Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is described as follows: 20% when the process is ‘1/4 completed; 30% when the process is ‘1/2 completed and the balance, at the end of the process. Both departments use the FIFO method. Required: a. The equivalent units of production for materials in Department X is b. The equivalent units of production for materials in Department Y is
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is described as follows: 20% when the process is ‘1/4 completed; 30% when the process is ‘1/2 completed and the balance, at the end of the process. Both departments use the FIFO method. Required: a. The equivalent units of production for materials in Department X is b. The equivalent units of production for materials in Department Y is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month:
| Department X | Department Y | |
| Quantity units: | ||
| In process, February 1 | 16,000 | 10,000 |
| Stage of completion | 4/5 | 40% |
| Started in process | 64,000 | |
| Received from prior department | 70,000 | |
| In process, February 28 | ? | 12,000 |
| Stage of completion | 2/5 | 2/3 |
| Costs data: | ||
| In process, February 1 | $21,020 | $20,300 |
| Current costs | ||
| Materials | 28,350 | 46,800 |
| Labor | 15,300 | 25,200 |
| Manufacturing Overhead | 9,180 | 14,400 |
In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process.
In Department Y, the application of material is described as follows: 20% when the process is ‘1/4 completed; 30% when the process is ‘1/2 completed and the balance, at the end of the process. Both departments use the FIFO method.
Required:
a. The equivalent units of production for materials in Department X is
b. The equivalent units of production for materials in Department Y is
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education