Department I Department II Department III Quantity Data: In Process, Beg 45,000 units, 1/3 done ? units 50,000 units, 40% undone 60,000 units, 60% complete Placed in Process ? units 210,000 units ? units ? units, 35% incomplete 200,000 units Received from Previous Department Transferred to Stockroom 230,000 units 270,000 units ? units, 5/8 done ? units ? units, 5/9 undone Total Units to be Accounted For In Process, End Equivalent Units of Production (EUP) Cost Data: In Process, Dec. 1 Factory Costs: P180,000 P600,000 P300,000 Materials P675,000 480,000 50% of Labor P390,000 120,000 PO.40 per EUP P200,000 100,000 120% of Labor Labor Factory Overhead

Department I Department II Department III Quantity Data: In Process, Beg 45,000 units, 1/3 done ? units 50,000 units, 40% undone 60,000 units, 60% complete Placed in Process ? units 210,000 units ? units ? units, 35% incomplete 200,000 units Received from Previous Department Transferred to Stockroom 230,000 units 270,000 units ? units, 5/8 done ? units ? units, 5/9 undone Total Units to be Accounted For In Process, End Equivalent Units of Production (EUP) Cost Data: In Process, Dec. 1 Factory Costs: P180,000 P600,000 P300,000 Materials P675,000 480,000 50% of Labor P390,000 120,000 PO.40 per EUP P200,000 100,000 120% of Labor Labor Factory Overhead

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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Required information [The following information applies to the questions displayed below.] The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion. Direct Conversion Equivalent Units of Production Units transferred out Materials 43,500 EUP 3,500 EUP 43,500 EUP 2,100 EUP Units of ending work in process Equivalent units of production 47,000 EUP 45,600 EUP Direct Costs per EUP Costs of beginning work in process Costs incurred this period Materials $33,700 563,200 $ 596,900 Conversion $ 4,440 333,000 Total costs $ 337,440 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 3,000 44,000 43,500 3,500 Prepare…
ro-1 Sprint Corporation started operations on October 1, 2014. It has three processing departments: X, Y, and Z. The following information was available during the first month of production: October 2014 Department Department Department Quantity Started in process Finished and transferred to next department Work in process, end Stage of completion 3,000 2,800 4,000 2,000 800 2,800 3,000 1,000 20% 200 50% 25% Cost incurred Materials Labor Overhead P 64,000 38,400 51,200 153,600 P34,800 29,000 23,200 P87,000 P22,000 13,200 8,800 P44,000
Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 31,450 3,900 Units 470,050 263, 250 3,000 39,500 39,000 3,500 $ 35,350 733,300 $768,650 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places.
Black Company adds materials in the beginning of the process in Department 1, which is the first of two stages of its production cycle. Information concerning the materials used in Department 1 in July is as follows: Units Material Costs Work in process, March 1, 2018 Started in process Completed and transferred out 6,000 50,000 44,000 P3,000 25,560 Using the average cost method, what was the materials cost of work in process on March 31? а. Р6,120 b. Р3,060 С. Р3,000 d. P6,000
Problem Compute for the equivalent units of production in each of the following cases: Case A In process, Sept. 1 Placed in process In process, Sept. 30 Case B Stage of completion Stage of completion In process, Oct 1 Case C Stage of completion Transferred to Dept Y In process, Oct. 31 Stage of completion In process, Nov. 1 Stage of completion Transferred to stockroom Placed in process In process, Nov. 30 Stage of completion Department 1 8,000 units 14 50,000 units 6,000 units 1/5 Department X 3,000 units 1/3 26,000 units 4,000 1/5 Department A ? 1/5 35,000 units 12,000 units 1/3 Department 2 5,000 units 1/10 12,000 units 1/6 Department Y 2,000 units 1/5 7,000 2/7 Department B 8,000 units 1/8 38,000 units 3,200 units 1/10
Crowley processes its product in three consecutive departments, A, B, and C. The following data re given on the third department's production for June 2016. Quantity data: In process, June 1 (4/5 completed) 5,000 units Transferred in 22,000 units In process, June 30 (1/4 incomplete) 8,000 units Cost data: In process, June 1 P 30,610 Transferred in 110,000 Cost added in June Materials 15,750 Labor 8,400 Overhead…
! Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Unit Reconciliation Units to account for Beginning work in process Units started this period Total units to account for Units accounted for $ 24,150 2,900 403, 200 213,440 Units 2,500 36,000 35,500 3,000 2,500 36,000 38,500 $ 27,050 616,640 $ 643,690 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. 60%
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units 45,200 units (40% complete as to materials, 15% complete as to conversion) 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.
A company manufacture it main product in two different consecutive processes, process 1 andprocess 2. The output from process 1 is transferred to process 2 the output of process 2 is sent tothe packaging department. Information for the week ended 31 August 2009 is as follows;Process 1Input Material X 18,00kg @ GH¢1 per kgMaterial Y 12,000 kg @ GH¢2 per kgLabour 1,720 hours @ GH¢3 per hourNormal loss 5% of inputSales price of scrap GH¢0.32 per kgOutput 27,000 kgThere was no opening stock but 600 kg of closing work in progress in process 1 at the end of theweek which is estimated to be 60% complete with regard to conversion cost.Process 2Input Material P 19,800 kg @ GH¢2.5 per kgMaterial Y 12,600 kg @ GH¢1.5 per kgAdditives GH¢1,800Labour 1,480 hours @ GH¢3 per hourNormal loss 5% of inputOutput 56,000 kgThere was no opening WIP but there 3,000 kg in process 2 at the end of the week which isestimated to be 50% complete with regard to labour and overheads. Total overheads ofGH¢19,200 was…
es Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 4,050 29,160 29,970 3,240 $ 26,730 299,619 670,680 2,924,019 Direct Materials Percent Complete 100% 100% $326,349 Conversion Percent Complete 40% 3,594,699 $ 3,921,048 80% Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion 450,450 $ 19,350 2,520 $ 21,870 246,330 696,780 Total costs to account for $ 718,650 Direct Materials Conversion Percent Percent Units Complete Beginning work in process inventory 2,000 100% Complete 20% Units started this period 38,500 Completed and transferred out 38,000 Ending work in process inventory 2,500 100% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for
ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…