Subject: acounting The Cutting Department of Crane Company has the following production and cost data for JulyProduction2.1. Completed and transferred out 9,840 units.2,460 units in ending working in process are 60%complete as to conversion costs and 100%complete as to materials at July 31.CostsBeginning work in processDirect materialsTotal equivalent units of productionDirect laborManufacturing overheadDetermine the equivalent units of production for (1) materials and (2) conversion costs.Materials$0Materials are entered at the beginning of the process. Conversion costs are incurred uniformly throughout the process.36,90013,28415.006Conversion Costs Compute unit costs. (Round unit costs to 2 decimal places, eg 2.25)MaterialsConversion costs $eTextbook and MediaPrepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, eg 2.25 and final answers to O decimal places, eg 1,225)Cost ReconciliationCosts accounted forCompleted and Transferred outWork in process, July 31MaterialsConversion costs$Show Transcribed TextCost ReconciliationCosts accounted forPrepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, eg. 2.25 and final answers to 0 decimal places, eg. 1,225)Completed and Transferred outWork in process, July 31MaterialsConversion costsTotal costsGeTextbook and Medial

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Description: Subject: acounting The Cutting Department of Crane Company has the following production and cost data for JulyProduction2.1. Completed and transferred out 9,840 units.2,460 units in ending working in process are 60%complete as to conversion costs and

The total cost of producing a product, including raw materials and operating costs, is detailed in a…

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The Cutting Department of Crane Company has the following production and cost data for July 1. 2. Production Completed and transferred out 9,840 units. 2,460 units in ending working in process are 60% complete as to conversion costs and 100% complete as to materials at July 31. Costs Beginning work in process Direct materials Direct labor Manufacturing overhead Determine the equivalent units of production for (1) materials and (2) conversion costs. Materials 50 36,900 Materials are entered at the beginning of the process. Conversion costs are incurred uniformly throughout the process. 13.284 15.006 Conversion Costs

The Cutting Department of Crane Company has the following production and cost data for July 1. 2. Production Completed and transferred out 9,840 units. 2,460 units in ending working in process are 60% complete as to conversion costs and 100% complete as to materials at July 31. Costs Beginning work in process Direct materials Direct labor Manufacturing overhead Determine the equivalent units of production for (1) materials and (2) conversion costs. Materials 50 36,900 Materials are entered at the beginning of the process. Conversion costs are incurred uniformly throughout the process. 13.284 15.006 Conversion Costs

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 5E: The Converting Department of Worley Company had 2,400 units in work in process at the beginning of...

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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.
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.
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.
Clearwater Candy Co. had a cost per equivalent pound for the month of 4.56 for materials, 1.75 for labor, and 1.00 for overhead. During the month, 10,250 lb were completed and transferred to finished goods. The 3,200 lb in ending work in process were 100% complete as to materials and 60% complete as to labor and overhead. At the beginning of the month, 1,500 lb were in process, 100% complete as to materials and 50% complete as to labor and overhead. The beginning inventory had a cost of 8,775. Clearwater uses FIFO costing. Required: 1. Calculate the cost of the pounds completed and transferred to finished goods. 2. Calculate the cost of the ending work in process.
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.
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.
The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs.
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.
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. Required: 1. Assuming the use of the weighted average method, prepare a schedule of equivalent units. 2. Compute the unit cost for the month.
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.
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