PROBLEM 22: Cost of Production Report The following information is available for DVC Corporation for the current month: Started this month Beginning WIP (3/5 incomplete) Total spoilage Abnormal spoilage Ending WIP (30% to be done) Transferred out 120,000 11,250 3,000 1,350 Units Units Units Units Units 108,750 Units Beginning Work in Process Costs: Material P 15,600 20,700 Conversion Current Costs: Material Conversion P 180,000 525,915 All materials are added at the start of production and the inspection point is at the end of the process. Using the more accurate method representing the physical flow of units. Required: a. Total costs of units transferred-out b. The amount of work in-process, end C. Cost of abnormal loss units

PROBLEM 22: Cost of Production Report The following information is available for DVC Corporation for the current month: Started this month Beginning WIP (3/5 incomplete) Total spoilage Abnormal spoilage Ending WIP (30% to be done) Transferred out 120,000 11,250 3,000 1,350 Units Units Units Units Units 108,750 Units Beginning Work in Process Costs: Material P 15,600 20,700 Conversion Current Costs: Material Conversion P 180,000 525,915 All materials are added at the start of production and the inspection point is at the end of the process. Using the more accurate method representing the physical flow of units. Required: a. Total costs of units transferred-out b. The amount of work in-process, end C. Cost of abnormal loss units

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 39E: Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify...

See similar textbooks

Similar questions

PROBLEM 15: The following quarterly cost data have been accumulated for NewDDDManufacturing, Inc.: Raw materials, 1/1/2022 10,000 units at P6.00 Purchases of raw materials 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process 21,500 units Work in process, 1/1/2022 5,600 units at P13.50 Direct labor P 250,000 Manufacturing overhead 325,000 Work in process, 3/31/2022 4,200 units at P13.75 If New Delhi uses the FIFO method for valuing raw materials inventories, compute for thecost of goods manufactured for the quarter ended March 31, 2022.
PROBLEM 23: Cost of Production Report The following information is available for DVC Corporation for the current month: Started this month Beginning WIP (3/5 incomplete) Total spoilage Abnormal spoilage Ending WIP (30% to be done) Transferred out 120,000 11,250 3,000 1,350 Units Units . Units Units ? Units 108,750 Units Beginning Work in Process Costs: Material P 15,600 20,700 Conversion Current Costs: P 180,000 525,915 Material Conversion All materials are added at the start of production and the inspection point is at the end of the process. Using the more accurate method representing the physical flow of units. Required: a. Total costs of units transferred-out b. The amount of work in-process, end c. Cost of abnormal loss units
nttps:25A%252F%252HM..mh A company allocates materials handling cost to the company's two products using the below data: Product A Product B Total expected units produced 5,400 11,800 Total expected material 530 470 moves Expected direct labor-hour 670 150 per unit The total materials handling cost for the year is expected to be $182,000. If the materials handling cost is allocated on the basis of direct labor-hours, how much of the total materials handling cost would be allocated to the Product B? (Round your intermediate calculations to 5 decimal places.) Multiple Choice $97,944 $74,263 $35,671 $59.791
Problem 4 The Salty Mfg. Co. operates three producing departments, A, B and C. It uses the weighted average costing method. The following data are on the production of Department B for October, 2021: Added in Department B Transfer Materials Conversion Units In (In pesos) Cost (PhP) In process, Oct. 1 Received from Department A Total 5,000 20,000 25,000 19,000 (in Pesos) 9,990 39,010 1,020 21,855 998 21,877 Transferred out Normal Loss 1,000 Abnormal loss 500 In process, Oct. 31 Factory costs are applied evenly throughout the process. Beginning work in process was 20% done while ending work in process is % done. Abnormal loss occurred at the end of the process. What should be the accumulated cost of work in process as of October 31 if the normal loss occurred during the process (with adjustment for lost units based on the remaining good units? 4,500
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?
Question 6: Your company currently produces a range of three products, D, E, and F to which the following details relate for Period 2. D E F Production (units) 1,500 2,500 14,000 Material cost per unit Br. 18 Br. 10 Br. 20 Labor hours per unit 1 3 2 Machine hours per unit 3 2 6 Labor costs are Br. 8 per hour and production overheads are currently absorbed in the conventional system by reference to machine hours. Total production overheads for Period 2 have been analyzed as follows: Set-up cost 327,250 Handling cost 187,000 Machine cost 140,250 Inspection cost 280,500 935,000 Calculate the cost per unit for each product using conventional The introduction of an ABC is being considered and to that end the following volume…
Problem No. 3 - Standard Costing CBA Company produced 45,000 units of product K. The entity provided you with additional information as follows: Standard Actual Volume produced (in units) 45,000 Total materials required/used to produced 45,000 units 94,500 99,000 Total material costs P49,500 P54,000 Total hours 6,750 5,400 Budgeted / Actual payroll P94,500 P81,000 Requirement: Show computation for the following: - a. Material price variance b. Material usage variance c. Labor rate variance d. Labor efficiency variance
PROBLEM 16: Cost of Production Report Spiderman Corp. has two departments. The following are the data of the two departments. Quantity Beginning WIP October 1 Incomplete as to materia Complete as to conversion cost Departmant 1 32,500 Department 2 22,500 30% 40% 20% 75% Units started in October Units Completed in October Ending WIP October 31 Complete as to material Incomplete as to conversion cost 120,000 112,500 27,500 60% 0% 80% 60% Costs Beginning WIP Transferred in 287,500 120,000 42,500 Materials 200,000 187,500 Conversion Current Period Transferred in Materials Conversion 875,000 500,000 125,000 300,000 Required: Compute the ending inventory costs for the two departments. • Using Weighted method a. Compute the EUP of the two departments. b. Compute the unit cost of the two departments. c. Compute the costs transferred to out the two departments. d. Compute the ending inventory costs for the two departments.
Problem 3-11 (Algo) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 35,000 Credits ? Debits 160,000 Bal. 12/31 45,000 Manufacturing Overhead Debits 188,400 Credits ? Work in Process Bal. 1/1 40,000 Credits 530,000 Direct materials 110,000 Direct labor 210,000 Overhead 218,400 Bal. 12/31 ? Factory Wages Payable Debits 225,000 Bal. 1/1 19,000 Credits 220,000 Bal. 12/31 14,000 Finished Goods Bal. 1/1 60,000 Credits ? Debits ? Bal. 12/31 90,000 Cost of Goods Sold Debits ? Required: 1. What was the cost of raw materials used in production during the year? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost for the year consisted of indirect labor? 4. What was the cost of…
The equivalent production under weighted average costing method is arrived at as follows: Finished and transferred 20,000 x 100% 20,000 In process, Feb. 28 3,000 x 2/3 2,000 22,000 With beginning work in process consisting of 5,000 units, 1/5 done, what should be the equivalent production under FIFO? а. 23,000 b. 21,000 C. 22,000 d. 19.000
Planned costs of product A - 150000 Planned costs of product B - 250000 Real costs of product A - 120000 Real costs of product B - 240000 \At the end of the month, when the full production cost of production is formed on the account Production process Dr Finished products. A Cr Production process. A - ? Please be more careful wit + / - (in case of storno)
Question 1: The following information relating to production and mixed costs are extracted from the book of a manufacturing fırm: Months Production (Units) Mixed costs January 6,800 $31,580 February 6,400 $30,420 March 7,200 $32,740 April 8,000 $35,060 May 6,600 $31,000 June 7,000 $32,160 Requirements: 1. Using high and low method, estimate the variable cost per unit and the fixed costs elements from the above information 2. Express the variable and fixed costs in the form Y=a+bx