total cost of the ending work in process inventory
Q: Fill in the blank. ______ method is a costing method which includes beginning work-in-process…
A: There are various methods for valuation of inventory in cost accounting. Mainly, inventory is found…
Q: Recording the cost of raw materials purchased for use in a process costing system includes a a.…
A: The raw materials are the inventory for the goods to be prepared in the business. It is assigned…
Q: the cost of all direct materials issued to production is debited to work in process inventory
A: Work in progress means where the raw material has enter in to phase of production but still finished…
Q: the amount of inventory that would be reported on the absorption costing balance sheet is:
A:
Q: A debit balance in Overhead Control: a. indicates applied overhead exceeds actual overhead. b.…
A: OVERHEAD ARE ALL COSTS ON THE INCOME STATEMENT EXCEPT THE DIRECT MATERIALS , DIRECT LABOR AND DIRECT…
Q: The beginning work in process inventory appears on both the balance sheet and the cost of goods…
A: Work in process Work in process is that part of the inventory on which some work has been done in…
Q: Required: (a) Prepare a statement of equivalent production to determine the equivalent units for…
A: An equivalent unit of production is an expression of the amount of work done by a manufacturer on…
Q: Materials are added at the beginning of a production process, and ending work in process inventory…
A: Production cost:Production cost can be defined as the cost incurred by the company in the…
Q: Calculate the: - Total cost of units completed and transferred to Finished Goods inventory - Cost of…
A: SOLUTION- Abnormal loss means that loss which is caused by unexpected or abnormal conditions such as…
Q: What does the Work-in-process inventory consist of?
A: Work-in-process inventory consist of materials which are partially completed in the production…
Q: (c) Complete the Work in Process Inventory - Polishing Process T-account, clearly showing the ending
A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct…
Q: What is the TOTAL cost assigned to the ending work in process inventory?
A: Process costing: process costing is a costing method used by companies that produce homogeneous…
Q: Items waiting to be used in production are considered to be * raw materials. O work in progress.…
A: Raw Materials - These are the material which will be used in production process . Work in progress…
Q: What is the cost of beginning work in process inventory plus the cost added during the period for…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: When products and their costs are moved from one process to the next process, these costs are…
A: Process costing is a method of costing used to ascertain the cost of a product at each stage or…
Q: How do you find the ending work in process inventory?
A: Raw material means the material purchased and still not enter in to the production lines. Work in…
Q: The total cost of direct material, direct labor, and manufacturing overhead transferred from…
A: Inventory- The things that a business keeps on hand in order to make money are referred to as…
Q: schedule of the cost of finished goods manufactured.
A: The cost of finished goods manufactured means the cost incurred in converting the raw materials into…
Q: What is the adjusted balance of cost of goods sold after disposing the under-or-overapplied…
A: The balance of the manufacturing overhead control account is credit which means it is overapplied.
Q: cost of goods in process inventory
A: Cost of goods sold = Sales - (Sales * Gross Profit rate) Sales = P20000000 Gross profit rate = 30%…
Q: Which account is not used in JIT costing? Finished Goods Inventory Raw and In-Process Inventory…
A:
Q: Prepare a statement of equivalent production to determine the equivalent units for direct…
A: SOLUTION- SCHEDULE OF QUANTITY AND EQUIVALENT UNITS UNITS…
Q: What is the cost assigned to the October 31 work in process inventory?
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: In a job order cost system, which account shows the overhead used by the company?A. work in process…
A: In job order costing system costing is done based on different products so each product is…
Q: In computing the current period’s manufacturing cost per equivalent unit, the FIFO method of process…
A: Some of the methods for valuation of inventory are as follows: LIFO: Last in first out is a method…
Q: A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work…
A: Inventory in a production will go through different stages which is as follows: Raw…
Q: Product Cost Flows Complete the following T-accounts: Materials Inventory Wages Payable Finished…
A: Transfer the relevant amounts to relevant accounts, and close the accounts.
Q: Identifying job order costing journal entries Analyze the following T-accounts, and describe each…
A: Job order costing: Job order costing is one of the methods of cost accounting under which cost is…
Q: The entry to record a transfer of direct materials for use in production would include a debit to…
A: On the issue of direct material for use in production, the work-in-process inventory is debited…
Q: nder the job-cost system using periodic inventory system, issues of direct materials from warehouse…
A: Solution: Issue of materials to production results in debit to work in process and credit to…
Q: direct labor costs are debited to work in process inventory true false
A: The direct labor cost is the part of manufacturing cost that would be part of inventory or WIP…
Q: Under FIFO method, what was the actual units of the Work in Process beginning inventory?
A: Normal wastage or material loss is the loss that is unavoidable due to the fundamental character of…
Q: All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process…
A: Costs of goods sold: It is a cost of sale and deviation between the sale and gross profit/loss; it…
Q: Prepare T accounts for the following: Raw Materials Inventory, Work in Process Inventory, Finished…
A: 1 & 2. Raw Material Inventory Particulars Amount(P) Particulars Amount(P) Opening balance…
Q: The component of a company's inventory that is partially completed is called direct raw materials…
A: The raw materials are used for production process.
Q: Process Costing - Assem ding inventory production for
A: Work in progress inventory refers to the inventory which is still being in process of converting…
Q: Recording the cost of raw materials purchased for use in a process costing system includes a,
A: In process costing system, product has to go through several processes to become finished product.
Q: b. Determine the ending balance of raw and in process inventory and finished goods invent Raw and In…
A: Budgeted conversion cost per unit = $78,120 / 155 *10/60 = $84 per unit
Q: What is the adjusted balance of work in process inventory after disposing the under- or over-applied…
A: Under or overapplied overhead: when a company allocate or apply its overhead cost to production it…
Q: Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative…
A: Part 1:
Q: In a process cost system, factory depreciation expense incurred is debited to ________.A. finished…
A: Process costing seems to be a way of aggregating manufacturing costs by the process. It illustrates…
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- The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?Cool Pool has these costs associated with production of 20,000 units of accessory products: direct materials, $70; direct labor, $110; variable manufacturing overhead, $45; total fixed manufacturing overhead, $800,000. What is the cost per unit under both the variable and absorption methods?The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
- The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 units in work in process that were 60% complete at the beginning of the period. During the period, 15,800 units were completed and transferred to the Packing Department. There were 1,200 units in process that were 30% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period. b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production.A production department within a company received materials of $10,000 and conversion costs of $10,000 from the prior department. It added material of $27,200 and conversion costs of $53,000. The equivalent units are 20,000 for material and 18,000 for conversion. What is the unit cost for materials and conversion?Rex Industries has two products. They manufactured 12,539 units of product A and 8.254 units of product B. The data are: What is the activity rate for each cost pool?
- Crafts 4 All has these costs associated with production of 12,000 units of accessory products: direct materials, $19; direct labor, $30; variable manufacturing overhead, $15; total fixed manufacturing overhead, $450,000. What is the cost per unit under both the variable and absorption methods?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.Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
- Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.Medical Tape makes two products: Generic and Label. It estimates it will produce 423,694 units of Generic and 652,200 of Label, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: How much is the overhead allocated to each unit of Generic and Label?Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?