Apps MAP Testing - NWEAmyCCSD CCSD LibrariesImported From IECost of production summaries, one department, two months;journal entriesManufacturing data for January and February in the MixingDepartment of Klinger Kleaning Products follow:P6-1L01JanuaryFebruaryMaterials used.$20,000528,400Labor.$15,200$23,000Factory overhead..$11,400$19,800Finished and transferred to Blending Dept.3,6003,200Work in process, end of month..400600Stage of completion....3/41/4All materials are added at the start of the process. Labor andfactory overhead are added evenly throughout the process.ImaVitalSource Bookshelf: Principle X.MiA bookshelf.vitalsource.com/3/books/9781305480520/cfi/377!/4/4@0.00:0.00PausedApps MAP Testing - NWEAN myCCSD CCSD LibrariesImported From IEOther bookmarks356Principles of Cost AccountingడNo units were in process at the beginning of January, Goods fin-ished in Mixing are transferred to Blending for further processing.Required.1. From an analysis of this information, prepare a cost of produc-tion summary for each month, using the weighted average:cost methocd. (Round unit costs to three decimal places.)2. Make the journal entries for each month to record the cost ofmaterials, labor, and factory overhead used in production andthe transfer of finished units from Mixing to Blonding. (HintSee Chapter5 to review.)PP6-2Cost of productionsummaries one departmenbwo.montns,journal entriesManufacturing data for June and July in the Blending DenartmentLO1! C

Name: Apps MAP Testing - NWEAmyCCSD CCSD LibrariesImported From IECost of p
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Apps MAP Testing - NWEAmyCCSD CCSD LibrariesImported From IECost of production summaries, one department, two months;journal entriesManufacturing data for January and February in the MixingDepartment of Klinger Kleaning Products follow:P6-1L01Januar

Cost of production means cost incurred by a company for manufacturing a product

Business

Accounting

Labor..... $15,200 $23,000 Factory overhead.... . $11,400 $19,800 Finished and transferred to Blending Dept...... 3,600 3,200 Work in process, end of month.... 400 600 Stage of completion.... 3/4 1/4 Im All materials are added at the start of the process. Labor and factory overhead are added evenly throughout the process. A VitalSource Bookshelf: Principles x Mi + > C A A bookshelf.vitalsource.com/#/books/9781305480520/cfi/377!/4/4@0.00:0.00 Paused E Apps MAP Testing - NWEA myCCSD O CCSD Libraries Imported From IE Other bookmarks IM 356 Principles of Cost Accounting No units were in process at the beginning of January. Goods fin- ished in Mixing are transferred to Blending for further processing. Required: 1. From an analysis of this information, prepare a cost of produc- tion summary for each month, using the weighted average cost method. (Round unit costs to three decimal places.) 2. Make the journal entries for each month to record the cost of materials, labor, and factory overhead used in production and the transfer of finished units from Mixing to Blending. (Hint See Chapter 5 to review.) P6-2 Cost of production summaries, one department, two months; journal entries

Labor..... $15,200 $23,000 Factory overhead.... . $11,400 $19,800 Finished and transferred to Blending Dept...... 3,600 3,200 Work in process, end of month.... 400 600 Stage of completion.... 3/4 1/4 Im All materials are added at the start of the process. Labor and factory overhead are added evenly throughout the process. A VitalSource Bookshelf: Principles x Mi + > C A A bookshelf.vitalsource.com/#/books/9781305480520/cfi/377!/4/4@0.00:0.00 Paused E Apps MAP Testing - NWEA myCCSD O CCSD Libraries Imported From IE Other bookmarks IM 356 Principles of Cost Accounting No units were in process at the beginning of January. Goods fin- ished in Mixing are transferred to Blending for further processing. Required: 1. From an analysis of this information, prepare a cost of produc- tion summary for each month, using the weighted average cost method. (Round unit costs to three decimal places.) 2. Make the journal entries for each month to record the cost of materials, labor, and factory overhead used in production and the transfer of finished units from Mixing to Blending. (Hint See Chapter 5 to review.) P6-2 Cost of production summaries, one department, two months; journal entries

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter6: Process Costing

Section: Chapter Questions

Problem 38BEB: Transferred-In Cost Vigor Inc. produces an energy drink. The product is sold by the quart. The...

See similar textbooks

Similar questions

Barney makes a single product in two Departments. The production data for Dept. 2 for Aug 2020 follows: Production Cost Last Month This MonthTransferred in 40,750 222,750Materials 9,500 168,750Conversion 4,850 202,500Quantities In Process beginning (40% done) 10,000Received from Dept. 1 75,000Completed and Transferred 62,500In Process end (60% done) 15,000 31. Under FIFO, what is the cost of goods completed? a. 488,125 b. 535,100 c. 537,500 d. 528,700
Barney makes a single product in two Departments. The production data for Dept. 2 for Aug 2020 follows: Production Cost Last Month This MonthTransferred in 40,750 222,750Materials 9,500 168,750Conversion 4,850 202,500Quantities In Process beginning (40% done) 10,000Received from Dept. 1 75,000Completed and Transferred 62,500In Process end (60% done) 15,000Materials are added at the start of the process, and losses normally occur during the early stages of operation. 30. Under weighted average, what is the cost of WIP end? a. 111,600 b. 111,400 c. 68,600 d. 70,000
1. The following information is available for Department A of B Manufacturing Corporation for themonth of July:WIP, July 1, 30% complete 5,000 unitsCosts: Materials P12,000.00 DL P6,000.00 OH P8,000.00 Started in production during July 20,000 unitsCost added: Materials P36,000.00 DL P16,000.00 OH P20,200.00 WIP, July 31, 20% complete 2,000 units Materials are added at the beginning of the process and the company uses the weighted averagemethod to account for cost. Required: A. Cost of production report assuming the company utilizes FIFO method of accounting costsB. Cost of WIP ending, under WAC. Cost of WIP ending, under FIFOD. Cost of goods transferred to finished goods, under WAE. Cost of goods started and completed in July, under FIFO
Recording materials transactionsPrepare a journal entry to record each of the following materialstransactions:a. Total materials purchased on account during the monthamounted to $200,000.b. Direct materials requisitioned for the month totaled $175,000.c. Indirect materials requisitioned during the month totaled$12,000.d. Direct materials returned to the storeroom from the factoryamounted to $2,500.e. Total materials returned to vendor during the month amountedto $1,800.f. Payment during the month for materials purchased on accounttotaled $165,000
The questions to be answered are:Week 1The following data refer to Nani’s Fashions for the current year:Sales Revenues $475,000Work in process inventory, 31 December 15,000Work in process inventory, 1 January 20,000Selling and administrative expenses 75,000Income tax expense 45,000Purchase of raw materials 90,000Raw materials inventory, 31 December 12,500Raw material inventory. 1 January 20,000Direct labour 100,000Electricity: plant 20,000Depreciation plant and equipment 30,000Finished goods inventory, 31 December 25,000Finished goods inventory, 1 January 10,000Indirect material 5,000Indirect labour 7,500Other manufacturing overhead 40,000Required:a) Prepare the schedule of cost of goods manufactured for Nani’s fashion. (3 marks)b) Prepare the schedule of cost of goods sold for Nani’s Fashions and explain the informationprovided by the schedule of cost of goods sold. (4 marks)c) Prepare an income statement for the current year.
sub-part 4 to be answered equired information[The following information applies to the questions displayedbelow.]Silver Company manufactures kites and has the followinginformation available for the month of April:Work in process, April 1(100% complete for materials, 40% for conversion) 58,000 unitsDirect materials $ 86,000Conversion cost $ 116,000Number of units started 164,000 unitsApril costsDirect materials $ 232,000Conversion cost $ 342,000Work in process, April 30(100% complete for materials, 20% for conversion) 83,000 units!Required:Using the FIFO method, complete each of the following steps:1. Reconcile the number of physical units worked on during the period.2. Calculate the number of equivalent units.3. Calculate the cost per equivalent unit.4. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below.Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 dto the nearest whole dollar…
Review Problem for Chapters 1 and 2 UltraLift Corp. manufactures chain hoists. The raw materials inventories on hand on October 1 were as follows: The balances in the ledger accounts on October 1 were as follows: Transactions during October were as follows: a. Payroll recorded during the month: direct labor, 28,000; indirect labor, 4,800. b. Indirect materials purchased for cash, 1,000. c. Materials purchased on account: chain4,000 lb, 8,800; pulleys2,000 sets, 10,200; steel plates5,000 units, 3,000. d. Sales on account for the month, 126,375. e. Accounts receivable collected, 72,500. f. Materials used during October (FIFO costing): chain14,000 lb; pulleys4,400 sets; bolts and taps4,000 lb; steel plates3,800 units. g. Payroll paid, 32,800. h. Indirect materials issued to production in October, 650. i. Factory heat, light, and power costs for October, 3,000 (not yet paid). j. Office salaries paid, 6,000. k. Advertising paid, 2,000. l. Accounts payable paid, 33,750. m. Expired insuranceon office equipment, 100; on factory machinery, 300. n. Factory rent paid, 2,000. o. Depreciation on office equipment, 400; on office furniture, 180; on machinery, 1,200. p. Factory overhead charged to jobs, 11,950. q. Work in Process, October 31, 31,000. (Hint: The difference between the sum of the beginning balance in Work in Process plus the total charges to it during the period less the ending balance in Work in Process represents the cost of the goods completed during the period.) r. Cost of goods sold during the month, 84,250. Required: 1. Set up T-accounts and enter the balances as of October 1. 2. Prepare journal entries to record each of the previous transactions. 3. Post the journal entries to the accounts, setting up any new ledger accounts necessary. Only controlling accounts are to be maintained; however, show the calculation for the cost of materials used. 4. Prepare a statement of cost of goods manufactured for October. 5. Prepare an income statement. 6. Prepare a balance sheet showing the classifications of current assets, plant and equipment, current liabilities, and stockholders equity.
Recording materials transactions Prepare a journal entry to record each of the following materials transactions: a. Total materials purchased on account during the month amounted to 200,000. b. Direct materials requisitioned for the month totaled 175,000. c. Indirect materials requisitioned during the month totaled 12,000. d. Direct materials returned to the storeroom from the factory amounted to 2,500. e. Total materials returned to vendor during the month amounted to 1,800. f. Payment during the month for materials purchased on account totaled 165,000.
(Appendix 4A) Journal Entries, T-Accounts Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. During the month of July, the following occurred: a. Purchased materials on account for 42,630. b. Requisitioned materials totaling 27,000 for use in production: 12,500 for Job 703 and the remainder for Job 704. c. Recorded direct labor payroll for the month of 26,320 with an average wage of 14 per hour. Job 703 required 780 direct labor hours; Job 704 required 1,100 direct labor hours. d. Incurred and paid actual overhead of 19,950. e. Charged overhead to production at the rate of 10 per direct labor hour. f. Completed Job 703 and transferred it to Finished Goods. g. Kept Job 704, which was started during July, in process at the end of the month. h. Sold Job 700, which had been completed in May, on account for cost plus 30%. Beginning balances as of July 1 were: Required: 1. Prepare the journal entries for transactions a through e. 2. Prepare simple job-order cost sheets for Jobs 703 and 704. 3. Prepare the journal entries for transactions f and h. 4. Calculate the ending balances of the following: (a) Raw Materials, (b) Work in Process, and (c) Finished Goods.
Budget performance reports for cost centers Partially completed budget performance reports for Runquist Company, a manufacturer of air conditioners, are provided below. a.Complete the budget performance reports by determining the correct amounts for the lettered spaces. b.Compose a memo to Jeff Kitchens, president of Meridian Company, explaining the performance of the Production Division for June.
Transferred-In Cost Vigor Inc. produces an energy drink. The product is sold by the quart. The company has two departments: mixing and bottling. For May, the bottling department had 30,000 quarts in beginning inventory (with transferred-in costs of 63,000) and completed 140,000 quarts during the month. Further, the mixing department completed and transferred out 120,000 gallons at a cost of 237,000 in May. Required: 1. Prepare a physical flow schedule for the bottling department. 2. Calculate equivalent units for the transferred-in category. 3. Calculate the unit cost for the transferred-in category.
Partially completed T-accounts and additional information for Dumfries Designs for the month of August follow: Materials Inventory Debit Credit BB (8/1) 165,200 682,200 610,200 Work-in-Process Inventory Debit Credit BB (8/1) 307,200 Labor 597,400 Finished Goods Inventory Debit Credit BB (8/1) 589,200 960,800 777,700 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit 482,920 Applied Manufacturing Overhead Debit Credit 473,800 Additional information for August follows: The labor wage rate was $29 per hour. During the month, sales revenue was $1,732,000, and selling and administrative costs were $324,800. This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor-hours. Required: What was the cost of direct materials issued to production…