Problem 4. Evans Corporation produces a product that passes through two departments. For March, the following information from the baking department was collected: Percent Completed Units Materials Conversion Work in process, beginning 25,000 100% 40% Started into production 85,000 Completed and transferred out 90,000 Work in process, ending 20,000 100% 60% Materials Conversion Work in process, beginning Cost added during March $71,000 $38,080 $215,200 $170,000 Required: Prepare a Production Report for March (in the proper format) for the Baking Department.
Q: Sagar
A: Basic EPS is the simplest form of EPS calculation. It considers only the net income attributable to…
Q: Acme Company is a retailer. Acme reports cost of goods sold expense of $116,000 for the year. During…
A: the breakdown:Cost of Goods Sold (COGS): $116,000Inventory Increase: This represents inventory that…
Q: None
A: To determine the total compensation cost pertaining to the incentive stock option plan, we need to…
Q: Ziege Systems is considering the following independent projects for the coming year: Project A…
A: a. Calculating the Dollar Size of Ziege Systems' Capital Budget:1. List the projects and their…
Q: If the transferor of receivables surrenders control over them, the transaction involving receivables…
A: The question is asking whether a transaction involving receivables is treated as a sale and any gain…
Q: ! Required information Convers Corporation (calendar year-end) acquired the following assets during…
A: The objective of the question is to calculate the correct MACRS depreciation for Convers…
Q: TLF Ltd wishes to sell 28,000 units of its product, which has a variable cost of £30 to make and…
A: Step 1: To calculate the sales price per unit, you'll need to consider the total costs and the…
Q: On March 10, 2025, Oriole Company sold to Blue Spruce Hardware 200 tool sets at a price of $47 each…
A: Step 1: Calculate the total sale amount and cost of goods sold.Calculate the sale amount:Multiply…
Q: es Prepare a budgeted balance sheet at March 31 using the following information from Zimmer Company.…
A: Preparation of budgeted Balance sheet ZIMMER COMPANYBudgeted Balance Sheet As of March…
Q: Grey's Medical operates three support departments and two operating units, Surgery and ER. The…
A: The total cost allocated from the accounting department to the operating units (Surgery and ER) can…
Q: Please do not give solution in image format thanku
A: Understanding the ScenarioWehner Company manufactures plastic items, including plastic housings for…
Q: None
A: Pension Expense = Service Cost + Interest Cost - Expected Return on Plan Assets + Amortization of…
Q: Which of the following items is NOT classified as a financial asset? a. promissory notes b. forward…
A: The objective of the question is to identify which among the given options is not classified as a…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Step 1: (A) The keep or replace analysis is made as follows:-Keep or Replace analysisKeepReplace…
Q: The Fed conducts an open market operation and increase a bank's excess reserves by $7,000. Explain…
A: Round 1: Bank earns $7,000 for extra reserves. The bank must hold $1,400 ($7,000 * 20%) as reserves…
Q: Exercise 2-13 (Algo) Departmental Predetermined Overhead Rates [LO2-1, LO2-2, LO2-4] White Company…
A: The objective of the question is to calculate the predetermined overhead rate for each department,…
Q: Leidich Corporation manufactures hospital equipment. The Measurement Division (MD) manufactures…
A: Part 2: Explanation:Step 1: Calculate the net book value of assets at the end of the current…
Q: Objective: Consider that you are an analyst at Regeneron Pharmaceuticals. You need to decide how to…
A: The objective of the question is to allocate the administrative overhead costs to Regeneron's main…
Q: 6. Which of the following is postponed for emerging growth companies? O a. Internal revenue filings…
A: The question is about the rules and exceptions that apply to new businesses that are growing…
Q: None
A: The B/C (benefit-cost) ratio is a financial metric used to evaluate the economic feasibility of a…
Q: Quality costs indices are often used to measure costs of quality relative to some financial measure,…
A: The objective of the question is to calculate the quality cost index. The quality cost index is a…
Q: The records of Heritage Home Supplies show the following for July: Standard direct labor-hours…
A: Step 1:Calculation of direct labor efficiency variance:Direct Labour Efficiency Variance = (standard…
Q: Haresh
A: Detailed explanation:Depreciation is the decrease in the value of an asset resulting from usage,…
Q: Braile Gear Works sells a single gear for a price of $71.00 per unit. The variable costs of the gear…
A: When all expenses and revenues are equal—that is, when your small firm experiences neither a profit…
Q: Make-or-Buy Decision Companion Computer Company has been purchasing carrying cases for its portable…
A: Step 1: Understand the given situation. Companion Computer Company can either make carrying cases…
Q: None
A: Step 1: Define impairment of assets:Impairment of AssetsThe impairment of the assets refers to the…
Q: None
A: Step 1: Explaining flexible budgetA flexible budget is prepared based on the budgeted rate and based…
Q: You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%,…
A: The objective of the question is to determine the amount of sales, the total sales tax, and the…
Q: Astrid is working on her company's variance analysis at year end. She has everything completed…
A: 1 Standard Fixed MOH Rate:We are aware of the planned production (12,000 units) and the budgeted…
Q: The cost to Swank Company of manufacturing 15,000 units of a particular part is $135,000, of which…
A: Step 1: a)Step 2:Step 3:b) The company should continue to manufacture the part since cost of…
Q: Exercise 2-13 (Algo) Departmental Predetermined Overhead Rates [LO2-1, LO2-2, LO2-4] White Company…
A: In a manufacturing company like White Company, overhead costs are allocated to jobs using…
Q: Exercise 2-2 (Algo) Apply Overhead Cost to Jobs [LO2-2] Luthan Company uses a plantwide…
A: The objective of the question is to calculate the amount of manufacturing overhead cost that would…
Q: Manji
A: Let's break down the variances you calculated for Dawson Toys in July and explain how they impact…
Q: P14.2 (LO 1, 2), AP Excel Sunshine Juice Company produces and distributes concentrated orange juice.…
A: Let's examine each allocation method and its evaluation in more depth. The direct technique involves…
Q: 1. Discuss two (2) taxes that should be considered when setting up operations in Jamaica and…
A: "Since you have asked multiple questions we will only answer the first question for you as per our…
Q: Rahul
A: aMaterials725,750bConversion costs737,000 THANK YOU
Q: A machine costing $214,000 with a four-year life and an estimated $18,000 salvage value is installed…
A: If per unit depreciation is not rounded off to 2 decimal places. Note: If you have any…
Q: Grey's Medical operates three support departments and two operating units, Surgery and ER. The…
A: Let's break down the process of allocating costs to the Surgery department from the supporting…
Q: Blossom, Inc. has entered an agreement to lease an old warehouse with a useful life of 5 years and a…
A: Step 1: To get the lease liability use the formula of present value of an annuity: PV= PMT x…
Q: Compute the income payable, if any YOU, single and a Filipino citizen, and a resident of Brgy.…
A: Taxable income:The tax income refers to the amount on which tax liability needs to be calculated…
Q: Answer the question
A: # of units x Cost per unit = Cost of goods available for saleYellow highlights = sum per column Step…
Q: a1
A: Step 1: Step 2: Step 3: Step 4:
Q: Question 4. at the beginning of the year LKS ltd has the following balances share capital Common…
A: The objective of the question is to create the entry to close the income summary on May 31 for LKS…
Q: How much is the adjusted Home Office Current account as of December 31, 2022 to be presented in the…
A: Balance sheet:The balance sheet is drafted by the company to show the balance of the trial balance…
Q: please answer in text form with introduction , concept , explanation, computation , steps clearly…
A: b).Should Gelb make or buy the part?should opt make (The manufacturing cost, at $4.67, is lower than…
Q: I need help filling in all of the blanks on this Excel sheet. I have to check the worksheet by…
A: Filling the Blanks in the Excel SheetHere's how to fill the blanks in your Excel sheet considering…
Q: On January 1, 2021, Petersen Enterprises purchased natural resources for $1,800,000. The company…
A: Given information, Cost of natural resources = $1,800,000Salvage value = $0 (It is not given, so it…
Q: Alpesh
A: We must compute the present value of the minimum lease payments at the start of each year in order…
Q: None
A: Step 1: Calculate the number of days between the loan date and the due date.Number of days = October…
Q: Sagar
A: To compute the applied overhead for Byrd for the year, we'll first calculate the predetermined…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.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.
- The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.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. 3,024,000Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.
- Use the following information for Problems 6-62 and 6-63: Millie Company produces a product that passes through an assembly process and a finishing process. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for June: a. WIP, June 1, had 24,000 units (60% completed) and the following costs: b. During June, 70,000 units were completed and transferred to the finishing department, and the following costs were added to production: c. On June 30, there were 10,000 partially completed units in process. These units were 70% complete. 6-62 Weighted Average Method, Single-Department Analysis Refer to the information for Millie Company above. Required: Prepare a production report for the assembly department for June using the weighted average method of costing. The report should disclose the physical flow of units, equivalent units, and unit costs and should track the disposition of manufacturing costs.Use the following information for Problems 6-62 and 6-63: Millie Company produces a product that passes through an assembly process and a finishing process. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for June: a. WIP, June 1, had 24,000 units (60% completed) and the following costs: b. During June, 70,000 units were completed and transferred to the finishing department, and the following costs were added to production: c. On June 30, there were 10,000 partially completed units in process. These units were 70% complete. 6-63 (Appendix 6A) First-In, First-Out Method; Single-Department Analysis; One Cost Category Refer to the information for Millie Company above. Required: Prepare a production report for the assembly department for June using the FIFO method of costing. The report should disclose the physical flow of units, equivalent units, and unit costs and should track the disposition of manufacturing costs. (Note: Carry the unit cost computation to four decimal places.)Work in process account data for two months; cost of production reports Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in ProcessFilling on April 1 and debits to the account during April were as follows: During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed. Charges to Work in ProcessFilling for May were as follows: During May, the units in process at the beginning of the month were completed, and of the 9,600 units entering the department, all were completed except 300 units that were 35% completed. Instructions 1. Enter the balance as of April 1, in a four-column account for Work in ProcessFilling. Record the debits and the credits in the account for April. Construct a cost of production report, and present computations for determining (A) equivalent units of production for materials and conversion, B) costs per equivalent unit, (C) cost of goods finished, differentiating between units started in the prior period and units started and finished in April, and (d) work in process inventory. 2. Provide the same information for May by recording the May transactions in the four-column work in process account. Construct a cost of production report, and present the May computations (A through D) listed in part (1). 3. Comment on the change in costs per equivalent unit for March through May for direct materials and conversion costs.
- Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000. Required: 1. Assuming the use of the weighted average method, prepare a schedule of equivalent units. 2. Compute the unit cost for the month.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.Clearwater Candy Co. had a cost per equivalent pound for the month of 4.56 for materials, 1.75 for labor, and 1.00 for overhead. During the month, 10,250 lb were completed and transferred to finished goods. The 3,200 lb in ending work in process were 100% complete as to materials and 60% complete as to labor and overhead. At the beginning of the month, 1,500 lb were in process, 100% complete as to materials and 50% complete as to labor and overhead. The beginning inventory had a cost of 8,775. Clearwater uses FIFO costing. Required: 1. Calculate the cost of the pounds completed and transferred to finished goods. 2. Calculate the cost of the ending work in process.