Problem 1. Colgate Palmolive Philippines employs a process cost system in the manufacture of toothpaste. Two departments are involved in the process: Department 1 and Department 2. No lost units are discovered in both departments. Below are the data in the Department 2 for the months of June and July: June 3,600 60% 33 1/3% July In process at the beginning Materials Conversion costs Transferred in from Department 1 In process at the end Materials Conversion costs ? 9,000 2.400 50% 7,500 2,700 33 1/3% 16 2/3% 25% Costs of in process, beginning: Costs from Department 1 Materials Conversion costs P12,330 4,050 2,160 8,460 14,784 2,592 ? ? P9,675 11,730 3,384 Transferred in costs from Department 1 Materials costs added Conversion costs added

Problem 1. Colgate Palmolive Philippines employs a process cost system in the manufacture of toothpaste. Two departments are involved in the process: Department 1 and Department 2. No lost units are discovered in both departments. Below are the data in the Department 2 for the months of June and July: June 3,600 60% 33 1/3% July In process at the beginning Materials Conversion costs Transferred in from Department 1 In process at the end Materials Conversion costs ? 9,000 2.400 50% 7,500 2,700 33 1/3% 16 2/3% 25% Costs of in process, beginning: Costs from Department 1 Materials Conversion costs P12,330 4,050 2,160 8,460 14,784 2,592 ? ? P9,675 11,730 3,384 Transferred in costs from Department 1 Materials costs added Conversion costs added

Name: Please fill in the missing figures(also show the step by step computat
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Description: Please fill in the missing figures(also show the step by step computation if possible) and prepare the cost of production report for the month of july using average method of process costing. Thank you Problem 1. Colgate Palmolive Philippines employs

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 20E: Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through...

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Key Company uses the FIFO method in its process costing system. Operating data for the Enameling Department for the month of May appear below: Units Percentage complete Beginning work in process inventory 2 400 40% Transferred in from the previous department during May 87 000 Transferred to the next department 80 800 Ending work in process inventory ? 60% No losses occurred during the month. Calculate the equivalent units of production for conversion costs in the Enameling Department for May. A. 85 000 B. 85 960 C. 80 800 D. 93 200
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
A company manufactures a liquid product called Crystal. The basic ingredients are put into process in Department 1. In Department 2, other materials are added that increase the number of units being processed by 50%. The factory has only two departments. Calculate the following for each department: (a) unit cost for the month for materials, labor, and factory overhead, (b) cost of the units transferred, and (c) cost of the ending work in process.
Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.
Dublin Brewing Co. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during October: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 13,000 units finished and transferred to stockroom Work in process, end of period, 2,000 units one-half completed Required: Prepare a cost of production summary for October.
Larkin Company produces leather strips for western belts using three processes: cutting, design and coloring, and punching. The weighted average method is used for all three departments. The following information pertains to the Design and Coloring Department for the month of June: a. There was no beginning work in process. b. There were 400,000 units transferred in from the Cutting Department. c. Ending work in process, June 30: 50,000 strips, 80 percent complete with respect to conversion costs. d. Units completed and transferred out: 330,000 strips. The following costs were added during the month: a. Direct materials are added at the beginning of the process. b. Inspection takes place at the end of the process. All spoilage is considered normal. Required: 1. Calculate equivalent units of production for transferred-in materials, direct materials added, and conversion costs. 2. Calculate unit costs for the three categories of Requirement 1. 3. What is the total cost of units transferred out? What is the cost of ending work-in-process inventory? How is the cost of spoilage treated? 4. Assume that all spoilage is considered abnormal. Now, how is spoilage treated? Give the journal entry to account for the cost of the spoiled units. Some companies view all spoilage as abnormal. Explain why. 5. Assume that 80 percent of the units spoiled are abnormal and 20 percent are normal spoilage. Show the spoilage treatment for this scenario.
Kokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during the month of March: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 18,000 units finished and transferred to stockroom. Work in process, end of period, 3,000 units, two-thirds completed. Required: Prepare a cost of production summary for March.
Problem:-Cost of Production Summary, One Department; Beginning Work in Process Dublin Brewing Co. uses the process cost system. The following data, taken from the organization's books, reflect the results of manufacturing operations during October:Production Costs:-Work in process, beginning of period:Materials $ 2,600Labor $ 2,300Factory overhead $ 1,000 Total: $ 5,900 Costs incurred during month:Materials $10,000Labor...........................................................................$ 7,500Factory overhead $ 6,000 Total $ 23,500 Total $ 29,400Production Report Units:-Finished and transferred to stockroom during month 13,000 UnitsWork in process, end of…
The debits to Work-in - Process for Department #2 for the month of April of the current year, together with information concerning production, are presented below. All direct materials come from Department #1. The units completed include the 1, 200 in process at the beginning of the period. Department #2 uses FIFO costing. Work-in - Process - Department #2 Debit Credit 1, 200 units, 1/4 completed $ 1,200 Product X, 6,200 units ? ? ? ? From Department 1, 6,000 units 3,600 Direct Labor 8,000 Factory OH 4,800 1,000 units, (1)/(2) complete ? ? ? ? The cost of goods transferred to finished goods is:
Help Save & E EXVAWY118 Corporation uses the weighted-average method in its process costing system. EXVAWY118's data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs 2,000 $ 8,400 $ 3,700 Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month 55% 258 7,900 7,100 $ 111,500 $ 84,600 Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion (ID#17836) Q.) The cost of ending work in process inventory in the first processing department according to the EXVAWY118's cost system is closest to: (Round "Cost per equivalent unit"…
In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $112,300 $29,200 $16,800 Direct labor 8,500 13,500 12,100 Applied overhead 9,400 60,800 11,000 Transferred-in cost: From Molding 130,200 From Grinding 233,700 Total cost $130,200 $233,700 $273,600 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods 1. Prepare the Dec. 31 journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. Refer to the Chart of Accounts for the exact wording of account titles. Question not attempted. PAGE 15 GENERAL JOURNAL Score: 0/76 DATE ACCOUNT POST. REF. DEBIT CREDIT 1 2 3 4 5…
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: work in process, April 1 units started during April work in process, April 30 work in process, April 1 costs added during April total costs units Calculate the conversion costing method. 27,000 59,000 34,000 % complete DM 60% 70% The cost of beginning work in process and the costs added during April were as follows: % complete 85% 40% conversion Conversion $191,175 $208.985 $400,160 DM $ 25,310 $190.720 $216,030 unit cost using the weighted average process Total cost $216,485 $399,705 $616,190