GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake Company manufactures soccer balls in two sequential processes: Cutting and Stiching. All direct materlals enter production at the beginning of the Cutting process. The following Information Is avallable regarding its May Inverntorles: Raw materlals inventory Work in process Inventory-Cutting Work in process Inventory-Stitching Finished goods Inventory Beginning Inventory $ 126,000 283,500 303,300 260,100 Ending Inventory $ 153,250 63,500 180,500 56,250 The following additional Information describes the company's production activities for May. Direct naterlals Raw materials purchased on credit Direct naterlals used-Cutting Direct naterials used-Stitching $ 145,000 27,750 Direct labor Direct labor-Cutting Direct labor-Stitching $ 27,6ee 110,400 Factory Overhead (Actual costs) Indirect materlals used Indirect labor used Other overhead costs $ 90,000 59, see 71,800 Factory Overtead Rates Cutting stitching Sales (15ex of direct naterlals used) (12ex of direct labor used) $ 1,216,000

GLO301 - Based on Problem 3-5A (Algo) LO P3, P4 Drake Company manufactures soccer balls in two sequential processes: Cutting and Stiching. All direct materlals enter production at the beginning of the Cutting process. The following Information Is avallable regarding its May Inverntorles: Raw materlals inventory Work in process Inventory-Cutting Work in process Inventory-Stitching Finished goods Inventory Beginning Inventory $ 126,000 283,500 303,300 260,100 Ending Inventory $ 153,250 63,500 180,500 56,250 The following additional Information describes the company's production activities for May. Direct naterlals Raw materials purchased on credit Direct naterlals used-Cutting Direct naterials used-Stitching $ 145,000 27,750 Direct labor Direct labor-Cutting Direct labor-Stitching $ 27,6ee 110,400 Factory Overhead (Actual costs) Indirect materlals used Indirect labor used Other overhead costs $ 90,000 59, see 71,800 Factory Overtead Rates Cutting stitching Sales (15ex of direct naterlals used) (12ex of direct labor used) $ 1,216,000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...

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Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories (in millions) in the notes to recent financial statements: a.Why does Qualcomm report three different inventories? b. What costs are included in each of the three inventory accounts?
Waterway’s Manufacturing has 7400 units in beginning Work in Process inventory, 15% complete related to conversion costs, 15200 units transferred out to Finished Goods inventory, and 2100 units in ending Work in Process inventory 10% complete related to conversion costs. Direct materials are fully added at the beginning of the process. How much are equivalent units of production for conversion costs if the FIFO method is used? 14300 16310 16520 14210
The manufacturing operations of Cullumber, Inc. had the followInventoriesRaw MaterialsWork in ProcessFinished GoodsJanuary 1Cost of goods sold$15.36026,88017,920GA$January 31Cullumber transferred $371,200 of completed goods out of WoCompute the cost of goods sold.Tavthook and Media$16.64029,44020,480 Please don't provide solutions in an image format thank you
12. Which of the following entry rightly record for transferring goods from WIP to finished stock? a. A. Dr. Work in Process Inventory A/c Cr. Costing Profit and Loss A/c b. A. Dr. Work in Process Inventory A/c Cr. Finished Goods Inventory A/c c. A. Dr. Costing Profit and Loss A/c Cr. Work in Process Inventory A/c d. A. Dr. Finished Goods Inventory A/c Cr. Work in Process Inventory A/c
LBC’s beginning work-in-process inventory is P 376,000, ending work-in-process inventory is P 440,000, cost of goods manufactured is P 1.700,000, and direct materials used are P 324,000. What are the conversion costs? A) 1,960,000 B) 1,440,000 C)1.312,000 D) 1.376,000
Concord Corporation has beginning work in process inventory of 148000 and total manufacturing costs of 277000. If costs of goods manufactured is 280000, what is the cost of the ending work in process inventory?
T2-7 Assign costs to completed units and ending Work in Process Inventory (LO 4) Monk, Inc. reported the following results for the month of November. Units Materials Conversion Work in Process Beginning inventory ? $ 5,900 $15,000 Added to production ? 47,300 65,000 Completed and transferred out ? ? ? Ending inventory 40,000 60% complete 40% complete Cost per equivalent unit $0.40 $0.64 Questions a.How many units were completed and transferred out of Work in Process Inventory? b.What cost should be assigned to the units transferred out of Work in Process Inventory? c.What cost should be assigned to the ending Work in Process Inventory?
The following information pertains to the Cannady Corporation: Beginning work-in-process inventory $ 50,000 Ending work-in-process inventory 48,000 Beginning finished goods inventory 180,000 Ending finished goods inventory 195,000 Cost of goods manufactured 1,220,000 What is the cost of goods sold? a. $1,235,000 b. $1,205,000 c. $1,218,000 d. $1,222,000
Hanrahan Company uses process costing to account for the costs of its only product, X. On December 31, the inventory for Product X was as follows: Work in Process, Beginning Started and In Process Transferred out Work in process-Ending 800 units (3/4 complete as to conversion costs) 1,200 units 1,500 units 500 units (3/4 complete as to conversion costs) Materials are added at the beginning of the process. Beginning Cost: Materials Conversion Costs Current Cost: Materials Conversion Costs Required: P80,000 P30,000 P150,000 P75,000 1. Compute the equivalent units of materials and conversion costs using the FIFO Method. 2. Compute the equivalent units of materials and conversion costs using the Average Method. 3. Determine the total cost of ending work in process under FIFO Method. (Note: Always use two decimal places, if any).
Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December,2022. Company presented the following costs on processes: In December, under FIFO method, what is average unit cost of inventory transferred from Process 2 to Process 3? P24.56 P25.03 P25.22 P24.76
Sheffield Corp. reported the following year-end information: beginning work in process inventory, $88000; cost of goods manufactured, $820000; beginning finished goods inventory, $58000; ending work in process inventory, $78000; and ending finished goods inventory, $48000. How much is Sheffield’s cost of goods sold for the year? $810000 $830000 $820000 $840000