PLEASE SHOW YOUR SOLUTION PO. THANKS#32-33 Summer Company makes a single product in two departments. The production data forDepartment B for 2019 follows:UnitsIn process, August 1 (40% completed)Received from Department 1Completed and transferredIn process, August 31 (60% completed)4,000 units30,000 únits25,000 units6,000 unitsCostsReceived from Dept. 1.Materialsprocess, May 1Р 14,4003,8001,940Added during MayР 97,20067,50081,000InConversion costsMaterials are added at the start of the process and losses normally occur during theearly stages of the operation.32. Cost of goods manufactured using FIFO methodа. Р 195,250b. Р 193,040с. Р211,040d.) P 218,44033. Cost of the ending work in process inventory using average costingа. Р 44,640(b. P 45,840с. Р 46,362d. Р 46,800

Inventory refers to the stock that is held by the company or is not sold yet which is expected to be…

Summer Company makes a single product in two departments. The production data for Department B for 2019 follows: Units In process, August 1 (40% completed) Received from Department 1 Completed and transferred In process, August 31 (60% completed) 4,000 units 30,000 units 25,000 units 6,000 units Costs Received from Dept. 1 Materials Conversion costs In process, May 1 P 14,400 3,800 1,940 Added during May P 97,200 67,500 81,000 Materials are added at the start of the process and losses normally occur during the early stages of the operation. 32. Cost of goods manufactured using FIFO method а. Р 195,250 b. Р 193,040 с. Р211,040 d.) P 218,440 33. Cost of the ending work in process inventory using average costing а. Р44,640 b. P 45,840 с. Р46,362 d. P 46,800

Summer Company makes a single product in two departments. The production data for Department B for 2019 follows: Units In process, August 1 (40% completed) Received from Department 1 Completed and transferred In process, August 31 (60% completed) 4,000 units 30,000 units 25,000 units 6,000 units Costs Received from Dept. 1 Materials Conversion costs In process, May 1 P 14,400 3,800 1,940 Added during May P 97,200 67,500 81,000 Materials are added at the start of the process and losses normally occur during the early stages of the operation. 32. Cost of goods manufactured using FIFO method а. Р 195,250 b. Р 193,040 с. Р211,040 d.) P 218,440 33. Cost of the ending work in process inventory using average costing а. Р44,640 b. P 45,840 с. Р46,362 d. P 46,800

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 12E

See similar textbooks

Similar questions

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.
Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.
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.
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
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?
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.
Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.
Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process. b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. d. Started in process, 95,000 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method.
During December, Krause Chemical Company had the following selected data concerning the manufacture of Xyzine, an industrial cleaner: All materials are added at the beginning of processing in this department, and conversion costs are added uniformly during the process. The beginning work in process inventory had 120 of raw materials and 180 of conversion costs incurred. Materials added during December were 540, and conversion costs of 1,484 were incurred. Krause uses the first-in, first-out (FIFO) process cost method. The equivalent units of production used to compute conversion costs for December were: a. 110 units. b. 104 units. c. 100 units. d. 92 units.
During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.