Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows. Work in process, May 1 Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 Total units accounted for Work in process, May 1 Costs incurred during May Total costs to account for iew transaction list No 1 View journal entry worksheet Transaction 1 Production Report For the Month of May Finished-goods inventory Work-in-process inventory Physical Units 25,000 30,000 55,000 General Journal 35,000 20,000 55,000 Direct Material Conversion Total $143,000 $ 474,700 $ 617,700 165,000 2,009,000 2,174,000 $308,000 $2,483,700 $2,791,700 Percentage of Completion with Respect to Conversion 40% 80% epare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is require transaction/event, select "No journal entry required" in the first account field.) Equivalent Units Debit Direct Material. 35,000 20,000 Conversion Credit 35,000 16,000
Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows. Work in process, May 1 Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 Total units accounted for Work in process, May 1 Costs incurred during May Total costs to account for iew transaction list No 1 View journal entry worksheet Transaction 1 Production Report For the Month of May Finished-goods inventory Work-in-process inventory Physical Units 25,000 30,000 55,000 General Journal 35,000 20,000 55,000 Direct Material Conversion Total $143,000 $ 474,700 $ 617,700 165,000 2,009,000 2,174,000 $308,000 $2,483,700 $2,791,700 Percentage of Completion with Respect to Conversion 40% 80% epare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is require transaction/event, select "No journal entry required" in the first account field.) Equivalent Units Debit Direct Material. 35,000 20,000 Conversion Credit 35,000 16,000
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 14E: Cost per equivalent unit The following information concerns production in the Forging Department for...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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[The following information applies to the questions displayed below.]
Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at
the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially
completed production report for the month of May follows.
¡
Work in process, May 1
Units started during May
Total units to account for
Units completed and transferred out during May
Work in process, May 31
Total units accounted for
Work in process, May 1
Costs incurred during May
Total costs to account for
View transaction list View journal entry worksheet
No
1
Transaction
1
Production Report
For the Month of May
Finished-goods inventory
Work-in-process inventory
Physical
Units
25,000
30,000
55,000
35,000
20,000
55,000
Direct
Total
$ 617,700
Material Conversion
$143,000 $ 474,700
165,000 2,009,000 2,174,000
$308,000 $2,483,700 $2,791,700
General Journal
Percentage of
Completion
with Respect to
Conversion
40%
80%
2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is required
for a transaction/event, select "No journal entry required" in the first account field.)
Equivalent Units
Debit
Direct
Material
35,000
20,000
Conversion
Credit
35,000
16,000
Ⓒ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff7373726-0d35-46ca-aa27-97bcf9126f3a%2F2e7b2a7b-2e31-4c87-a617-425682e1b1a4%2Fhnq0qxi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at
the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially
completed production report for the month of May follows.
¡
Work in process, May 1
Units started during May
Total units to account for
Units completed and transferred out during May
Work in process, May 31
Total units accounted for
Work in process, May 1
Costs incurred during May
Total costs to account for
View transaction list View journal entry worksheet
No
1
Transaction
1
Production Report
For the Month of May
Finished-goods inventory
Work-in-process inventory
Physical
Units
25,000
30,000
55,000
35,000
20,000
55,000
Direct
Total
$ 617,700
Material Conversion
$143,000 $ 474,700
165,000 2,009,000 2,174,000
$308,000 $2,483,700 $2,791,700
General Journal
Percentage of
Completion
with Respect to
Conversion
40%
80%
2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May. (If no entry is required
for a transaction/event, select "No journal entry required" in the first account field.)
Equivalent Units
Debit
Direct
Material
35,000
20,000
Conversion
Credit
35,000
16,000
Ⓒ
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