3. compute the cost of the ending inventory of work in process ANSWER IN EXCEL FORM
Q: Fill in the blank. ______ method is a costing method which includes beginning work-in-process…
A: There are various methods for valuation of inventory in cost accounting. Mainly, inventory is found…
Q: QUESTION 2 - Which of the following is a correct journal entry to record direct labor cost? - Work…
A: Direct labor cost is wages paid to labors in order to produce goods or provide services to…
Q: the amount of inventory that would be reported on the absorption costing balance sheet is:
A:
Q: A debit balance in Overhead Control: a. indicates applied overhead exceeds actual overhead. b.…
A: OVERHEAD ARE ALL COSTS ON THE INCOME STATEMENT EXCEPT THE DIRECT MATERIALS , DIRECT LABOR AND DIRECT…
Q: Required: (a) Prepare a statement of equivalent production to determine the equivalent units for…
A: An equivalent unit of production is an expression of the amount of work done by a manufacturer on…
Q: Which account is not used in JIT costing? a. Finished Goods Inventory b. Raw and In-Process…
A: The JIT is a management strategy that minimizes the inventory and increases efficiency. JIT is to…
Q: As production takes place, al manufacturing costs are added to the Multiple Choice Workin Process…
A: At the time of production, different costs are incurred such as direct material cost, direct labor…
Q: D. Compute the following cost: i Prime cost ii. Conversion cost iii. Inventoriable cost iv.…
A: Since it was asked to solve part D and E. D and E part has been solved.
Q: Calculate the: - Total cost of units completed and transferred to Finished Goods inventory - Cost of…
A: SOLUTION- Abnormal loss means that loss which is caused by unexpected or abnormal conditions such as…
Q: he cost of partially completed goods at the end of the period would be Group of answer choices…
A: Solution: Work in process in increase by the use of direct materials, direct labor costs and…
Q: What is the correct order of the inventories in regards to processing? Group of answer choices a…
A: Inventories are the collection of all those units which are available in enterprise in the form of…
Q: (c) Complete the Work in Process Inventory - Polishing Process T-account, clearly showing the ending
A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct…
Q: What is the TOTAL cost assigned to the ending work in process inventory?
A: Process costing: process costing is a costing method used by companies that produce homogeneous…
Q: Name the three inventory methods commonly associated with process costing.
A: Cost accounting system: Cost accounting system of an organization consists of procedures and…
Q: True or False 1. The weighted average method includes the work in process beginning inventory cost…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: ndly assist with the following: a) Prepare a statement of equivalent production to determine the…
A: Step 1 Equivalent units are calculated by multiplying the number of physical (or actual) units on…
Q: In a process costing system, manufacturing overhead applied is usually recorded as a debit to: 7. A.…
A: Finished goods comprises of the units completed and sold and the opening and closing inventories.…
Q: For each cost pool, identify an appropriate cost driver. a. order department b. accounts…
A: Cost Driver: The direct reason for a cost is referred to as a cost driver. Fixed expenses do not…
Q: 2. Show how to prepare a journal entry to enter direct materials costs into the WIP Inventory…
A: The costing method in which the raw materials are processed through various processes to make a…
Q: Choose the best answer choice for each question 1. In a process cost system, the amount of work in…
A: We’ll answer the first question since the exact one wasn’tspecified. Please submit a new question…
Q: Which of the following would be included in the journ record the requisition of indirect materials?…
A: SOLUTION- MANUFACTURING OVERHEAD - IT IS ALSO KNOWN AS FACTORY OVERHEAD AND PRODUCTION OVERHEAD .…
Q: Which account is not used in JIT costing? Finished Goods Inventory Raw and In-Process Inventory…
A:
Q: Appropriate base to allocate purchase department cost to different products is? A. Machine Hour B.…
A: Absorption costing involves allocation of production expenses to product based on a parameter
Q: Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
A: To transfer of costs from work in process and finished goods, finished goods will be debited and…
Q: A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work…
A: Inventory in a production will go through different stages which is as follows: Raw…
Q: In a process cost system, machinery depreciation expense incurred is debited to a. manufacturing…
A: Process costing is a part of cost analysis which is used by organizations that have more than 1…
Q: The entry to record a transfer of direct materials for use in production would include a debit to…
A: On the issue of direct material for use in production, the work-in-process inventory is debited…
Q: As production takes place, all manufacturing costs are added to the: a. Finished-Goods Inventory…
A:
Q: Under FIFO method, what was the actual units of the Work in Process beginning inventory?
A: Normal wastage or material loss is the loss that is unavoidable due to the fundamental character of…
Q: All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process…
A: Costs of goods sold: It is a cost of sale and deviation between the sale and gross profit/loss; it…
Q: Required: Calculate the following (Show all your work ) 1-Materials used in production )…
A: The required details of materials used in production, total manufacturing cost, cost of goods…
Q: Q3) As production takes place, all manufacturing costs are debited to the: A. work in process…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Compute the ending inventory of work in process ANSWER IN EXCEL FORM
A: Under weighted average method of process costing, equivalent units will be equal to units completed…
Q: Allocated manufacturing overhead is always recorded with a debit to work-in-process inventory. with…
A: Manufacturing overhead accounts are allocated on the basis of predetermined overhead rate or…
Q: Prepare T accounts for the following: Raw Materials Inventory, Work in Process Inventory, Finished…
A: 1 & 2. Raw Material Inventory Particulars Amount(P) Particulars Amount(P) Opening balance…
Q: Under process costing, the costs incurred by each department are reported in . The perpetual…
A: Solution:- Under the process costing system, costs incurred by the each department are reported in…
Q: In a process cost system, the amount of work in process inventory is valued by Oa. a. multiplying…
A: The Ending WIP Inventory includes direct materials, direct labor and overheads incurred. For the…
Q: Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2?
A: Work in process inventory means inventory which is not in process yet, which is not completely…
Q: Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b)…
A: Cost of Goods Sold=Finished goods inventory, Beginning+Goods added-Finished goods inventory, Ending
Q: 4. As production takes place, all manufacturing costs are added to the: a. Work-in-Process Inventory…
A: Lets understand the basics. Work in progress inventory account is a account which shows that, how…
Q: b. Determine the ending balance of raw and in process inventory and finished goods invent Raw and In…
A: Budgeted conversion cost per unit = $78,120 / 155 *10/60 = $84 per unit
Q: The entry to record the cost of goods completed would include: a. credit to Finished Goods Inventory…
A: All the expenses are debited to WIP a/c and the Cost of goods of completed during the year are…
Q: As production takes place, all manufacturing costs are added to the: O A. Manufacturing Overhead…
A: Solution: As production takes palce, all manufacturing costs are added to the "work in process…
Q: total cost of the ending work in process inventory
A:
3. compute the cost of the ending inventory of work in process
ANSWER IN EXCEL FORM
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- 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?The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is the information related to this years production: Â Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $115,080 and the total conversion cost is $72,072. Using the weighted-average method, what are the unit costs if the company transferred out 34,000 units? Using the weighted-average method, prepare the companys process cost summary for the month.
- At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 units in work in process that were 60% complete at the beginning of the period. During the period, 15,800 units were completed and transferred to the Packing Department. There were 1,200 units in process that were 30% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period. b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production.
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
- A company has 100 units in ending work in process that are 40% complete after transferring out 750 Units. If the cost per unit is $5 for materials and $2.50 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.
