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ACCOUNTING PRINCIPLES 222 5/16 >C<
2nd Edition
ISBN: 9781323461525
Author: Horngren
Publisher: PEARSON C
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Textbook Question
Chapter 18, Problem E18.20E
Computing cost of goods manufactured
Learning Objective 3
Consider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts.
Banner, Inc. Larry's Bakery Sports Gear | |||
Beginning Work-in-Process Inventory | $ (a) | $ 40,800 | $ 2,200 |
Direct Materials Used | 14,400 | 35,900 | (g) |
Direct Labor | 10,300 | 20,100 | 1,900 |
Manufacturing Overhead | (b) | 10,000 | 900 |
Total |
45,200 | (d) | (h) |
Total Manufacturing Costs to Account for | 55,400 | (e) | 8,300 |
Ending Work-in-Process Inventory | (c) | (25,500) | (2,600) |
Cost of Goods Manufactured | $ 50,500 | $ (f) | $(i) |
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Students have asked these similar questions
Learning Objectives 2, 3, 4
1. Total cost per EUP $2.26
3. WIP Balance $1,836
Open with
P18-38B Preparing a production cost report, two materials added at different
points, no beginning WIP or costs transferred in; journal entries
Bryan's Exteriors produces exterior siding for homes. The Preparation Department
begins with wood, which is chopped into small bits. At the end of the process, an
adhesive is added. Then the wood/adhesive mixture goes on to the Compression
Department, where the wood is compressed into sheets. Conversion costs are
added evenly throughout the preparation process. January data for the Preparation
Department are as follows:
UNITS
Beginning Work-in-Process Inventory
Started in production
Completed and transferred out to Compression in January
Ending Work-in-Process inventory (35% of the way through
the preparation process)
COSTS
Beginning Work-in-Process Inventory
Costs added during January:
Wood
Adhesives
Direct labor
Manufacturing overhead allocated
Total costs…
Question 4 : a company, manufactures educational toys using process costing
system. Plastic is molded into the appropriate shapes in the Molding Department.
Molded components are transferred to the Assembly Department where the toys
are assembled.
Molding
Beginning inventory:
Units
500
Prior department
Materials
Conversion costs
Started or transferred in:
$2,500.00
$1,050.00
Units
February costs:
Prior department
Materials
1,000
$5,000.00
Conversion costs
$7,660.00
Ending inventory in units
200
Beginning and ending work in process for the department showed the following degree of completion:
Molding
Degree of completion:
Beginning work in process, materials
Beginning work in process, conversion costs
Ending work in process, materials
Ending work in process, conversion costs
100%
30
100
20
Required : 1. Calculate the Modeling Department's equivalent units of production for
materials and conversion in July using FIFO method.
2. Summarize total costs to account for and assign total costs…
Exercise 2: Flow of Cost - Cost System
You are required to compute for the unknowns in the following accounts:
Materials
Inventory
7,950
Purchase Returns
750
Purchases
27,500
Direct Materials
?
Indirect Materials
(e)
Inventory, end
5,100
Work in Process
Inventory
13,650
Cost of Goods Sold Completed
(c)
Direct Materials Cost
23,500
Direct Labor Cost
(a)
Factory Overhead Applied (100% of direct labor cost)
(b)
Inventory
11,750
62,150
Finished Goods
Inventory
12,500
Cost of Goods Sold
(d)
Cost of Goods Sold Completed
?
Inventory, end
11,250
Chapter 18 Solutions
ACCOUNTING PRINCIPLES 222 5/16 >C<
Ch. 18 - Prob. 1QCCh. 18 - Prob. 2QCCh. 18 - Dunaway Company reports the following costs for...Ch. 18 - Which of the following is a direct cost of...Ch. 18 - Which of the following is not part of...Ch. 18 - Which of the following accounts does a...Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - World-class businesses use which of these systems...Ch. 18 - Prob. 10QC
Ch. 18 - What is the primary purpose of managerial...Ch. 18 - List six differences between financial accounting...Ch. 18 - Explain the difference between line positions and...Ch. 18 - Explain the differences between planning,...Ch. 18 - Prob. 5RQCh. 18 - Describe a service company, and give an example.Ch. 18 - Describe a merchandising company, and give an...Ch. 18 - How do manufacturing companies differ from...Ch. 18 - List the three inventory accounts used by...Ch. 18 - Explain the difference between a direct cost and...Ch. 18 - What are the three manufacturing costs for a...Ch. 18 - Give five examples of manufacturing overhead.Ch. 18 - What are prime costs? Conversion costs?Ch. 18 - What are product costs?Ch. 18 - How do period costs differ from product costs?Ch. 18 - How is cost of goods manufactured calculated?Ch. 18 - How does a manufacturing company calculate cost of...Ch. 18 - How does a manufacturing company calculate unit...Ch. 18 - How does a service company calculate unit cost per...Ch. 18 - How does a merchandising company calculate unit...Ch. 18 - Prob. S18.1SECh. 18 - Prob. S18.2SECh. 18 - Prob. S18.3SECh. 18 - Computing manufacturing overhead Learning...Ch. 18 - Prob. S18.5SECh. 18 - Prob. S18.6SECh. 18 - Computing cost of goods sold and operating income,...Ch. 18 - Prob. S18.8SECh. 18 - Prob. S18.9SECh. 18 - Prob. S18.10SECh. 18 - Prob. S18.11SECh. 18 - Prob. S18.12SECh. 18 - Prob. S18.13SECh. 18 - Prob. E18.14ECh. 18 - Prob. E18.15ECh. 18 - Prob. E18.16ECh. 18 - Prob. E18.17ECh. 18 - Prob. E18.18ECh. 18 - Prob. E18.19ECh. 18 - Computing cost of goods manufactured Learning...Ch. 18 - Computing cost of goods manufactured Consider the...Ch. 18 - Prob. E18.22ECh. 18 - Prob. E18.23ECh. 18 - Prob. E18.24ECh. 18 - Prob. E18.25ECh. 18 - Prob. P18.26APGACh. 18 - Classifying period costs and product costs...Ch. 18 - Prob. P18.28APGACh. 18 - Prob. P18.29APGACh. 18 - Prob. P18.30APGACh. 18 - Prob. P18.31APGACh. 18 - Prob. P18.32APGACh. 18 - Prob. P18.33APGACh. 18 - Prob. P18.34BPGBCh. 18 - Prob. P18.35BPGBCh. 18 - Prob. P18.36BPGBCh. 18 - Prob. P18.37BPGBCh. 18 - Prob. P18.38BPGBCh. 18 - Prob. P18.39BPGBCh. 18 - Prob. P18.40BPGBCh. 18 - Prob. P18.41BPGBCh. 18 - Prob. P18.42CPCh. 18 - Prob. 18.1DCCh. 18 - Prob. 18.1EI
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