wages   $212,840 Manufacturing Overhead Applied    $306,160 iv) Normal losses are estimated to be 5% of the units transferred in during the period. Losses from the Baking Department are deemed to be scrap and sold at $382 each. v) At inspection 300 decorative pieces were rejected as scrap. These units had reached the following degree of completion: From Moulding         100% Direct material added     40% Conversion costs      12½%…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs    Materials 28,350 46,800    Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs    Materials 28,350 46,800    Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…

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