I'm having trouble with a lot of my managerial accounting work. See the question below: Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows: Cost of beginning inventory Direct materials $9800 Conversion costs $16,480 Costs added in Department 1: Direct materials $295,120 Direct labor $298,550 Manufacturing overhead $203,130 $796,800 Department 1 handled the following units during May: Units in process, May 1, 2019 2000 Units started in Department 1 40,000 Units transferred to Department 2 39,000 Units in process, May 31, 2019 3000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing. Required: I need to prepare the product cost report for Department 1 for May
I'm having trouble with a lot of my managerial accounting work. See the question below: Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows: Cost of beginning inventory Direct materials $9800 Conversion costs $16,480 Costs added in Department 1: Direct materials $295,120 Direct labor $298,550 Manufacturing overhead $203,130 $796,800 Department 1 handled the following units during May: Units in process, May 1, 2019 2000 Units started in Department 1 40,000 Units transferred to Department 2 39,000 Units in process, May 31, 2019 3000 On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing. Required: I need to prepare the product cost report for Department 1 for May
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 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...
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I'm having trouble with a lot of my
Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:
Cost of beginning inventory | ||
Direct materials | $9800 | |
Conversion costs | $16,480 | |
Costs added in Department 1: | ||
Direct materials | $295,120 | |
Direct labor | $298,550 | |
Manufacturing overhead | $203,130 | $796,800 |
Department 1 handled the following units during May:
Units in process, May 1, 2019 | 2000 |
Units started in Department 1 | 40,000 |
Units transferred to Department 2 | 39,000 |
Units in process, May 31, 2019 | 3000 |
On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for
Required:
I need to prepare the product cost report for Department 1 for May
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