FINANCIAL+MANG.-W/ACCESS PRACTICE SET
13th Edition
ISBN: 9781337575614
Author: WARREN
Publisher: CENGAGE L
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Chapter 18, Problem 18.5BPR
To determine
It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.
Equivalents units for production
The activity of a processing department in terms of fully completed units is known as equivalent units. It includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out, and ending work in process.
Production cost report
A production cost report is a comprehensive report prepared for each department separately at the end of a particular period, which represents the physical flow and cost flow of product for the concerned department.
To Determine: The cost of production report for sifting department during the month of May using average cost method of Company BRF.
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The GreenEarth Aluminum Company uses a process cost accounting system to record the costs of manufacturing rolled aluminum. The manufacturing process consists of three processes. The goods-in-process inventory of one of the processes (the rolling department) on September 1, 2018 and debits to the account for September are summarized below:
Beginning balance—5,100 units, 1/3 completed:
Direct materials (5,100 x 38.70)$ 197,370
Conversion costs (5,100 x 1/3 x 11.72) 19,924
Total beginning balance 217,294
Additional debits during the month:
Costs from Smelting Department (162,000 units) 6,240,000
Direct Labor 765,800
Factory Overhead 1,144,000
During the month of September, the 5,100 units in process at the beginning of the month were completed, and of the 162,000 units entering the department from Smelting, all were completed except 5,400 units that were 4/5 completed (hint—remember the materials are the items transferred from the Smelting Department).
A) Determine the number of units…
The GreenEarth Aluminum Company uses a process cost accounting system to record the costs of manufacturing rolled aluminum. The manufacturing process consists of three processes. The goods-in-process inventory of one of the processes (the rolling department) on September 1, 2018 and debits to the account for September are summarized below:
Beginning balance—5,100 units, 1/3 completed:
Direct materials (5,100 x 38.70)$ 197,370
Conversion costs (5,100 x 1/3 x 11.72) 19,924
Total beginning balance 217,294
Additional debits during the month:
Costs from Smelting Department (162,000 units) 6,240,000
Direct Labor 765,800
Factory Overhead 1,144,000
During the month of September, the 5,100 units in process at the beginning of the month were completed, and of the 162,000 units entering the department from Smelting, all were completed except 5,400 units that were 4/5 completed (hint—remember the materials are the items transferred from the Smelting Department).
A) Determine the number of units…
White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour.
The balance in the account Work in Process-Sifting Department was as follows on July 1, 2016:
Work in Process-Sifting Department
(900 units, White Diamond Flour Company manufactures flour by completed):
Direct materials (900 * $2.05) $1,845
Conversion (900 * $0.40) $216
$2,061
The following costs were charged to Work in Process-Sifting Department during July:
15,700 units at $2.15 a unit $33,755
Direct labor $4,420
Factory overhead $2,708
During July, 15,500 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,100 units, completed.
Required:
a. Prepare a cost of production report for the Sifting Department for July.
b. Journalize the entries for costs transferred…
Chapter 18 Solutions
FINANCIAL+MANG.-W/ACCESS PRACTICE SET
Ch. 18 - Which type of cost system, process or job order,...Ch. 18 - In job order cost accounting, the three elements...Ch. 18 - In a job order cost system, direct labor and...Ch. 18 - Why is the cost per equivalent unit often...Ch. 18 - What is the purpose for determining the cost per...Ch. 18 - Rameriz Company is a process manufacturer with two...Ch. 18 - Prob. 7DQCh. 18 - Prob. 8DQCh. 18 - Prob. 9DQCh. 18 - How docs lean manufacturing differ from the...
Ch. 18 - Prob. 18.1APECh. 18 - Job order versus process costing Which of the...Ch. 18 - Units to be assigned costs Lilac Skin Care Company...Ch. 18 - Prob. 18.2BPECh. 18 - Prob. 18.3APECh. 18 - Prob. 18.3BPECh. 18 - Prob. 18.4APECh. 18 - Prob. 18.4BPECh. 18 - Prob. 18.5APECh. 18 - Prob. 18.5BPECh. 18 - Cost of units transferred out and ending work in...Ch. 18 - Prob. 18.6BPECh. 18 - Prob. 18.7APECh. 18 - Process cost journal entries The cost of materials...Ch. 18 - Prob. 18.8APECh. 18 - Using process costs for decision making The costs...Ch. 18 - Entries for materials cost flows in a process cost...Ch. 18 - Flowchart of accounts related to service and...Ch. 18 - Entries for flow of factory costs for process cost...Ch. 18 - Factory overhead rate, entry for applying factory...Ch. 18 - Prob. 18.5EXCh. 18 - Equivalent units of production Units of production...Ch. 18 - Equivalent units of production The following...Ch. 18 - Costs per equivalent unit A. Based upon the data...Ch. 18 - Prob. 18.9EXCh. 18 - Costs per equivalent unit Georgia Products Inc....Ch. 18 - Equivalent units of production and related costs...Ch. 18 - Cost of units completed and in process A. Based on...Ch. 18 - Errors in equivalent unit computation Napco...Ch. 18 - Cost per equivalent unit The following information...Ch. 18 - Costs per equivalent unit and production costs...Ch. 18 - Cost of production report The debits to Work in...Ch. 18 - Cost of production report The Cutting Department...Ch. 18 - Cost of production and journal entries AccuBlade...Ch. 18 - Cost of production and journal entries Lighthouse...Ch. 18 - Prob. 18.20EXCh. 18 - Analyzing process cost elements across product...Ch. 18 - Prob. 18.22EXCh. 18 - Lean manufacturing The following are some quotes...Ch. 18 - Equivalent units of production: average cost...Ch. 18 - Equivalent units of production: average cost...Ch. 18 - Equivalent units of production: average cost...Ch. 18 - Equivalent units of production and related costs...Ch. 18 - Cost per equivalent unit: average cost method The...Ch. 18 - Cost of production report: average cost method The...Ch. 18 - Prob. 18.30EXCh. 18 - Prob. 18.1APRCh. 18 - Prob. 18.2APRCh. 18 - Equivalent units and related costs; cost of...Ch. 18 - Work in process account data for two months; cost...Ch. 18 - Cost of production report: average cost method...Ch. 18 - Entries for process cost system Preston Grover...Ch. 18 - Cost of production report Bavarian Chocolate...Ch. 18 - Equivalent units and related costs; cost of...Ch. 18 - Prob. 18.4BPRCh. 18 - Prob. 18.5BPRCh. 18 - Prob. 18.1CPCh. 18 - Accounting for materials costs In papermaking...Ch. 18 - Prob. 18.3CPCh. 18 - Prob. 18.4CP
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