Question 2, part 3. Please answer from drop down menus Balance, May 14,000Transfer in fromDirect Materials1,000COGS9,000|14,000Direct LaborFG InventoryManufacturing OveWIP-CuttingBalance, May 318,000WIP-FinishingWIP-PackagingChoose from any lithe innut fielde and Balance, May 3168,000|Work-in-Process Inventory-PackagingWork-in-Process Inventory-PackagingBalance, May 14,000 (d)Transfer out toBalance, May 14,000Transfer out toTransfer in from(e)Transfer in fromDirect Materials1,000Direct Materials1,000COGSDirect Labor9,000FG InventoryDirect Labor9,000WIP-CuttingManufacturing Overhead14,000Manufacturing Overhead14,000WIP-FinishingBalance, May 318,000Balance, May 318,000WIP-PackagingFinished Goods InventoryChoose from any list or enter any number in the input fields and then click Check Answer.

Cost accounting is the accounting of the transaction related to the manufacturing of the product. It…

Work-in-Process Inventory-Packaging Balance, May 1 4,000 Transfer out to Transfer in from 1,000 COGS Direct Materials FG Inventory Direct Labor 9,000 WIP-Cutting Manufacturing Overhead 14,000 8,000| WIP-Finishing WIP-Packaging Balance, May 31

Work-in-Process Inventory-Packaging Balance, May 1 4,000 Transfer out to Transfer in from 1,000 COGS Direct Materials FG Inventory Direct Labor 9,000 WIP-Cutting Manufacturing Overhead 14,000 8,000| WIP-Finishing WIP-Packaging Balance, May 31

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....

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Similar questions

During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as shown in the records of Hillsdale Corp. for November follow: Required: 1. Complete a materials ledger account similar to Figure 2-10 (the On Order columns should be omitted) for each of the following inventory costing methods, using a perpetual inventory system: a. FIFO b. LIFO c. Weighted average (carrying unit prices to five decimal places) 2. For each method, prepare a schedule that shows the total cost of materials transferred to Work in Process and the cost of the ending inventory. 3. If prices continue to increase, would you favor adopting the FIFO or the LIFO method? Explain. 4. When prices continue to rise, what is the effect of FIFO versus LIFO on the inventory balance for materials reported in the balance sheet? Discuss.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Complete the missing amounts and labels in the T-accounts. Work-in-Process Inventory--Cutting Balance, May 1 0 (a) Transfer out to ? Direct Materials 57,000 Direct Labor 5,000 Manufacturing Overhead 39,000 Balance, May 31 16,000 Work-in-Process Inventory ---Finishing Balance, May 1 11,000 80,000 Transfer out to ? Transfer in from (b) Direct Materials 21,000 Direct Labor (c) Manufacturing Overhead 18,000 Balance, May 31 68,000 Work-in-Process Inventory---Packaging Balance, May 1 4,000 (d) Transfer out to ? Transfer in from (e) Direct Materials 1,000 Direct Labor 9,000 Manufacturing Overhead 14,000 Balance, May 31 8,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to ? Transfer in from ? (g) Balance, May 31 2,000…
Work-in-Process Inventory—Cutting Balance, May 1 0 (a) Transfer out to Direct Materials 49,000 Direct Labor 9,000 Manufacturing Overhead 33,000 Balance, May 31 6,000 Work-in-Process Inventory—Finishing Balance, May 1 17,000 80,000 Transfer out to Transfer in from (b) Direct Materials 26,000 Direct Labor (c) Manufacturing Overhead 16,000 Balance, May 31 67,000 Work-in-Process Inventory—Packaging Balance, May 1 6,000 (d) Transfer out to Transfer in from (e) Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 14,000 Balance, May 31 19,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to Transfer in from (g)…