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Cullumber Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to nventories, the company uses weighted-average process costing. The following information was available for 2022: Sales (selling price per unit, $43) Actual manufacturing overhead Selling and administrative expenses Unit production costs: Direct materials (1 kilogram) Direct labour (1/2 hour) Manufacturing overhead Total $5,000,900 $6.00 8.00 9.00 $23.00 (a) Units completed and transferred to finished goods Materials purchased Materials used in process Raw materials Work in process inventory (45% complete) Finished goods 752,400 373,920 An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: (1) Opening Balance - Raw Materials Calculate the following amounts for Cullumber Inc.: 159,600 units The January 1, 2022, work in process inventory units are 70% complete. The unit cost of production was the same in 2022 as it was in 2021. (3) Opening Balance - Finished Goods 142,500 kilograms 155,040 kilograms 9,120 kilograms 25,080 units 51,300 units The opening (January 1, 2022) balance in units and costs of (1) raw materials, (2) work in process inventory, and (3) finished goods (2) Opening Balance - Work in Process Inventory Units $ $ $ Cost

Cullumber Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to nventories, the company uses weighted-average process costing. The following information was available for 2022: Sales (selling price per unit, $43) Actual manufacturing overhead Selling and administrative expenses Unit production costs: Direct materials (1 kilogram) Direct labour (1/2 hour) Manufacturing overhead Total $5,000,900 $6.00 8.00 9.00 $23.00 (a) Units completed and transferred to finished goods Materials purchased Materials used in process Raw materials Work in process inventory (45% complete) Finished goods 752,400 373,920 An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: (1) Opening Balance - Raw Materials Calculate the following amounts for Cullumber Inc.: 159,600 units The January 1, 2022, work in process inventory units are 70% complete. The unit cost of production was the same in 2022 as it was in 2021. (3) Opening Balance - Finished Goods 142,500 kilograms 155,040 kilograms 9,120 kilograms 25,080 units 51,300 units The opening (January 1, 2022) balance in units and costs of (1) raw materials, (2) work in process inventory, and (3) finished goods (2) Opening Balance - Work in Process Inventory Units $ $ $ Cost

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
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Cullumber Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses weighted-average process costing. The following information was available for 2022: Sales (selling price per unit, $43) Actual manufacturing overhead Selling and administrative expenses Unit production costs: Direct materials (1 kilogram) Direct labour (1/2 hour) Manufacturing overhead Total $5,000,900 752,400 373,920 $6.00 8.00 9.00 $23.00 Units completed and transferred to finished goods Materials purchased Materials used in process (a) Raw materials Work in process inventory (45% complete) Finished goods An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: Calculate the following amounts for Cullumber Inc.: 159,600 units The January 1, 2022, work in process inventory units are 70% complete. The unit cost of production was the same in 2022 as it was in 2021. 142,500 kilograms 155,040 kilograms 9,120 kilograms 25,080 units 51,300 units (1) Opening Balance - Raw Materials The opening (January 1, 2022) balance in units and costs of (1) raw materials, (2) work in process inventory, and (3) finished goods (2) Opening Balance - Work in Process Inventory (3) Opening Balance - Finished Goods Units $ $ Cost
Transcribed Image Text:Cullumber Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses weighted-average process costing. The following information was available for 2022: Sales (selling price per unit, $43) Actual manufacturing overhead Selling and administrative expenses Unit production costs: Direct materials (1 kilogram) Direct labour (1/2 hour) Manufacturing overhead Total $5,000,900 752,400 373,920 $6.00 8.00 9.00 $23.00 Units completed and transferred to finished goods Materials purchased Materials used in process (a) Raw materials Work in process inventory (45% complete) Finished goods An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: Calculate the following amounts for Cullumber Inc.: 159,600 units The January 1, 2022, work in process inventory units are 70% complete. The unit cost of production was the same in 2022 as it was in 2021. 142,500 kilograms 155,040 kilograms 9,120 kilograms 25,080 units 51,300 units (1) Opening Balance - Raw Materials The opening (January 1, 2022) balance in units and costs of (1) raw materials, (2) work in process inventory, and (3) finished goods (2) Opening Balance - Work in Process Inventory (3) Opening Balance - Finished Goods Units $ $ Cost
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