In October of the same year, Mannequin Fabrics, which started 35,000 units, had initial material inventories of $62,100 and had a final materials inventory of 6,900 units. Now, the initial inventory of products-in-process had 12,300 units, valued at $251,000 contains materials valued at $123,000, labor of S96,000 and $32,000 overhead cost right. The final inventory of finished products is valued at $84,000. The final inventory of work-in-progress and initial finished goods inventories are zero. There were no changes in costs of resources used in production What would be the final balance of material inventories? XWhat would be the final balance of inventories of products-in-process corresponding to October? A What would be the balance of purchases made in October? What would be the cost of the finished items in October? How many units were sold in October?

In October of the same year, Mannequin Fabrics, which started 35,000 units, had initial material inventories of $62,100 and had a final materials inventory of 6,900 units. Now, the initial inventory of products-in-process had 12,300 units, valued at $251,000 contains materials valued at $123,000, labor of S96,000 and $32,000 overhead cost right. The final inventory of finished products is valued at $84,000. The final inventory of work-in-progress and initial finished goods inventories are zero. There were no changes in costs of resources used in production What would be the final balance of material inventories? XWhat would be the final balance of inventories of products-in-process corresponding to October? A What would be the balance of purchases made in October? What would be the cost of the finished items in October? How many units were sold in October?

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Description: In October of the same year, Mannequin Fabrics, which started 35,000 units, had initial material inventories of $62,100 and had a final materials inventoryof 6,900 units.Now, the initial inventory of products-in-process had 12,300 units, valued at $

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....

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During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
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Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
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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 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?
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
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