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Concept explainers
Prepare cost reconciliation schedule. (LO 4), AP
Data for Hollins Company are given in BE3-8. Production records indicate that 18.000 units were transferred out. and 2,000 units in ending work in process were 50% complete as to conversion costs and 100% complete as to materials. Prepare a coal reconciliation schedule.
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Managerial Accounting: Tools for Business Decision Making 7e Binder Ready Version + WileyPLUS Registration Card
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- A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?arrow_forwardA production department reports the following conversion costs. Equivalent units of production for conversion total 357,000 for this period. Calculate the cost per equivalent unit of production for conversion. The company uses the weighted-average method. Cost of beginning work in process Costs added this period Multiple Choice о O O O O $2.90. $3.65. $0.42. $3.90. $0.75. 268,000 1,124,300arrow_forwardThe cost per equivalent unit of direct materials and conversion in the Bottling Department of Jolt Beverages Company is $0.40 and $0.20, respectively. The equivalent units to be assigned costs are as follows: Line Item Description Direct Materials Conversion Inventory in process, beginning of period 0 3,430 Started and completed during the period 54,570 54,570 Transferred out of Bottling (completed) 54,570 58,000 Inventory in process, end of period 3,530 2,800 Total units to be assigned costs 58,100 60,800 The beginning work in process inventory had a cost of $3,130. Determine the cost of completed and transferred-out production, and the ending work in process inventory. completed and transferred out production $Inventory in process, ending $arrow_forward
- Please show your computations using good accounting form through excel. Thank you! Problem: Normal Loss Materials are added at the start of the process in Department B. Units received from Department A cost P11.10 and in Department B, unit costs are P1 for materials and P1.22 for conversion cost. Quantity Data include: In process, July 1 at 8,000 units, 3/4 done; Received from Dept. A is 50,000 units; In process, July 31 is 10,000 units, 1/5 done. Normal loss at the end is 3,000 units. Estimated recovery from spoiled units is P3,000. What should be the accumulated cost of the July 31 work in process?arrow_forwardThe cost per equivalent unit of direct materials and conversion in the Bottling Department of Mountain Springs Water Company is $0.45 and $0.12, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 3,500 Started and completed during the period 57,000 57,000 Transferred out of Bottling (completed) 57,000 60,500 Inventory in process, end of period 3,500 1,800 Total units and costs to be assigned 60,500 62,300 The beginning work in process inventory had a cost of $2,200. Determine the cost of completed and transferred out production and the ending work in process inventory. Round answers to nearest whole dollar. Completed and transferred out production $fill in the blank 1 Inventory in process, ending $fill in the blank 2arrow_forwardFor Attarsik Corp, materials are added at the start of the process in Department B. Units received from Department A costs P11.10 while in Department B, unit costs for materials and conversion costs were P1 and P1.22 respectively. The company’s quantity data showed that WIP beg, which had a cost of P80,000, had 8,000 units and were ¾ done. During the period, Department A transferred 50,000 units to Department B. At the end of the period, WIP has 10,000 units which are 1/5 done and there were 3,000 normal lost units. What is the total cost of units transferred to finished goods assuming that the lost units were spoiled at the start of processing?arrow_forward
- 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 Cost of units transferred out Units started and completed in production Total units to account for Total ending work in process Ending work in process materials Ending work in process conversion Cost per unit conversion Costs to account for Question: A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Terms Dollars ? ? Ending work in process: x ? ? ? ? ? ?arrow_forwardFor Itogon Corp, materials are added at the start of the process in Department B. Units received from Department A costs P11.10 while in Department B, unit costs for materials and conversion costs were P1 and P1.22 respectively. The company’s quantity data showed that WIP beg, which had a cost of P80,000, had 8,000 units and were ¾ done. During the period, Department A transferred 50,000 units to Department B. At the end of the period, WIP has 10,000 units which are 1/5 done and there were 3,000 normal lost units. Compute for the equivalent units using FIFO assuming that the 3,000 units were lost at the end of processing. Compute for the equivalent units using average costing assuming that the 3,000 units were lost at the end of processing.arrow_forwardUse this information about Department W to answer the question that follow. Department W had 2,760 units, one-third completed at the beginning of the period. 13,200 units were transferred to Department X from Department W during the period, and 950 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs. What is the total number of units to be assigned costs on the cost of production report for Department W?arrow_forward
- For Bokod Corp, materials are added at the start of the process in Department B. Units received from Department A costs P11.10 while in Department B, unit costs for materials and conversion costs were P1 and P1.22 respectively. The company’s quantity data showed that WIP beg, which had a cost of P80,000, had 8,000 units and were ¾ done. During the period, Department A transferred 50,000 units to Department B. At the end of the period, WIP has 10,000 units which are 1/5 done and there were 3,000 normal lost units. Compute for the equivalent units using average costing assuming that the 3,000 units were lost at the end of processing.arrow_forwardFor Bokod Corp, materials are added at the start of the process in Department B. Units received from Department A costs P11.10 while in Department B, unit costs for materials and conversion costs were P1 and P1.22 respectively. The company’s quantity data showed that WIP beg, which had a cost of P80,000, had 8,000 units and were ¾ done. During the period, Department A transferred 50,000 units to Department B. At the end of the period, WIP has 10,000 units which are 1/5 done and there were 3,000 normal lost units. Compute for the equivalent units using average.arrow_forwardCompute the equivalent units of production of conversion cost: a. In Process, beginning (3/5 additional work to be done), 24,000 units b. Completed and Transferred-out units, 150,000 units (Of the units started in process, ½ represents work in process at the end, which were 40% completed during the current period) EUP using Average costing: a. 174,000 b. 200,400 c. 190,800 d. 158,400arrow_forward
- Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College PubPrinciples of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
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