FUND. ACCOUNTING PRINCIPLES >CUSTOM<
24th Edition
ISBN: 9781307417692
Author: Wild
Publisher: MCG/CREATE
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Chapter 20, Problem 4QS
Physical flow reconciliation C2
Prepare a physical flow reconciliation with the information below.
Blending Process Units of Product Percent of Conversion
Beginning work in process........... 150,000
80%
Goods started....................... 310,000
100
Goods completed.................... 340,000
100
Ending work in process............... 120,000
25
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5. Using the following terms, prepare the worksheet to show the calculation to answer the question:
Units completed and transferred out
Cost per material
Cost per conversion
Equivalent units conversion
Beginning inventory
Units started in production
Total units to account for
Total work in process
Ending inventory
Units transferred in
Total units accounted for
Costs to account for
Question:
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion.
PLEASE NOTE: For units, use commas as needed (i.e. 1,234).
Units to Account For:
Units
Units Accounted For:
Total Units
Material Units
Conversion Units
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
Question Content Area
Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place.
Production Cost Report
Beginning inventory
21,000
Started during the month
76,000
Total units to account for
fill in the blank 1
Completed and transferred out
73,000
Ending work in process
fill in the blank 2
Total units to account for
fill in the blank 3
Work in process completion percent
100%
25%
Materials Units
Conversion Units
Total Units
Completed and transferred out
73,000
73,000
73,000
Ending work in process
fill in the blank 4
fill in the blank 5
fill in the blank 6
Total units to account for
fill in the blank 7
fill in the blank 8
fill in the blank 9
Costs to account for
Materials
Conversion
Total
Beginning work in process
$3,500
$16,000
$19,500
Transferred in
—
—
—
Incurred during the period
25,600
47,200
72,800
Total costs…
Chapter 20 Solutions
FUND. ACCOUNTING PRINCIPLES >CUSTOM<
Ch. 20 - Prob. 1DQCh. 20 - Prob. 2DQCh. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - Explain in simple terms the notion of equivalent...Ch. 20 - Prob. 7DQCh. 20 - Prob. 8DQCh. 20 - Direct labor costs flow through what accounts in a...Ch. 20 - Prob. 10DQ
Ch. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Companies such as Apple commonly prepare a process...Ch. 20 - Prob. 15DQCh. 20 - Prob. 16DQCh. 20 - Prob. 17DQCh. 20 - How could a company manager use a process cost...Ch. 20 - Explain a hybrid costing system. Identify' a...Ch. 20 - Prob. 1QSCh. 20 - Prob. 2QSCh. 20 - Process vs. job order operations C1 For each of...Ch. 20 - Physical flow reconciliation C2 Prepare a physical...Ch. 20 - Prob. 5QSCh. 20 - A FIFO: Computing equivalent units C4 Refer to QS...Ch. 20 - Prob. 7QSCh. 20 - Prob. 8QSCh. 20 - Prob. 9QSCh. 20 - Prob. 10QSCh. 20 - Prob. 11QSCh. 20 - Prob. 12QSCh. 20 - Prob. 13QSCh. 20 - Prob. 14QSCh. 20 - Prob. 15QSCh. 20 - Prob. 16QSCh. 20 - A FIFO: Journal entry to transfer costs P4 Refer...Ch. 20 - Prob. 18QSCh. 20 - Weighted average: Assigning costs to output C3...Ch. 20 - Prob. 20QSCh. 20 - Prob. 21QSCh. 20 - Prob. 22QSCh. 20 - Recording costs of materials P1 Hotwax mates...Ch. 20 - Prob. 24QSCh. 20 - Recording costs of factory overhead P1 P3 Prepare...Ch. 20 - Recording transfer of costs to finished goods P4...Ch. 20 - Exercise 20-1 Process vs. job order operations C1...Ch. 20 - Exercise 20-2 Comparing process and job order...Ch. 20 - Prob. 3ECh. 20 - Prob. 4ECh. 20 - Prob. 5ECh. 20 - Prob. 6ECh. 20 - Prob. 7ECh. 20 - Exercise 20-8 Weighted average: Computing...Ch. 20 - Prob. 9ECh. 20 - Prob. 10ECh. 20 - Prob. 11ECh. 20 - Prob. 12ECh. 20 - Exercise 20-13A
FIFO: Completing a process cost...Ch. 20 - Exercise 20-14 Production cost flow and...Ch. 20 - Exercise 20-15 Recording product costs P1 P2 P3...Ch. 20 - Prob. 16ECh. 20 - Prob. 17ECh. 20 - Prob. 18ECh. 20 - Prob. 19ECh. 20 - Prob. 20ECh. 20 - Prob. 21ECh. 20 - Exercise 20-22 Recording costs of labor P2 Prepare...Ch. 20 - Prob. 23ECh. 20 - Prob. 24ECh. 20 - Exercise 20-25 Recording cost flows in a process...Ch. 20 - Exercise 20-26 Interpretation of journal entries...Ch. 20 - Prob. 1APSACh. 20 - Prob. 2APSACh. 20 - Prob. 3APSACh. 20 - Problem 20-4A Weighted average: Process cost...Ch. 20 - Problem 20-5AA FIFO: Process cost summary:...Ch. 20 - Prob. 6APSACh. 20 - Prob. 7APSACh. 20 - Prob. 1BPSBCh. 20 - Prob. 2BPSBCh. 20 - Prob. 3BPSBCh. 20 - Prob. 4BPSBCh. 20 - Problem 20-5BA FIFO: Process cost summary;...Ch. 20 - Problem 20-6BAFIFO: Costs per equivalent unit;...Ch. 20 - Problem 20-7BA FIFO: Process cost summary,...Ch. 20 - Prob. 20SPCh. 20 - Prob. 20CPCh. 20 - Prob. 1GLPCh. 20 - Apple has entered into contracts that require the...Ch. 20 - Apple and Google work to maintain high-quality and...Ch. 20 - Prob. 3AACh. 20 - Prob. 1BTNCh. 20 - Prob. 2BTNCh. 20 - Many companies use technology to help them improve...Ch. 20 - Prob. 4BTNCh. 20 - Prob. 5BTNCh. 20 - Prob. 6BTN
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