Cost InformationDuring October, McCourt Associates incurred total production costs of $88,450 for copyediting manuscripts and had the following equivalent units schedule:Units completed290Units in EWIP x Fraction complete: 25 x 0.615Equivalent units305Required:1. Calculate the cost of copyediting one manuscript for October.per manuscript2. Assign costs to manuscripts completed and to EWIP and then do a cost reconciliation.Manuscripts completedEWIPTotal assigned3. What if the costs assigned to units completed and EWIP total were calculated using a unit cost of $320? Calculate the total costs assigned.What is the discrepancy between the costs assigned and the costs to account for?

Process costing is used where a product process through various stages. Under process costing…

Answered: Cost Information During October,…

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 4CE: During October, McCourt Associates incurred total production costs of 60,000 for copyediting...

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Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
Production information shows these costs and units for the smoothing department in August. What is the value of the inventory transferred out to finished goods and the value of the WIP inventory at the end of the month, assuming conversion costs are 30% complete?
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?
During October, McCourt Associates incurred total production costs of $91,450 for copyediting manuscripts and had the following equivalent units schedule: Units completed Units in EWIP x Fraction complete: 25 x 0.6 Equivalent units Required: Manuscripts completed EWIP 295 1. Calculate the cost of copyediting one manuscript for October. per manuscript 2. Assign costs to manuscripts completed and to EWIP and then do a cost reconciliation. 15 $ 310 Total assigned 3. What if the costs assigned to units completed and EWIP total were calculated using a unit cost of $320? Calculate the total costs assigned. What is the discrepancy between the costs assigned and the costs to account for?
How much is the cost of WIP, end using FIFO * Dmahirap company adds all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in WIP.beg and 50% complete as to 6,000 units in WIP,end. During the month, 12,000 units were completetd and transferred to the next department. Analysis of the costs relating to production for October follows: Materials Conversion Cost WIP,beg Costs added this month 15,600 P9,600 P4,800 14,400
How much is the cost of WIP, end using FIFO * Dmahirap company adds all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in WIP.beg and 50% complete as to 6,000 units in WIP,end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for October follows: Materials Conversion Cost P4,800 WIP,beg Costs added this month | 15,600 P9,600 14,400
Current Attempt in Progress Swifty Company has the following production data for June: units completed and transferred out, 61,000 and ending work in process inventory, 7,320 units that are 100% complete for materials and 30% complete for conversion costs. Unit materials cost is $5 and unit conversion cost is $7. Determine the costs to be assigned to the units completed and transferred out and the units in ending work in process inventory. Cost assigned to units completed and transferred out Cost assigned to the units in ending work in process inventory $ $
Current Attempt in Progress Monty Company has the following production data for June: units completed and transferred out, 49,000 and ending work in process inventory, 5,880 units that are 100% complete for materials and 30% complete for conversion costs. Unit materials cost is $5 and unit conversion cost is $7. Determine the costs to be assigned to the units completed and transferred out and the units in ending work in process inventory. Cost assigned to units completed and transferred out Cost assigned to the units in ending work in process inventory Save for Later $ $ Attempts: 0 of 1 used Submit Answer
Production Information shows the following costs and units for the smoothing department in August. Units Work in process Beginning balance: materials $1,550 Beginning units 640 Beginning balance: conversion 2,500 Transferred in 1,790 Materials Labor Overhead 7,135 All materials are added at the beginning of the period. The ending work in process is 20% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP Inventory at the end of the month? Transferred out Cost Ending Inventory 6,955 Transferred out 1,810 14,540
Current Attempt in Progress Production costs chargeable to the Sanding Department in July in Monty Company are $41,160 for materials, $14,700 for labor, and $12,740 for manufacturing overhead. Equivalent units of production are 29,400 for materials and 19,600 for conversion costs. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 15.25.) Unit costs $ Materials $ Conversion Costs
Dmahirap company adds all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in WIP.beg and 50% complete as to 6,000 units in WIP,end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for October follows: Materials Conversion Cost WIP.beg Costs added this month 15,600 P9,600 P4,800 14,400 How much is the cost of WIP, end using FIFO
In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $111,600 $30,000 $17,200 Direct labor 8,000 13,600 11,600 Applied overhead 8,400 60,400 11,200 Transferred-in cost: From Molding 128,000 From Grinding 232,000 Total cost $128,000 $232,000 $272,000 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system. CHART OF ACCOUNTS Davis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 130 Raw Materials 142 Work in Process-Grinding 143 Work in Process-Molding 144 Work in Process-Finishing 150 Overhead Control 160 Finished Goods 180 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payables EQUITY 310 Common Stock 320 Retained…

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