FUNDAMENTALS OF COST ACCT.(LL) >CUSTOM<
5th Edition
ISBN: 9781259912733
Author: LANEN
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Textbook Question
Chapter 8, Problem 42E
Prepare a Production Cost Report: FIFO Method
Refer to the information in Exercise 8-41.
Required
- a. Prepare a production cost report using the FIFO method.
- b. Is the ending inventory higher using FIFO or the weighted-average method? Why?
- c. Would you recommend that Yarmouth use the FIFO method or the weighted-average method? Explain.
8-41. Prepare a Production Cost Report: Weighted-Average Method
Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department):
Required
Prepare a production cost report using the weighted-average method.
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Problem No. 3(Cost Accounting)
Determine the following using the First-In First-Out (FIFO) method of process costing:
1. Equivalent units of production for materials and conversion cost
2. unit costs, and;
3. Inventory values
help me
processing departments. Data for May 2014 are as follows:
Problem 2. Average Costing
Man
sing denarmpany manufacturing virgin coconut oil that goes through two
Bottling
Total
ided during the
Direct mat
Direct Lab
Manufact
39.962
Total
Mixing Department
Department
Liters transferred to Bottling Department
Liters transferred to Finished goods
Liters on hand at end of month
Stage of Completion:
75,000
68,000
15,000
9,000
dditional Info
All dire
hile convers
100%
Prior department costs
Direct Materials
100%
100%
lequired:
1. Com
Conversion costs
60%
Costs incurred during May:
Direct Materials
P18,480
P32,160
Conversion Costs
P25,900
2. P
Beginning work-in-process inventory
Liters
8,000
8,000
Costs:
Prior department's costs
Direct Materials
Conversion Costs
P6,350
P1,680
P4,020
P2,220
All materials are added at the start of the process in the Mixing Department.
64
Chapter 8 Solutions
FUNDAMENTALS OF COST ACCT.(LL) >CUSTOM<
Ch. 8 - What are the characteristics of industries most...Ch. 8 - A manufacturing company has records of its...Ch. 8 - If costs increase from one period to another, will...Ch. 8 - What are the five steps to follow when computing...Ch. 8 - What is the distinction between equivalent units...Ch. 8 - Which method, weighted-average or FIFO, better...Ch. 8 - It has been said that a prior departments costs...Ch. 8 - The more important individual unit costs are for...Ch. 8 - Assume that the number of units transferred out of...Ch. 8 - The management of a liquid cleaning product...
Ch. 8 - We have discussed two methods for process costing,...Ch. 8 - A friend owns and operates a consulting firm that...Ch. 8 - The controller of a local firm that uses a...Ch. 8 - Throughout the chapter, we treated conversion...Ch. 8 - Consider a manufacturing firm with multiple...Ch. 8 - Prob. 16CADQCh. 8 - Would process costing work well for a service...Ch. 8 - Compute Equivalent Units: Weighted-Average Method...Ch. 8 - Compute Equivalent Units: FIFO Method Refer to the...Ch. 8 - Compute Equivalent Units: Weighted-Average Method...Ch. 8 - Compute Equivalent Units: FIFO Method Refer to the...Ch. 8 - Compute Equivalent Units Magic Company adds...Ch. 8 - Equivalent Units: Weighted-Average Process Costing...Ch. 8 - Compute Equivalent Units: Ethical Issues Aaron...Ch. 8 - Equivalent Units and Cost of Production By...Ch. 8 - Compute Costs per Equivalent Unit:...Ch. 8 - Prob. 27ECh. 8 - Compute Equivalent Units: FIFO Method Materials...Ch. 8 - Compute Equivalent Units and Cost per Equivalent...Ch. 8 - Cost Per Equivalent Unit: Weighted-Average Method...Ch. 8 - Compute Costs per Equivalent Unit:...Ch. 8 - Prob. 32ECh. 8 - Compute Costs per Equivalent Unit: FIFO Method...Ch. 8 - Prob. 34ECh. 8 - Compute Costs per Equivalent Unit:...Ch. 8 - Assign Costs to Goods Transferred Out and Ending...Ch. 8 - Prob. 37ECh. 8 - Assign Costs to Goods Transferred Out and Ending...Ch. 8 - Prepare a Production Cost Report: FIFO Method...Ch. 8 - Prepare a Production Cost Report: Weighted-Average...Ch. 8 - Prepare a Production Cost Report: Weighted-Average...Ch. 8 - Prepare a Production Cost Report: FIFO Method...Ch. 8 - Cost of Production: Weighted-Average and FIFO...Ch. 8 - Operation Costing: Ethical Issues Brokia...Ch. 8 - Prob. 45ECh. 8 - Prob. 46PCh. 8 - Prob. 47PCh. 8 - Prob. 48PCh. 8 - Prob. 49PCh. 8 - Prob. 50PCh. 8 - Prob. 51PCh. 8 - Prepare a Production Cost Report and Show Cost...Ch. 8 - Prob. 53PCh. 8 - Prob. 54PCh. 8 - Prepare a Production Cost Report: Weighted-Average...Ch. 8 - Prob. 56PCh. 8 - Prob. 57PCh. 8 - Prob. 58PCh. 8 - Prob. 59PCh. 8 - Process Costing and Ethics: Increasing Production...
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