Compute the ending inventory of work in process ANSWER IN EXCEL FORM
Q: In a process-costing system, manufacturing costs are accumulated by: 1- batch. 2- batch and time…
A: Process costing system is costing system under which a product has to go through several processes…
Q: Show how to prepare a journal entry to enter direct materials costs into the WIP Inventory account…
A: Prepare journal for introducing direct materials cost into WIP inventory account in sequential…
Q: As production takes place, al manufacturing costs are added to the Multiple Choice Workin Process…
A: At the time of production, different costs are incurred such as direct material cost, direct labor…
Q: For following products and services, indicate whether it is more likely produced in a…
A: Answer: Process operation.
Q: What is the correct order of the inventories in regards to processing? Group of answer choices a…
A: Inventories are the collection of all those units which are available in enterprise in the form of…
Q: (c) Complete the Work in Process Inventory - Polishing Process T-account, clearly showing the ending
A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct…
Q: What is the TOTAL cost assigned to the ending work in process inventory?
A: Process costing: process costing is a costing method used by companies that produce homogeneous…
Q: Show, using T-accounts, how production overhead is added to Work-in-Process Inventory when standard…
A:
Q: Describe important features of job order production.
A: Job Order Production That particular method of production where the order is made according to…
Q: cturing Overhead. credit to job cost sh
A: Overhead application is recorded with a . Credit to Manufacturing Overhead
Q: How do you find the ending work in process inventory?
A: Raw material means the material purchased and still not enter in to the production lines. Work in…
Q: List ways in which job order costing systems are similar to process costing systems.
A: Job order costing: Job order costing is one of the methods of cost accounting under which cost is…
Q: Identify the journal entry for indirect material return to supplier. a. Dr.Material inventory,…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: 2. Show how to prepare a journal entry to enter direct materials costs into the WIP Inventory…
A: The costing method in which the raw materials are processed through various processes to make a…
Q: Define Work-in-process inventory.
A: Definition: Inventory refers to the raw materials, work-in-process, and the finished goods…
Q: The total cost of the 1,450 units that were transferred out of the Work in Process Inventory…
A: Process costs It is a method of cost accounting, which is used where the production is continuous,…
Q: Choose the best answer choice for each question 1. In a process cost system, the amount of work in…
A: We’ll answer the first question since the exact one wasn’tspecified. Please submit a new question…
Q: Identify the following features as applying more to job order operations (J), process operations…
A: Process costing: It is a method of cost accounting used by an enterprise with processes categorized…
Q: a. Prepare the journal entries to record all possible events in above situation. b. Compute the…
A: a) Journal Entries Date Particulars Debit Credit Work in Process 120,000 Raw Materials…
Q: a job-order costing s
A: Unit product cost of job = [Direct material cost + direct labor cost + Manufacturing overhead cost ]…
Q: Please show your computations through excel. b. Compute the total service allocated to finishing…
A: Overhead means the cost incurred indirect in factory for the production of goods. Overhead cost will…
Q: labor time tickets material requisitions
A: Work in process inventory is the amount of inventory that has started into production but has not…
Q: Use T-accounts to showthe flow of costs in ajob-order costing system.
A: Every industry maintains different inventory accounts and every industry can use job order costing.…
Q: Companies such as Apple commonly prepare a process cost summary. What purposes does a process cost…
A: Process cost summary: A process cost summarizes the cost and expense concerned with each process of…
Q: (c) Prepare the Work in Process Inventory _ Spraying Department T-account, clearly showing the…
A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct…
Q: Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
A: To transfer of costs from work in process and finished goods, finished goods will be debited and…
Q: Job order costing and process costing both: a. All the given answers are correct. b. both allocate…
A: Job cost accounting accumulates prices by individual jobs. Method cost accounting accumulates prices…
Q: llustrate the process work flows in an accounts receivable section of the Accounting Department via…
A: Accounts Receivable refers to the short term money which is due to be received. It is the proceeds…
Q: The purchase of manufacturing supplies is normally recorded as a debit to Group of answer choices…
A: Manufacturing supplies are referred to as material which is used in the manufacturing of the goods…
Q: Please show your computations through excel. Using FIFO, compute for the equivalent unit for…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: Preparing a summary journal entry to record allocation of manufacturing overhead
A: Preparation of a summary journal entry to record allocation of manufacturing overhead. We have,The…
Q: Identify the following features as applying more to job order operations (J), process operations…
A: Job order operations: These processes are used to allocate prime costs to each unit…
Q: ick the icon to view the information.) he requirements rement 1. Compute the actual and budge…
A: In the given question overhead rate is calculated on the basis of direct Labor cost. Therefore…
Q: 3. compute the cost of the ending inventory of work in process ANSWER IN EXCEL FORM
A: Under process costing, there are two methods which are accounted for. One is FIFO method and other…
Q: Job order costing and process costing both: O a. All the given answers are correct. O b. assign…
A: Job Order Costing:-It tracks prime cost to assign direct material and direct labor cost to the…
Q: Identify the following features as applying more to job order operations (J), process operations…
A: Job order operations: These processes are used to allocate prime costs to each unit…
Q: Prepare T accounts for the following: Raw Materials Inventory, Work in Process Inventory, Finished…
A: 1 & 2. Raw Material Inventory Particulars Amount(P) Particulars Amount(P) Opening balance…
Q: The focus in a job order costing system is the job or batch. Identify the main focus in process…
A: Job Costing Costing for work orders is a costing process. Work order costs are used to calculate the…
Q: b. Determine the ending balance of raw and in process inventory and finished goods invent Raw and In…
A: Budgeted conversion cost per unit = $78,120 / 155 *10/60 = $84 per unit
Q: The appropriate cost accounting system to use when inventory items are produced on an assembly line…
A: 1. Perpetual System: in perpetual inventory system sale and purchase is recorded immediately. 2.…
Q: please help me finish this in FIFO method!
A: Cost accounting is widely used by cost accountants to determine the cost of products produced in the…
Q: iscuss the Step by Step Procedure involve in process Costing including the content of Production…
A: In accounting, process costing is a method of allocating production costs to units of output.…
Compute the ending inventory of work in process
ANSWER IN EXCEL FORM
Step by step
Solved in 2 steps with 1 images
- Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units, 55,000 units were started in production, and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are 70% complete and the Units are 30% complete with respect to conversion.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.At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.
- Production data show 35,920 units were transferred out of a stage of production and 6,150 units remained in ending WIP inventory that was 100% complete to material and 35% complete to conversion. The unit material cost is $5 for material and $8 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory?A company has 100 units in ending work in process that are 40% complete after transferring out 750 Units. If the cost per unit is $5 for materials and $2.50 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
- A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.There were 2,400 units in ending work in process inventory that were 100% complete with regard to material and 25% complete with regard to conversion costs. Ending work in process inventory had a cost of $9,000 and a per-unit material cost of $2. What was the conversion cost per unit using the weighted-average method?
- 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?The packaging department began the month with 500 units that were 100% complete with regard to material and 85% complete with regard to conversion. It received 9,500 units from the processing department and ended the month with 750 units that were 100% complete with regard to materials and 30% complete with regard to conversion. With a $5 per unit cost for conversion and a $5 per unit cost for materials, what is the cost of the units transferred out and remaining in ending inventory?A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?