a.
Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To compute: Unit in process for the month of March.
b.
Job order costing:
Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To compute: Unit material cost for the month of March.
c.
Job order costing:
Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To compute: Unit conversion cost for the month of March.
d.
Job order costing:
Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To compute: Total cost of inventory started in February and completed in March.
e.
Job order costing:
Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To compute: Total cost of inventory started and completed in March.
f.
Job order costing:
Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To compute: Total cost of inventory on March 31.
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Chapter 21 Solutions
ACCOUTING PRIN SET LL INCLUSIVE
- K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.arrow_forwardUse the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 4,650 100 % 40% Units started this period 33,480 Units completed and transferred out 34,410 Ending work in process inventory 3, 720 100 % 80% Beginning work in process inventory Direct materials $ 30,690 Conversion 344,007 S 374, 697 Costs added this period Direct materials 770,040 Conversion 3,357, 207 4,127,247 Total costs to account for $ 4,501, 944 Problem 16-3A (Algo) Weighted average: Production cost report LO P2, P4 Required: Prepare the Forming department's production cost report for May using the weighted average method. Prepare the May 31 journal entry to transfer the cost of units from…arrow_forwardPlease follow the exact terms and format requested in the image. Using the following terms, complete the production cost report shown below: Ending work in process Total costs to account for Cost per equivalent unit Units started into production Manufacturing Overhead Beginning work in process Total units accounted for Raw Materials Inventory Transferred in costs Incurred during the period Completed and transferred out Total costs accounted for Transferred out costs Equivalent units Total units to account for Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. PLEASE NOTE: For percent, use whole numbers and "%" (i.e. 25%). For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas as needed (i.e.…arrow_forward
- 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: Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2.500 units is 100% complete with regard to materials and 60% complete with regard to conversion • 18,000 units were started during the period • 17,500 units were completed and transferred · ending inventory is 100% complete with materials and 65% complete with 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 Unitsarrow_forwardMartin Manufacturing has two manufacturing departments, Forming and Painting. The company uses the weighted-average method and it reports the following data. Units completed in the Forming department are transferred to the Painting department. Beginning work in process inventory Units started this period Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion 1,200,000 1,180,000 120,000 Units completed and transferred out Ending work in process inventory Production cost information for the Forming department follows. Units 100,000 $ 179,200 61,200 $ 4,924,800 3,586,800 Direct materials Percent Complete $ 240,400 8,511,600 60% 80% Conversion Percent Complete 40% 30% Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.arrow_forwardRequired information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Direct Materials Percent Complete 60% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 30,000 400,000 390,000 40,000 85% 35% Production cost information for the forming department follows. Beginning work in process Direct materials $ 50,800 19,300 $ 70,100 Conversion Costs added this period Direct materials 1,539,200 1,047,260 2,586,460 $ 2,656,560 Conversion Total costs to account for Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to…arrow_forward
- Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out 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: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Unitsarrow_forwardFields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Beginning work in process Direct materials Units 34,500 490,000 494,500 30,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 56,200 22,900 1,800, 200 1, 179,000 Direct Materials Percent Complete 80% 85% $79,100 2,979,200 $ 3,058, 300 Conversion Percent Complete 20% 35%arrow_forward[The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP 78,000 876,000 760,000 194,000 $ 496,080 87,640 3,319,920 1,665, 160 Direct Materials. Percent Complete 100% 3. Assign costs to the department's output-specifically, to the units transferred out and to…arrow_forward
- 3. 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: Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2,500 units is 100% complete with regard to materials and 60% complete with regard to conversion 18,000 units were started during the period 17,500 units were completed and transferred ending inventory is 100% complete with materials and 65% complete with conversion PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units ? ? ? ? ? ? Units Accounted For: Total Units…arrow_forwardAAZU is considering various costs under process costing system. AAZU uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company's accounting records:Total equivalent units of materials: 5,000Total equivalent units of conversion: 4,400Units started and completed during the period: 3,500On the basis of this information, the ending work-in-process inventory's stage of completion is: a. 40%. b. 60%. c. 70%. d. 80%. e. some other percentage not listed above.arrow_forwardCompute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Department ending Work-in-Process Inventory. Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in ending inventory in the following step. (Complete all input fields. Enter a "0" for any zero balances. Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.)arrow_forward
- Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage LearningPrinciples of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
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