Question 4: Company prepares a certain product. All materials are added at the beginning of the process. On December 1, beginning works in process is 55% as a conversion costs. Cost associated with the 4,500 partially completed units are as follows: materials, $4,500; direct labor, $6,000; and overhead, $3,200. On December 31, work in process consisted of 7,000 units, 35% complete as to conversion costs. During the month, 60,000 units were transferred to finished goods. Cost added during the month were as follows Materials $73,000 Labor 17,000 Overhead 90,000 a. Prepare a cost production report for the month of December using the weighted average method b. Prepare a cost production report for the month of December using FIFO

Question 4: Company prepares a certain product. All materials are added at the beginning of the process. On December 1, beginning works in process is 55% as a conversion costs. Cost associated with the 4,500 partially completed units are as follows: materials, $4,500; direct labor, $6,000; and overhead, $3,200. On December 31, work in process consisted of 7,000 units, 35% complete as to conversion costs. During the month, 60,000 units were transferred to finished goods. Cost added during the month were as follows Materials $73,000 Labor 17,000 Overhead 90,000 a. Prepare a cost production report for the month of December using the weighted average method b. Prepare a cost production report for the month of December using FIFO

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Description: Question 4: Company prepares a certain product. All materials are added at the beginning of theprocess. On December 1, beginning works in process is 55% as a conversion costs. Costassociated with the 4,500 partially completed units are as follows: m

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units...

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Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.
Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
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AAA Appliances Inc. has two production departments. The nature of the process is such that no units remain in process in Finishing at the end of the period. At the beginning of the period, 10,000 units with a cost of 30,000 were transferred from Assembly to Finishing. Finishing incurred costs of 8,800 for materials, 7,200 for labor, and 8,800 for factory overhead, and finished 10,000 units during the month. Using the data in E5-9, prepare a statement of cost of goods manufactured for the month ended January 31, 2016, assuming that no further work was done in Assembly during January.