QUESTION 5The following data are for Assembly department process and once completed, will be transferred to Finishingdepartment.PhysicalDirect materialsConversion costsunitsEnding work in process (31 May)Input unitsBeginning work in process (1 May)Total costs added during May4020050$1000$2000$80000006%$The % of completion for beginning work in process is 50% for direct materials and 60% for conversion costs.The % of completion for ending work in process is 80% for direct materials and 30% for conversion costs.REQUIRED:Prepare a production cost report sheet using FIFO method to assign costs to units completed and transferred out and tounits of ending work in process. Prepare the Journal entry to record transfer to next process.

Name: QUESTION 5The following data are for Assembly department process and
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Description: QUESTION 5The following data are for Assembly department process and once completed, will be transferred to Finishingdepartment.PhysicalDirect materialsConversion costsunitsEnding work in process (31 May)Input unitsBeginning work in process (1 May)T

If FIFO method is used then units in the beginning inventory are first used to make transfer to the…

Business

Accounting

REQUIRED: Prepare a production cost report sheet using FIFO method to assign costs to units completed and transferred out and to units of ending work in process. Prepare the Journal entry to record transfer to next process.

REQUIRED: Prepare a production cost report sheet using FIFO method to assign costs to units completed and transferred out and to units of ending work in process. Prepare the Journal entry to record transfer to next process.

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 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...

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Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?
Refer to Cornerstone Exercise 7.3 and solve for the allocated costs to Fabricating and Assembly using the direct method of support department cost allocation. The Fabricating Department overhead rate is based on normal activity of 82,000 machine hours. The Assembly Department overhead rate is based on normal activity of 160,000 direct labor hours. Job 316 required six machine hours in Fabricating and four direct labor hours in Assembly. Total direct materials cost 120, and total direct labor cost was 80. Required: 1. Calculate the overhead rate for Fabricating based on machine hours and the overhead rate for Assembly based on direct labor hours. (Round overhead rates to the nearest cent.) 2. Using the overhead rates calculated in Requirement 1, calculate the cost of Job 316. 3. What if Job 316 had required one machine hour in Fabricating and four direct labor hours in Assembly? Direct labor and direct materials costs remained the same. Calculate the new cost of Job 316.
Cost of production report The debits to Work in ProcessRoasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: All direct materials are placed in process at the beginning of production. A. Prepare a cost of production report, presenting the following computations: 1. Direct materials and conversion equivalent units of production for August 2. Direct materials and conversion costs per equivalent unit for August 3. Cost of goods finished during August 4. Cost of work in process at August 31 B. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July).