Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 7,000 units, 75% completed 33,425 To Finished Goods, 161,000 units Direct materials, 165,000 units @ $2 330,000 Direct labor 469,200 Factory overhead 182,400 Bal., 2 units, 65% completed Cost per equivalent units of $2.00 for Direct Materials and $4.00 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. %24 1. Cost of beginning work in process inventory completed this period 21,000 X 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest

Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 7,000 units, 75% completed 33,425 To Finished Goods, 161,000 units Direct materials, 165,000 units @ $2 330,000 Direct labor 469,200 Factory overhead 182,400 Bal., 2 units, 65% completed Cost per equivalent units of $2.00 for Direct Materials and $4.00 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. %24 1. Cost of beginning work in process inventory completed this period 21,000 X 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 4P

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Selected information from Hernandez Corporation shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
еBook Show Me How Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $1.95 and $0.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 2,200 Started and completed during October 44,000 44,000 Transferred out of Rolling (completed) 44,000 46,200 Inventory in process, October 31 4,000 2,000 Total units to be assigned costs 48,000 48,200 The beginning work in process inventory on October 1 had a cost of $1,470. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department Previous Next Check My Work 2 more Check My Work uses remaining. 4:3 我口中0 2 2/2 a $…
ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?
евоок Calculator Print Item Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 8,000 units, 40% completed 22,880 To Finished Goods, 184,000 units Direct materials, 188,000 units @ $1.5 282,000 Direct labor 494,400 Factory overhead 192,320 Bal. ? units, 40% completed a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period. 2. Cost of units transferred to finished goods during the period. $4 3. Cost of ending work in process inventory. %$4 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. b. Did the production costs change from the preceding period? c.…
Determine the cost of goods manufactured using the given information for July: • Direct materials_P31,000 • Direct labor_P22,000 • Manufacturing overhead_P29,000 • Beginning work in process inventory_P14,000 • Ending work in process inventory_P15,000
Assessment Consider the following data for the Assembly Department of Pink Manufacturing Company: Quantity: Work in Process - May 1 80 Started in May 202A 500 460 120 Completed during May 202A Work in Process - May 31, 202A Stage of Completion: Materials Conversion costs Cost Data Work in Process May 1 90% 40% P Materials 49,336 322,000 Work in Process May 31 60% 30% Conversion Cost P 9,104 139,200 Work in Process - May 1_ Cost added during May The Assembly department uses the average method of process costing. Required: Cost of production report for the month of May.
Assume the following information from a schedule of cost of goods manufactured: Beginning work in process inventory $ 30,000Direct materials used in production $ 50,000Direct labor $ 60,000Total manufacturing costs to account for $ 207,000Ending work in process inventory $ 72,000 What is the manufacturing overhead applied to work in process?
keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%3D&inprogress%3Dfalse # To еВook Show Me How Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $556,500. The conversion cost for the period in the Rolling Department is $116,400 ($69,000 factory overhead applied and $47,400 direct labor). The total cost transferred to Finished Goods for the period was $530,000. The Rolling Department had a beginning inventory of $27,400. a1. Journalize the cost of transferred-in materials. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period. Check My Work 2 more Check My Work…
eBook Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Bal., 30,000 units, 40% completed Direct materials, 400,000 units @ $11.25 Direct labor Factory overhead Bal., 2 units, 30% completed Determine the following: a. The number of units in work in process inventory at the end of the period. 24,000 units Line Item Description Inventory in process, beginning Started and completed Transferred to finished goods Inventory in process, ending Total units Show Me How b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0". Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Direct Materials Work in Process-Assembly Department Conversion S S 1,075,500 To Finished Goods, 406,000…
The following information is available regarding process A for the month of February, 2019 : Production Record ; Units in process as on 1-2-2019 (all materials used, 25% complete for labour and overheads) New units introduced Units completed Units in process as on 28-2-2019 (all materials used, Атоunt ($) 4,000 16,000 14,000 33,% complete for labour and overhead 6,000 Cost Record: WIP as on 1-2-2019 Materials Атоunt ($) 6,000 1,000 1,000 Labour Overheads 8,000 Cost During the Month : Materials Labour Атоunt ($) 25,600 15,000 15,000 Overheads 55,600 Presuming the average method of inventory is used, prepare : (i) Statement of equivalent production (ii) Statement showing cost of each element