Need answer for ii) please provide working Question 2Vaasa Chemicals makes a product by way of two processes - Mixing & Refining. Its processcosting system in the Mixing Department has two direct cost categories (Chemical P &Chemical Q) and one conversion costs pool. Chemical P is introduced at the start of theoperations in the Mixing Department and Chemical Q is added when the product is three-fourths (75%) completed in the Mixing Department. The following information pertains to theMixing department for July:UnitsWork in process inventory, July 1Started production| Completed and transferred to Refining DepartmentEnding work in process inventory [two-thirds (66%%)of the way throughthe Mixing process]50,00035,00015,000CostsBeginning WIP inventory$0Costs added during July:Chemical P250,000Chemical Q70,000Direct Labour32,000Manufacturing overhead103,000Required:i)Compute the equivalent units in the Mixing Department for direct materials and forconversion costsii)Compute :a) the cost of the units completed and transferred out to the Refining Departmentb) the cost of work in process inventory as of July 31iii)Prepare the journal entry to record the cost of the units completed and transferred outto the Refining Department.iv)Post the journal entries to the Work in Process Inventory – Mixing T-account. What isthe ending balance?

Given Total number of units in to production: 50000 completed and transferred units : 35000 Ending…

Answered: Need answer for ii) please…

Business

Accounting

Need answer for ii) please provide working

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 4CMA: A company is using process costing with the first-in, first-out (FIFO) method, and all costs are...

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Question 2Vaasa Chemicals makes a product by way of two processes – Mixing & Refining. Its processcosting system in the Mixing Department has two direct cost categories (Chemical P &Chemical Q) and one conversion costs pool. Chemical P is introduced at the start of theoperations in the Mixing Department and Chemical Q is added when the product is threefourths (75%) completed in the Mixing Department. The following information pertains to theMixing department for July: UnitsWork in process inventory, July 1 0Started production 50,000Completed and transferred to Refining Department 35,000Ending work in process inventory [two-thirds (66⅔%)of the way throughthe Mixing process] 15,000 CostsBeginning WIP inventory $0Costs added during July:Chemical P 250,000Chemical Q 70,000Direct Labour 32,000Manufacturing overhead 103,000Required:i) Compute the equivalent units in the Mixing Department for direct materials and forconversion costsii) Compute :a) the cost of the units completed and…
QUESTION 1Eman Sdn Bhd (ESB) is a manufacturer of superior rubbish bin, uses the weightedaverage method in its process costing system. ESB has produced the rubbish bin thatpasses through two processing departments: Moulding Department and FinishingDepartment. In the Moulding Department, all direct materials are added at the beginningof the process. Direct labor and manufacturing overhead are added uniformly. Percentageof completion in the Moulding Department for conversion costs is 30 percent for beginningwork in process and 60 percent for ending work in process. Information related to theMoulding Department during March 2021 was summarized as follows: REQUIRED:(a) Prepare the physical units from units to account for, units accounted for andequivalent units.(b) Calculate cost per equivalent units.(c) Calculate total cost for completed and transferred out and ending work in process.
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(Appendix 6A) First-In, First-Out Method Benson Pharmaceuticals uses a process-costing system to compute the unit costs of the overthe- counter cold remedies that it produces. It has three departments: mixing, encapsulating, and bottling. In mixing, the ingredients for the cold capsules are measured, sifted, and blended (with materials assumed to be uniformly added throughout the process). The mix is transferred out in gallon containers. The encapsulating department takes the powdered mix and places it in capsules (which are necessarily added at the beginning of the process). One gallon of powdered mix converts into 1,500 capsules. After the capsules are filled and polished, they are transferred to bottling, where they are placed in bottles that are then affixed with a safety seal, lid, and label. Each bottle receives 50 capsules. During March, the following results are available for the first two departments: Mixing Encapsulating Beginning inventories: Physical units 10…
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Questions 14 – 17 are based on the following Chen Company produces a product in a two-department process, Assembly and Finishing. The following information is available on their first department, Assembly: Beginning Work-in-process Units started Units completed and transferred to Finishing Ending Work-in-process Direct Material Added Direct Labour Factory Overhead Total cost to account for The units still in process are 100% complete with respect to direct materials and 75% complete with respect to conversion costs. -0- 200,000 168,000 32,000 $700,000 960,000 480,000 2,140,000 14. The unit cost of direct materials is: (A) $3.50 (C) $3.65 (B) $4.17 (D) $0.29 15. The unit cost for conversion costs is: (A) $5.00 (B) $2.50 (C) $7.20 (D) $7.50 16. The total cost of units completed and transferred to finished goods is: (A) $2,112,000 (B) $2,140,000 (C) $1,848,000 (D) $352,000 17. The total cost of ending work-in-process is: (A) $352,000 (B) $292,000 (C)…
Question 2 Balkan Bhd, manufatures a caulking compound that goes through three processing stage prior to completion. Information on work in the first department, Cooking Department, is given below for May: Production data: Pounds in process, May 1; 10,000 (materials 100% complete; conversion 80% complete) Pounds started into production during May 100,000 Pounds in process, May 31; 15,000 (materials 60% complete; conversion 20% complete) Cost data: Work in process inventory, May 1: Materials cost…
Question text The Ammad Company manufactures a product in a single process. The following information is available: The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The total cost of the units completed and transferred to Finished Goods is: a. $436,500 b. $473,400 c. $511,200 d. $392,625