Compute for the total cost accounted for using FIFO. ATOZ company's product is manufactured in two departments. Units are inspected at the end of th production process in the first department. Data related to the month of May are: WIP.beg (60% material 35% labor, and 25% FOH), 1,000 units; started in process this period, 9,000 units; WIP,end (100% material 75% labor and 50% FOH), 1,500 units. Cost data follows: WIP,beg Cost this Month Materials Labor P1,260 P36,240 10,780 21,725 770 FOH 1,400
Q: Annenbaum Corporation uses the weighted-average method in its process costing system. This month,…
A: Particulars Material Conversion Opening Units WIP (worked upon during the month) 140(= 400* 35%)…
Q: Annenbaum Corporation uses the weighted-average method in its process costing system. This month,…
A: Units completed = 5,900 units Units in ending inventory = Beginning inventory + Units started -…
Q: Marvellous Inc. uses the weighted-average method in its process costing system. The following data…
A: a. Calculate the equivalent units of production for materials and conversation costs: Working note…
Q: Gunes Corporation uses the weighted-average method in its process costing system. This month, the…
A: Concept of Equivalent Production: Equivalent Production represents the production of a process in…
Q: Fields Company has two manufacturing departments, Forming and Painting. The company uses the…
A: 1. Calculate the equivalent units of production for the Forming department.
Q: Use the following information for Questions 4-6: Burton Company uses the weighted-average method in…
A: Weighted average method in process costing system: Workings:
Q: Use the following information for Questions 4-6: Burton Company uses the weighted-average method in…
A:
Q: Esty Corporation uses the weighted-average method in its process costing system. This month, the…
A: PLEASE LIKE THE ANSWER Equivalent units of production (EUP)- weighted average method…
Q: Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning…
A:
Q: Bentwood Corporation uses the FIFO method in its process costing system. Data concerning the first…
A: Equivalent units of production: The Equivalent units of production is the number of goods that we…
Q: Inacio Corporation uses the weighted-average method in its process costing system. Data concerning…
A: Formula: Equivalent units = Units transferred to the next department during the month + ( Ending…
Q: Company uses the FIFO method in its process costing system. The MIxing Department started the month…
A: Process costing is a method used for collecting and assigning production costs to the units…
Q: Los Angeles Corporation uses the weighted-average method in its process costing system. Data…
A: Equivalent units for materials = (No. of Units Completed and Transferred Out x 100%) + (No. of Units…
Q: ims Corporation uses the weighted-average method in its process costing system. The Assembly…
A: Equivalent units of production is the theoretical number of units of an item that an entity could…
Q: Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing…
A: Production cost report provides information regarding total cost which includes costs related to raw…
Q: cost of the units transferred
A: Factory overhead 75% * Direct labor Direct labor P85,600 Substitute the values in the formula.…
Q: Tript Corporation has a process costing system and uses the weighted-average method. The company had…
A: Total Units accounted for = Units completed + Ending work in process units = 10,000 + 4,000 = 14,000…
Q: Haffner Corporation uses the weighted-average method in its process costing system. Data concerning…
A: Formula: Equivalent units of conversion = Units transferred to the next department during the month…
Q: Gunes Corporation uses the weighted-average method in its process costing system. This month, the…
A: Ending inventory units = Beginning inventory + Units started - Units transferred = 800 units + 8500…
Q: Darden Corporation uses the weighted-average method in Its process costing system. The first…
A: Conversion costs includes direct labor cost and overheads cost incurred by manufacturing entity for…
Q: Domingo Corporation uses the weighted-average method in its process costing system. This month, the…
A: Ending inventory in units = Beginning inventory + Units started - Units transferred Ending inventory…
Q: Gunes Corporation uses the weighted-average method in its process costing system. This month, the…
A: 1. Statement of Equivalent unit of Production Ending Work in progress unit= O.S+ Units…
Q: Aplle Corporation uses the weighted-average method in its process costing system. Data concerning…
A: Equivalent unit of material = Units completed and transferred + (Units in ending work in process…
Q: Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning…
A: First, calculate the equivalent units:
Q: Computing EUP, second department The Packaging Department started the month with 600 units in…
A: Equivalent units for Conversion costs = Ending work in process for conversion costs * % of…
Q: Kelley paint company uses the weighted average method to account for costs of production. Kelley…
A: Introduction: Process costing is a method for assigning costs of manufacturing to the units…
Q: Darvin Company uses the weighted-average method in its process costing system. The first processing…
A: Solution:- Introduction:- calculation of Unit transferred out as follows:- Unit transferred out…
Q: Gunes Corporation uses the weighted-average method in its process costing system. This month, the…
A: Product cost consists of direct material cost, direct labor cost, and manufacturing overhead costs.…
Q: The actual total cost of direct materials used in production during July, to the nearest dollar, was
A: Direct material cost variance: direct material variance is variance analysis done by the company to…
Q: Gunes Corporation uses the weighted-average method in its process costing system. This month, the…
A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect…
Q: Gunes Corporation uses the weighted-average method in its process costing system. This month, the…
A: Cost per Equivalent units is calculated by dividing the total costs i.e. from Beginning WIP to all…
Q: Annenbaum Corporation uses the weighted-average method in its process costing system. This month,…
A: Equivalent unit: This shows how much work has been done for a certain number of units. This gets…
Q: Darden Corporation uses the weighted-average method in its process costing system. The first…
A: Conversion cost per unit is determined by dividing the total conversion cost incurred by the total…
Q: The Fields Company has two manufacturing departments, forming and painting. The company uses the…
A: Calculate units completed during the period:
Q: Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning…
A:
Q: Gunes Corporation uses the weighted-average method in its process costing system. This month, the…
A: Beginning units 2,800 Add: Units started 10,500 Total units 13,300 Less: Units…
Q: Garrison Corporation uses the FIFO method in its process costing system. Data concerning the first…
A: Process costing can be defined as an accounting concept under which manufacturing costs are…
Q: $ 2,700 Percent complete with respect to materials 60 % Percent complete with respect to…
A: Garrison Corporation uses the FIFO method in its process costing system.
Q: 1. Calculate the equivalent units of production for the forming department. 2. Calculate the costs…
A: Calculate units completed during the period: 1. Calculate the equivalent units of production for…
Q: Esty Corporation uses the weighted-average method in its process costing system. This month, the…
A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…
Q: Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: Tript Corporation has a process costing system and uses the weighted-average method. The company had…
A: Equivalent units: These include all the units that are partially completed at the closing of the…
Q: The Fields Company has two manufacturing departments, forming and painting. The company uses the…
A: Requirements are solved in the following table:
Q: Bentwood Corporation uses the FIFO method in its process costing system. Data concerning the first…
A: Answer: Calculation: *EUP means equivalent units of production.
Q: Fields Company has two manufacturing departments, Forming and Painting. The company uses the…
A: Equivalent units of production is used with a view to determine the portion of work done for the the…
Q: entwood Corporation uses the FIFO method in its process costing system. Data concerning the first…
A: The cost per unit of conversion is calculated by dividing the total conversion cost by the…
Q: Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing…
A: Work in process: It refers to the amount of the goods which are partially completed. It can also be…
Q: Idaho Corporation uses the weighted-average method in its process costing system. Data concerning…
A: Equivalent units for conversion costs = (No. of units Completed and Transferred Out x 100%) +…
Step by step
Solved in 2 steps
- Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.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.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.
- 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.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?During December, Krause Chemical Company had the following selected data concerning the manufacture of Xyzine, an industrial cleaner: All materials are added at the beginning of processing in this department, and conversion costs are added uniformly during the process. The beginning work in process inventory had 120 of raw materials and 180 of conversion costs incurred. Materials added during December were 540, and conversion costs of 1,484 were incurred. Krause uses the first-in, first-out (FIFO) process cost method. The equivalent units of production used to compute conversion costs for December were: a. 110 units. b. 104 units. c. 100 units. d. 92 units.
- The standard cost summary for the most popular product of Phenom Products Co. is shown as follows, together with production and cost data for the period. One gallon each of liquid lead and varnish are added at the start of processing. The balance of the materials is added when the process is two-thirds complete. Labor and overhead are added evenly throughout the process. There were no units in process at the beginning of the month. Required: Calculate equivalent production for materials, labor, and overhead. (Be sure to refer to the standard cost summary to help determine the percentage of materials in ending work in process.) Calculate materials and labor variances and indicate whether they are favorable or unfavorable, using the diagram format shown in Figure 8-4. Determine the cost of materials and labor in the work in process account at the end of the month.Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November, production is 14,800 equivalent units for materials and 13,300 units for labor and overhead. During the month, materials, labor, and overhead costs were as follows: Beginning work in process for November had a cost of 11,360 for materials, 11,666 for labor, and 9,250 for overhead. Compute the following: a. Weighted average cost per unit for materials b. Weighted average cost per unit for labor c. Weighted average cost per unit for overhead d. Total unit cost for the monthUse the following information for Problems 6-62 and 6-63: Millie Company produces a product that passes through an assembly process and a finishing process. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for June: a. WIP, June 1, had 24,000 units (60% completed) and the following costs: b. During June, 70,000 units were completed and transferred to the finishing department, and the following costs were added to production: c. On June 30, there were 10,000 partially completed units in process. These units were 70% complete. 6-62 Weighted Average Method, Single-Department Analysis Refer to the information for Millie Company above. Required: Prepare a production report for the assembly department for June using the weighted average method of costing. The report should disclose the physical flow of units, equivalent units, and unit costs and should track the disposition of manufacturing costs.
- Use the following information for Problems 6-62 and 6-63: Millie Company produces a product that passes through an assembly process and a finishing process. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for June: a. WIP, June 1, had 24,000 units (60% completed) and the following costs: b. During June, 70,000 units were completed and transferred to the finishing department, and the following costs were added to production: c. On June 30, there were 10,000 partially completed units in process. These units were 70% complete. 6-63 (Appendix 6A) First-In, First-Out Method; Single-Department Analysis; One Cost Category Refer to the information for Millie Company above. Required: Prepare a production report for the assembly department for June using the FIFO method of costing. The report should disclose the physical flow of units, equivalent units, and unit costs and should track the disposition of manufacturing costs. (Note: Carry the unit cost computation to four decimal places.)Clearwater Candy Co. had a cost per equivalent pound for the month of 4.56 for materials, 1.75 for labor, and 1.00 for overhead. During the month, 10,250 lb were completed and transferred to finished goods. The 3,200 lb in ending work in process were 100% complete as to materials and 60% complete as to labor and overhead. At the beginning of the month, 1,500 lb were in process, 100% complete as to materials and 50% complete as to labor and overhead. The beginning inventory had a cost of 8,775. Clearwater uses FIFO costing. Required: 1. Calculate the cost of the pounds completed and transferred to finished goods. 2. Calculate the cost of the ending work in process.Kokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during the month of March: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 18,000 units finished and transferred to stockroom. Work in process, end of period, 3,000 units, two-thirds completed. Required: Prepare a cost of production summary for March.