ournal Entries Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt’s production departmentused 720 pounds of PVC for the 780 units of XV-1 it manufactured.Required Make the necessary journal entries to record the purchase and usage of PVC during October.(Round all amounts to nearest whole dollar.)

ournal Entries Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt’s production departmentused 720 pounds of PVC for the 780 units of XV-1 it manufactured.Required Make the necessary journal entries to record the purchase and usage of PVC during October.(Round all amounts to nearest whole dollar.)

Name: ournal Entries Use the data in Exhibit 14.5. On October 7, Schmidt Mac
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Description: ournal Entries Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt’s production departmentused 720 pounds of PVC for the 780 units of XV-1 it manufactured.Requir

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 14E: For each of the following independent situations, calculate the missing values: 1. The Belen plant...

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For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
Chicago Company purchased on the account and used 500 pounds of direct materials to produce a product with a 520-pound standard direct materials requirement. The standard materials price is $1.90 per pound. The actual materials price was $2.00 per pound. Instructions: Prepare the journal entries to record (1) the purchase of the materials and (2) the material entering production.
Crane Company began the year with 8 units of marine floats at a cost of $10 each. During the year, it made the following purchases: May 5, 32 unit at $15; July 16, 15 units at $19; and December 7, 20 units at $23. Assume there are 25 units on hand at the end of the period. Crane uses the periodic approach. LIFO
Novak Corp. began the year with 8 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5, 34 unit at $16; July 16, 17 units at $21; and December 7, 22 units at $25. Assume there are 29 units on hand at the end of the period. Novak uses the periodic approach. Determine the average unit cost:
SAP Company manufactures boats. During October, 2020, the company purchased 200 motors at a cost of P300 each. Tarkus transferred 140 motors from the warehouse to production during the month which were installed in boats manufactured during the same period. Of the boats put into production during October, 2020, 90% were completed and transferred to the company's storage lot. By October 31, a total of 100 boats completed during the month were sold. Instructions Determine the cost of motors that would appear in each of the following accounts at October 31, 2020: Raw materials inventory Work in process inventory Finished goods inventory Cost of goods sold
Novak Corp. began the year with 8 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5, 34 unit at $16; July 16, 17 units at $21; and December 7, 22 units at $25. Assume there are 29 units on hand at the end of the period. Novak uses the periodic approach. What is the average cost of cost of good sold: $__
Chicago Company purchased on account and used 500 pounds of direct materials to produce a product with a 520-pound standard direct materials requirement. The standard materials price is $1.90 per pound. The actual materials price was $2.00 per pound. Prepare the journal entries to record (1) the purchase of the materials and (2) the material entering production.
On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31
Kaluwax Ltd. manufactures one product which it sells to the wholesale trade. The following trial balance was extracted from the books of the company at 30 December 2021: Sh. Sh. Stocks at 1 January 2020 Raw materials, at cost 350,000 Work- in-progress, at factory cost 1,800,000 Finished goods (3,500 units) at factory cost 3,500,000 Raw materials purchased 3,950,000 Sales (12,000 units) 18,000,000 Manufacturing wages 3,000,000 Factory rent and rates 1,400,000 Factory light, heat and power 655,000 Plant at cost 6,000,000 Plant depreciation at 1 January 2020 2,800,000 Works manager’s salary 245,000 Plant repairs 400,000 Administrative overheads 1,800,000 Factory lease at cost (20 years duration) 4,000,000 Share capital 7,500,000 Debtors 3,050,000 Bank balance 1,600,000…
On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 fill in the blank 8b2b2efeb01a01c_2 fill in the blank 8b2b2efeb01a01c_3 fill in the blank 8b2b2efeb01a01c_5 fill in the blank 8b2b2efeb01a01c_6 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31 fill in the blank 2a6ff00a0f9d03f_2 fill in the blank 2a6ff00a0f9d03f_3 fill in the blank 2a6ff00a0f9d03f_5 fill in the blank 2a6ff00a0f9d03f_6
On May 1, RR Products Company ships five (5) of its appliances to SZ Company on consignment. The cost of the appliances shipped is 155 per unit. The consignor paid shipping costs totaling 50. Each unit is to be sold at 250 payable 50 in the month of purchase and P10 per month thereafter. The consignee is entitled to 20% of all amounts collected on consignment sales. SZ Company was able to sell 3 appliances in May and 1 in June. Regular monthly collections by the consignee, and appropriate cash remittances have been made to the consignor at the end of each month . 17. What is the total amount of remittance to consignor as of June? A. P-0- B. P184 C. P64 D. P200 18. How much is the profit on consignment? A. P150 B. P294 C. P140 D. None of the above 19. What is the cost of inventory on consignment? A. P155 B. P165 C. P245 D. None of the above Con