Tyler Enterprises makes an assortment of computer support equipment. Dana Josephs, the new controller for the organization, can find only partial information for the past two months, which is presented below. Account/Transaction Materials Inventory, Beginning Work in Process Inventory, Beginning Finished Goods Inventory, Beginning Materials Purchased Direct Materials Requested Direct Labor Costs Manufacturing Overhead Applied Cost of Units Completed Cost of Units Sold Materials Inventory, Ending Work in Process Inventory, Ending May June $ 36,240 $ e 56,480 44,260 a f g 96,120 82,320 b 53,200 h 72,250 i C 221,400 209,050 j 38,910 41,950 d k 47,940 51,180 Finished Goods Inventory, Ending The current year's predetermined overhead rate is 80 percent of direct labor dollars. Using the data provided and T accounts, compute the unknown values. 14

Tyler Enterprises makes an assortment of computer support equipment. Dana Josephs, the new controller for the organization, can find only partial information for the past two months, which is presented below. Account/Transaction Materials Inventory, Beginning Work in Process Inventory, Beginning Finished Goods Inventory, Beginning Materials Purchased Direct Materials Requested Direct Labor Costs Manufacturing Overhead Applied Cost of Units Completed Cost of Units Sold Materials Inventory, Ending Work in Process Inventory, Ending May June $ 36,240 $ e 56,480 44,260 a f g 96,120 82,320 b 53,200 h 72,250 i C 221,400 209,050 j 38,910 41,950 d k 47,940 51,180 Finished Goods Inventory, Ending The current year's predetermined overhead rate is 80 percent of direct labor dollars. Using the data provided and T accounts, compute the unknown values. 14

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 23E: The following information concerns production in the Finishing Department for May. The Finishing...

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The following information concerns production in the Finishing Department for May. The Finishing Department uses the weighted average method. a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production.
Tanaka Manufacturing Co. uses the process cost system. The following information for the month of December was obtained from the company’s books and from the production reports submitted by the department heads: Required: Prepare cost of production summaries for the Mixing, Blending, and Bottling (Hint: You must calculate the adjusted unit cost from Blending.) departments. Prepare a departmental cost work sheet. Draft the journal entries required to record the month’s operations. Prepare a statement of cost of goods manufactured for December. (Hint: Goods finished but not transferred to finished goods are considered part of work in process inventory.)
Big Mikes, a large hardware store, has gathered data on its overhead activities and associated costs for the past 10 months. Nizam Sanjay, a member of the controllers department, believes that overhead activities and costs should be classified into groups that have the same driver. He has decided that unloading incoming goods, counting goods, and inspecting goods can be grouped together as a more general receiving activity, since these three activities are all driven by the number of receiving orders. The 10 months of data shown below have been gathered for the receiving activity. Required: 1. Prepare a scattergraph, plotting the receiving costs against the number of purchase orders. Use the vertical axis for costs and the horizontal axis for orders. 2. Select two points that make the best fit, and compute a cost formula for receiving costs. 3. Using the high-low method, prepare a cost formula for the receiving activity. 4. Using the method of least squares, prepare a cost formula for the receiving activity. What is the coefficient of determination?
Sonoma Products Inc. manufactures a liquid product in one department. Due to the nature of the product and the process, units are regularly lost during production. Materials and conversion costs are added evenly throughout the process. The following summaries were prepared for March: Calculate the unit cost for materials, labor, and factory overhead for March and show the costs of units transferred to finished goods and to ending work in process inventory.
Cynthia Rogers, the cost accountant for Sanford Manufacturing, is preparing a management report that must include an allocation of overhead. The budgeted overhead for each department and the data for one job are as follows: Using the departmental overhead application rates, and allocating overhead on the basis of direct labor hours, overhead applied to Job 231 in the Tooling Department would be: a. 44.00. b. 197.50. c. 241.50. d. 501.00.
Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 11,200 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Cost per Equivalent Unit of Production Costs of beginning work in process Costs added this period Total costs + Equivalent units of production Cost per equivalent unit of production Units 2,500 11, 200 9,500 4,200 $ Direct Materials $ 1,682 17,608 19,290 $ 1,682 1,024 Percent Complete for Direct Materials 60% 17,608 20,496 QS…
Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 11,600 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period. Units completed and transferred out Ending work in process inventory Cost of beginning work in process. Direct materials Conversion Costs added this month Direct materials Conversion Units Cost per Equivalent Unit of Production 2,500 11,600 Total costs + Equivalent units of production Cost per equivalent unit of production 9,500 4,600 Percent Complete for Direct Materials. 60% $ 1,059 589 QS 16-11 (Algo) Weighted average: Cost per EUP LO P1 Direct Materials 19,056 17,187 85% Percent Complete for…
siness AccountingQ&A LibraryPrepare the necessary report together with a detailed schedule of ending work in process inventory; make journal entries to indicate the costs put to production and the departmental transfer. The Precision Products Company manufactures a single product being used for heavy industrial machineries. It operates on 3 shifts under 2 departments, Cutting Dept and Smoothing Dept. Materials are added to the product in each department; however, the number of units produced are not increased in the process. The following records for each department were obtained from the books of Precision Products Company for the month of January, 2019. Cutting Department Smoothing Department Work in process, January 1, 2019 Units transferred from preceding department 80,000 Units started in production 100,000 Units completed and transferred out 80,000 60,000 Units in process, January 31 20,000 18,000 Units spoiled in production 2,000 Spoiled units are 50%…
Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 10,500 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Units 2,500 10,500 9,500 3,500 Percent Complete for Direct Materials 60% $ 1,427 510 12,488 15,840 90% Percent Complete for Conversion 40% $ 1,937 28,328 40% QS 16-10 (Algo) Weighted average: Equivalent units of production LO P1 Complete this question by entering your answers in the tabs below. Required: Calculate the Assembly…
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Show Transcribed Text Units 72,000 382,000 360,000 94,000 The production department had the cost information below. Beginning work in process inventory Direct materials Costs added this period Direct materials Conversion Total costs to account for 3 Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 Direct Materials Percent Complete 70% $ 167,920 38,028 80% 1,115,920 777,192 C Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 $ 205,948 Conversion 1,893,112 $ 2,099,060 Percent Complete a. Compute cost per…
The controller at Bethune Chemicals asks for your help in sorting out some cost information. You receive the following sheet for the most recent year: Cost of goods manufactured Cost of goods sold Direct labor costs Direct materials inventory, December 31 Direct materials purchased Finished goods inventory, December 31 Prime costs for the year Total manufacturing costs Work-in-process inventory, January 11 Required: Compute: a. Direct materials used. b. Direct materials inventory, January 1. c. Conversion costs. d. Work-in-process inventory, December 31. e. Manufacturing overhead. 1. Finished goods inventory, January 1. a. Direct materials used b. Direct materials inventory c. Conversion costs d. Work-in-process inventory e. Manufacturing overhead f. Finished goods inventory $ 906,000 727,400 184,000 52,000 263,200 236,400 466,600 914,400 26,200
Prepare the necessary report together with a detailed schedule of ending work in process inventory; make journal entries to indicate the costs put to production and the departmental transfer. The Precision Products Company manufactures a single product being used for heavy industrial machineries. It operates on 3 shifts under 2 departments, Cutting Dept and Smoothing Dept. Materials are added to the product in each department; however, the number of units produced are not increased in the process. The following records for each department were obtained from the books of Precision Products Company for the month of January, 2019. Cutting Department Smoothing Department Work in process, January 1, 2019 Units transferred from preceding department 80,000 Units started in production 100,000 Units completed and transferred out 80,000 60,000 Units in process, January 31 20,000 18,000 Units spoiled in production 2,000 Spoiled units are 50% complete as to materials, labor,…