3.FINAL OUTPUTanoihsgen o 19dauOutput No. 1Ellen Joyce Company is engaged in the manufacture of engines which are made only oncustomers' orders and to their specifications. During January, the company worked on Jobs201, 202, 203, and 204. The following figures summarize the cost records for the month.Job 201Job 202Job 203lob 204Direct Materials put intosilprocess:Jan. 2P15,00020,00015,000P5,00016,0001,00018P5,00010,000 P6,0003,50022282,000Direct labor coststweek endingJan. 26.1,00027,000 9.00032,00020,0001,0001627,0003,000fo235,00018,000 11,50017,5001,50030Factory overheadEngines completed60,00010032,000agu9,000 M602500.S19Jobs 201 and 202 have been completed and delivered to the customer at a total selling priceof P350,000. Job 204 is still in process. There was no work in process at the beginning of ulemonth. Required:he prece3. Prepare statement of cost of goods manufactured and sold.

Name: 3.FINAL OUTPUTanoihsgen o 19dauOutput No. 1Ellen Joyce Company is eng
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: 3.FINAL OUTPUTanoihsgen o 19dauOutput No. 1Ellen Joyce Company is engaged in the manufacture of engines which are made only oncustomers' orders and to their specifications. During January, the company worked on Jobs201, 202, 203, and 204. The follow

Cost of goods manufactured(COGM) includes all the direct costs incurred and overheads incurred in…

Business

Accounting

FINAL OUTPUT wpet or pecnbe Output No. 1 Ellen Joyce Company is engaged in the manufacture of engines which are made only on customers' orders and to their specifications. During January, the company worked on Jobs 201, 202, 203, and 204. The following figures summarize the cost records for the month. Job 201 Lob 202 Job 203 Job 204 Direct Materials put into process: Jan. 2 18 P15,000 20,000 15,000 P5,000 16,000 1,000 P5,000 10,000 3,500 22 28 Direct labor costs P6,000 2,000 week ending Jan. 2 1,000 27,000 32,000 20,000 1,000 9.000 16 27,000 3,000 23 5,000 18,000 17,500 1,500 11,500 30 Factory overhead Engines completed 60,000 32,000 g 9,000 100 60 25 000 14 Jobs 201 and 202 have been completed and delivered to the customer at a total selling price of P350,000. Job 204 is still in process. There was no work in process at the beginning of ure month.

FINAL OUTPUT wpet or pecnbe Output No. 1 Ellen Joyce Company is engaged in the manufacture of engines which are made only on customers' orders and to their specifications. During January, the company worked on Jobs 201, 202, 203, and 204. The following figures summarize the cost records for the month. Job 201 Lob 202 Job 203 Job 204 Direct Materials put into process: Jan. 2 18 P15,000 20,000 15,000 P5,000 16,000 1,000 P5,000 10,000 3,500 22 28 Direct labor costs P6,000 2,000 week ending Jan. 2 1,000 27,000 32,000 20,000 1,000 9.000 16 27,000 3,000 23 5,000 18,000 17,500 1,500 11,500 30 Factory overhead Engines completed 60,000 32,000 g 9,000 100 60 25 000 14 Jobs 201 and 202 have been completed and delivered to the customer at a total selling price of P350,000. Job 204 is still in process. There was no work in process at the beginning of ure month.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 3BE: The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory...

See similar textbooks

Similar questions

3. Process costing is used. All of the manufacturing activities take place in a single processing department. The following information was available for the month of January: (16 points) Direct materials 85,200 Direct labor 25,000 Manufacturing overhead applied Total cost to account for in January 40,110 150,310 a) Prepare a journal entry to summarize the total manufacturing costs (direct materials, direct labor and manufacturing overhead) applied to productin on January 31, 2020. Date Debit Credit Db Cr b) Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse on January 31,2020. Date Debit Credit Db Cr
Goode Company has the following production data for selected months. EndingWork in Process Month BeginningWork in Process UnitsTransferred Out Units % Complete as toConversion Cost January –0– 40,300 10,300 42 % March –0– 41,800 9,000 75 July –0– 48,800 20,700 21 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process. Materials Conversion Costs January March July
Ellen Joyce Company is engaged in the manufacture of engines which are made only o customers' orders and to their specifications. During January, the company worked on Johs 201, 202, 203, and 204. The following figures summarize the cost records for the month. Job 201 lob 202 lob 203 Job 204 Direct Materials put into process: Jan. 2 P15,000 20,000 15,000 P5,000 16,000 1,000 P5,000 10,000 3,500 18 22 P6,000 2,000 28 Direct labor costs week ending Jan. 2 1,000 9.000 1,000 27,000 32,000 20,000 9. 16 27,000 3,000 5,000 18,000 17,500 25 1,500 11,500 9,000 23 30 Factory overhead Engines completed 60,000 32,000 100 60 Jobs 201 and 202 have been completed and delivered to the customer at a total selling price of P350,000. Job 204 is still in process. There was no work in process at the beginning of the month. Required: 1. Prepare the summary journal entries for the month to record the preceding information. (Assume a work in process accounts is maintained for each job.) 2. Prepare a cost sheet…
The following information pertains to Bacolod Company's Division D for the month of May: Cost of materials P 11,000 P 36,000 Number of units Beginning WIP Started in May Units completed Ending WIP 30,000 80,000 85,000 25,000 All materials are added at the beginning of the process. 1. The cost per equivalent unit for materials using FIFO is 2. The cost per equivalent unit for materials using Avera ecosting
TB MC Qu. 8-74 (Algo) Bentwood Corporation uses the FIFO method in its... Bentwood Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work-in-process inventory: Units in beginning work-in-process inventory Material's costs 1,900 $ 36,100 $ 20,900 Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work-in-process inventory: Units in ending work-in-process inventory Percent complete with respect to materials Percent complete with respect to conversion 70% 25% 9, зе 8,100 $156, 200 $255,5e0 3,100 80% 35% What are the equivalent units for materlals for the month in the first processing department? Multiple Choice Activate Window
Little Company uses a standard costing system. The following monthly cost functions apply to its manufacturing overhead items: Cost Function PO.80 per DLH P1.00 per DLH P0.40 per DLH P8,000 P32,000 Overhead Item Indirect materials Indirect labor Utilities Insurance Depreciation Information for the month of October is as follows: Actual overhead costs incurred: Indirect materials P20,800 24,000 9,600 8,800 32,000 P95,200 Indirect labor Utilities Insurance Depreciation Total Actual direct labor hours worked 24,000 Standard direct labor hours allowed for production achieved 27,000 Little uses expected capacity to calculate standard overhead rates. The monthly expected capacity is 25,000 hours. Required: а. Calculate the following standard overhead rates based upon expected capacity:
1) A company uses process costing and provides the following information for the month of August: Physical Flow in August Cost Data for August Units in Process, Aug. 1 100 Materials Conversion Total Units Started in August 1100 Beg. WIP: $734 $1,547 $2,281 Units Completed in August 1120 Current Period: 12,708 $13,897 $26,605 Units in Process, Aug. 30 80 Total: $13,442 $15,444 $28,886 Units in process at the end of August were 30% complete with respect to materials and conversion costs. How much cost should be assigned to ending work-in-process inventory for the month of August? (Round all intermediate calculations and the final answer to the nearest dollar and cents.)2) A company uses process costing. The following information pertains to the Assembly Department for the month of June: Assembly Department physical inventory for June: 100 units completed and transferred out 20 units in ending work‐in‐process inventory Ending work-in-process inventory is 10% complete with respect to…
Al-Can Products, Inc. began work on an order for 80 benches. Complete the cost sheet for this work order. a. Record the following items: i. ii. iii. May 4. Direct labor, $248.00. iv. v. vi. May 6. Direct labor, $192.00. vii. May 7. Direct labor, $295.00. viii. May 10. Direct materials, $360.00. Req. No. 428. ix. May 10. Direct labor, $165.00. x. May 11. Direct labor, $152.00. xi. May 12. Direct labor, $124.00. b. Complete the cost sheet by totaling the Direct Labor and Direct Materials columns, calculating total cost using those totals and the factory overhead rate answer from step 3, and calculating cost per unit. May 3. Direct materials, $862.50. Req. No. 392. May 3. Direct labor, $129.00. May 5. Direct materials, $472.50. Req. No. 399. May 5. Direct labor, $175.00.
he following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 4,200 units, 4/5 completed 10,080 31 Direct materials, 75,600 units 136,080 146,160 31 Direct labor 38,120 184,280 31 Factory overhead 21,448 205,728 31 Goods finished, 76,500 units 198,732 6,996 31 Bal., ? units, 2/5 completed 6,996 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for July and August, did…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. e $16 per hr. 2 hrs. e $11 per hr. Actual Direct materials Direct labor 44,500 lbs.e $7.10 per lb. 17,400 hrs.e $16.50 per hr. $200,200 8,800 Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost
Wildhorse Company has the following production data for selected months. Month January March July January January Beginning Work in Process March July -0- -0- -0- Save for Later Materials Units Transferred Out Materials e Textbook and Media 45.500 52,000 58,500 Compute equivalent units of production for materials and conversion costs, assuming that materials are entered at the beginning of the process and that conversion costs are incurred uniformly throughout the process. Ending Work in Process Units 13,000 10,400 20.800 Compute equivalent units of production for materials and conversion costs, assuming that materials are entered at the beginning of the process and that conversion costs are incurred uniformly throughout the process. Conversion Costs % Complete as to Conversion Cost 40% Conversion Costs 75 25 4 Attempts: 0 of 1 used Submit Answer
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds e $7 per pound 2 DLH e $16 per DLH 2 DLH e $12 per DLH Actual Results 44,900 pounds e $7.10 per pound 14,500 hours e $16.40 per hour $ 182,800 7,400 units Direct materials Direct labor Overhead Units manufactured Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost