The cost data and production data for Beth Company for the month of August were as follows: Cost Data: Work in Process, Aug 1: Materials P52,000 Conversion P69,000 Cost added this month: Materials P600,000 Conversion P1,602,000 Production Data: Work in Process, Aug 1 (60% incomplete) Started in production this August 9,375 units 100,000 units Transferred Out 90,625 units Work in Process, Aug 31 (30% to be done) 16,250 units Normal lost units 1,375 units Abnormal lost units All materials are added at the start of the process and lost units are detected at the inspection point of 75% completion. (Round off Units Costs into four decimal places.) 27. Using FIFO method, what are the cost assigned to units transferred out and units in ending work in process? a. P2,019,125 ; P283,625 b. P2,023,250 ; P279,500 c. P2,019,125 ; P279,500 d. P2,023,250 ; P283,625 28. Using the Average method, what are the cost assigned to units transferred out and units in ending work in process? a. P2,019,125 ; P283,625 b. P1,998,072.50 ; P283,625 c. P2,022,875.50 ; P279,852.50 d. P1,998,030 ; P96,870 29. What is the cost of abnormal lost units? FIFO Average a. P20,250 b. P24,750 C. P13,575 P20,250 P24,800 P13,500 d. P20,250 P20,280

The cost data and production data for Beth Company for the month of August were as follows: Cost Data: Work in Process, Aug 1: Materials P52,000 Conversion P69,000 Cost added this month: Materials P600,000 Conversion P1,602,000 Production Data: Work in Process, Aug 1 (60% incomplete) Started in production this August 9,375 units 100,000 units Transferred Out 90,625 units Work in Process, Aug 31 (30% to be done) 16,250 units Normal lost units 1,375 units Abnormal lost units All materials are added at the start of the process and lost units are detected at the inspection point of 75% completion. (Round off Units Costs into four decimal places.) 27. Using FIFO method, what are the cost assigned to units transferred out and units in ending work in process? a. P2,019,125 ; P283,625 b. P2,023,250 ; P279,500 c. P2,019,125 ; P279,500 d. P2,023,250 ; P283,625 28. Using the Average method, what are the cost assigned to units transferred out and units in ending work in process? a. P2,019,125 ; P283,625 b. P1,998,072.50 ; P283,625 c. P2,022,875.50 ; P279,852.50 d. P1,998,030 ; P96,870 29. What is the cost of abnormal lost units? FIFO Average a. P20,250 b. P24,750 C. P13,575 P20,250 P24,800 P13,500 d. P20,250 P20,280

Name: The cost data and production data for Beth Company for the month of A
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Description: The cost data and production data for Beth Company for the month of August were as follows:Cost Data:Work in Process, Aug 1:MaterialsP52,000ConversionP69,000Cost added this month:MaterialsP600,000ConversionP1,602,000Production Data:Work in Process,

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 8E: Argo Manufacturing Co. had 500 units, three-fifths completed, in process at the beginning of the...

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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.)
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.
Dublin Brewing Co. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during October: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 13,000 units finished and transferred to stockroom Work in process, end of period, 2,000 units one-half completed Required: Prepare a cost of production summary for October.
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.
On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.
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.
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.
Jones Corporation uses a first-in, first-out (FIFO) process cost system. Jones has the following unit information for the month of August: The equivalent units of production for conversion costs for the month of August were: a. 87,300 units. b. 88,000 units. c. 92,300 units. d. 92,700 units.
Baxter Company has two processing departments: Assembly and Finishing. A predetermined overhead rate of 10 per DLH is used to assign overhead to production. The company experienced the following operating activity for April: a. Materials issued to Assembly, 24,000 b. Direct labor cost: Assembly, 500 hours at 9.20 per hour; Finishing, 400 hours at 8 per hour c. Overhead applied to production d. Goods transferred to Finishing, 32,500 e. Goods transferred to finished goods warehouse, 20,500 f. Actual overhead incurred, 10,000 Required: 1. Prepare the required journal entries for the preceding transactions. 2. Assuming Assembly and Finishing have no beginning work-in-process inventories, determine the cost of each departments ending work-in-process inventories.
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
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.
The standard cost summary for the most popular product of Phenom Products Co. is shown as follows, together with production and cost data for the period. One gallon each of liquid lead and varnish are added at the start of processing. The balance of the materials is added when the process is two-thirds complete. Labor and overhead are added evenly throughout the process. There were no units in process at the beginning of the month. Required: Calculate equivalent production for materials, labor, and overhead. (Be sure to refer to the standard cost summary to help determine the percentage of materials in ending work in process.) Calculate materials and labor variances and indicate whether they are favorable or unfavorable, using the diagram format shown in Figure 8-4. Determine the cost of materials and labor in the work in process account at the end of the month.