Please provide all correct answers?! Required:1-a. Calculate the equivalent units of production.1-b. Calculate the cost per equivalent unit.Note: Round your answers to 2 decimal places.1-c. How much cost should have been assigned to the ending work in process inventory?Note: Round your intermediate calculations to 2 decimal places.1-d. How much cost should have been assigned to the units completed and transferred to finished goods?Note: Round your intermediate calculations to 2 decimal places.1-a. Equivalent units of production1-b. Cost per equivalent unit1-c. Cost of ending work in process inventory1-d. Cost of units completed and transferred outTransferredIn CostsMaterialsConversion$$Total00 Case 4-19 (Algo) Second Department-Weighted-Average Method [LO4-2, LO4-3, LO4-4]"I think we goofed by hiring the new assistant controller," said Ruth Scarpino, president of Provost Industries. "Just look at this reporthe prepared for last month for the Finishing Department. I can't understand it."Finishing Department costs:Work in process inventory, April 1, 1,200 units; materials 100%complete; conversion 88% completeCosts transferred in during the month from the precedingdepartment, 2,700 unitsMaterials cost added during the monthConversion costs incurred during the monthTotal departmental costsFinishing Department costs assigned to:Units completed and transferred to finished goods, 3,300 unitsat $23.61 per unitWork in process inventory, April 30, 600 units; materials 0%complete; conversion 50 % complete$ 8,663*30,29512,46526,490$77,913$77,9130$ 77,913Total departmental costs assigned*Consists of cost transferred in, $4,298; materials cost, $2,055; and conversion cost, $2,310."He's struggling to learn our system," replied Frank Harrop, the operations manager. "The problem is he's been away from processcosting for a long time, and it's coming back slowly."Required:1-a. Calculate the equivalent units of production.1-b. Calculate the cost per equivalent unit.Note: Round your answers to 2 decimal places."It's not just the format of his report I'm concerned about. Look at that $23.610 unit cost he's come up with for April. Doesn't that seemhigh to you?" said Ms. Scarpino."Yes, it does seem high; but on the other hand, I know we had an increase in materials prices during April, and that may be theexplanation," replied Mr. Harrop. "I'll get someone else to redo this report and then we can see what's going on."Provost Industries manufactures a ceramic product that goes through two processing departments-Molding and Finishing. Thecompany uses the weighted-average method of process costing.1-c. How much cost should have been assigned to the ending work in process inventory?Note: Round your intermediate calculations to 2 decimal places.

Name: Please provide all correct answers?! Required:1-a. Calculate the equiv
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Description: Please provide all correct answers?! Required:1-a. Calculate the equivalent units of production.1-b. Calculate the cost per equivalent unit.Note: Round your answers to 2 decimal places.1-c. How much cost should have been assigned to the ending work i

Inventory -The things that a business keeps on hand in order to make money are referred to as…

Business

Accounting

Required: 1-a. Calculate the equivalent units of production. 1-b. Calculate the cost per equivalent unit. Note: Round your answers to 2 decimal places. 1-c. How much cost should have been assigned to the ending work in process inventory? Note: Round your intermediate calculations to 2 decimal places. 1-d. How much cost should have been assigned to the units completed and transferred to finished goods? Note: Round your intermediate calculations to 2 decimal places. 1-a. Equivalent units of production 1-b. Cost per equivalent unit 1-c. Cost of ending work in process inventory 1-d. Cost of units completed and transferred out Transferred In Costs Materials Conversion $ $ Total 0 0

Required: 1-a. Calculate the equivalent units of production. 1-b. Calculate the cost per equivalent unit. Note: Round your answers to 2 decimal places. 1-c. How much cost should have been assigned to the ending work in process inventory? Note: Round your intermediate calculations to 2 decimal places. 1-d. How much cost should have been assigned to the units completed and transferred to finished goods? Note: Round your intermediate calculations to 2 decimal places. 1-a. Equivalent units of production 1-b. Cost per equivalent unit 1-c. Cost of ending work in process inventory 1-d. Cost of units completed and transferred out Transferred In Costs Materials Conversion $ $ Total 0 0

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter14: Decentralized Operations

Section: Chapter Questions

Problem 14.1.1P: Budget performance report for a cost center Sneed Industries Company sells vehicle parts to...

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8. Salter Manufacturing Company produces inventory in a highly automated assembly plant in Fall River, Massachusetts. The automated system is in its first year of operation and management is still unsure of the best way to estimate the overhead costs of operations for budgetary purposes. For the first six months of operations, the following data were collected: Machine-hours Kilowatt-hours Total Overhead Costs January 4,560 5,424,000 $405,600 February 4,380 5,208,000 404,160 March 4,680 5,400,000 407,040 April 3,960 5,148,000 404,160 May 3,900 5,040,000 391,200 June 3,720 4,944,000 384,000 Required: a. Use the high-low method to determine the estimating cost function with machine-hours as the cost driver. b. Use the high-low method to determine the estimating cost function with kilowatt-hours as the cost driver. c. For July, the company ran the machines for 4,000 hours and used 4,550,000 kilowatt-hours of power. The overhead costs totaled $365,000. Which cost driver was the…
H4. At Vol Corporation, production is started in the fab department. The work is then transferred to the finishing department, where goods are completed and then transferred to the finished goods storeroom. Data about the company’s costs during September 20X1 follows: Material costs placed into production Fab department $ 40,100.00 Finishing department 5,100.00 Direct labor costs Fab department 112,000.00 Finishing department 18,000.00 Taxes withheld from employees’ earnings Social security tax withheld 8,060.00 Medicare tax withheld 1,885.00 Federal income tax withheld 19,500.00 Overhead costs Fab department 44,800.00 Finishing department 7,200.00 During the month, products costing $167,000 were transferred from the fab department to the finishing department; goods costing $193,000 were transferred from the finishing department to finished goods inventory; and goods that cost $154,400 were sold on account for $201,000. Required: Give the journal entries on September 30 to summarize…
T2-7 Assign costs to completed units and ending Work in Process Inventory (LO 4) Monk, Inc. reported the following results for the month of November. Units Materials Conversion Work in Process Beginning inventory ? $ 5,900 $15,000 Added to production ? 47,300 65,000 Completed and transferred out ? ? ? Ending inventory 40,000 60% complete 40% complete Cost per equivalent unit $0.40 $0.64 Questions a.How many units were completed and transferred out of Work in Process Inventory? b.What cost should be assigned to the units transferred out of Work in Process Inventory? c.What cost should be assigned to the ending Work in Process Inventory?
In June, one of the processing departments at Furbush Corporation had ending work in process inventory of $12,000. During the month, $404,000 of costs were added to production and the cost of units transferred out from the department was $426,000. In the department's cost reconciliation report for January, the cost of beginning work in process inventory for the department would be: $34,000 $10,000 $414,000 $392,000 Q 2: The following data were taken from the accounting records of the Mixing Department of Kappa Corporation which uses the weighted-average method in its process costing system: Beginning work in process inventory: Cost $ 19,000 Units 30,000 units Percent completion with respect to materials 100 % Percent completion with respect to conversion 60 % Units completed and transferred out 82,000 units Cost per equivalent unit: Material $ 1.50 Material $ 0.75 $145,000…
Problem 8 - In Department III of SAMCIS Company, a portion of the materials (a by-product) is removed further processed and sold. The Company uses the reversal cost method to account for the by-product. Data for June include: Amount of by-product removed is 2000 units; Estimated sales price of by-product after processing further is P1.20/unit. Estimated processing cost after separation is P0.30 per unit and estimated selling expenses is 10% of the sales price. The estimated profit margin is 5% of the sales price. What is the total cost of the by-product? Problem 9 - Using the above data in Problem 8, what is the gain (loss) on sale of the by-product if all of the units are sold at P1.50?
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Normal annual capacity for the MN Company is 36,000 machine hours, with fixed overhead budgeted as 16,920 and an estimated variable factory overhead rate of $2.10 per hour. During October, actual production required 2,700 machine hours, with a total factory overhead of $7,400.Required: Compute (1) The applied factory overhead and (2) the over-or under applied amount for October (5)Q.5.b. Define process costing, discuss normal and abnormal loss?