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- Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is the information related to this years production: Â Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $115,080 and the total conversion cost is $72,072. Using the weighted-average method, what are the unit costs if the company transferred out 34,000 units? Using the weighted-average method, prepare the companys process cost summary for the month.The Randolph Company uses activity – based costing and provides this information: Manufacturing Activity Area Cost driver used as Application base Conversion cost per unit of base Materials handling Number of parts P 0.45 Machinery Machine – hours 51.00 Assembly Number of parts 2.85 inspection Number of finished units 30.00 Assume that 75 units of a component for packaging machines have been manufactured. Each unit required 105 parts and 3 machine – hours. Direct materials cost P600 per finished unit. All other manufacturing costs are classified into one category, conversion costs. The total manufacturing costs is?
- Carla Vista 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, $44) $4,892,800 Actual manufacturing overhead 719,400 Selling and administrative expenses 357,520 Unit production costs: Direct materials (1 kilogram) $7.00 Direct labour (1/2 hour) 9.00 Manufacturing overhead 10.00 Total $26.00 Units completed and transferred to finished goods 152,600 units Materials purchased 136,250 kilograms Materials used in process 148,240 kilograms An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: Raw materials 8,720 kilograms Work in process…Blossom 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, $40) Actual manufacturing overhead Selling and administrative expenses Unit production costs: Direct materials (1 kilogram) Direct labour (1/2 hour) Manufacturing overhead Total (a) $4,568,000 739,200 367,360 $7.00 9.00 10.00 $26.00 Units completed and transferred to finished goods Materials purchased Materials used in process 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 Blossom Inc.: Your answer is partially correct. 156,800 units 140,000 kilograms…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…
- AAZU is considering various costs under process costing system. AAZU uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company's accounting records:Total equivalent units of materials: 5,000Total equivalent units of conversion: 4,400Units started and completed during the period: 3,500On the basis of this information, the ending work-in-process inventory's stage of completion is: a. 40%. b. 60%. c. 70%. d. 80%. e. some other percentage not listed above.Hi-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Beginning work in process inventory Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 5,000 31,000 10,000 Direct Materials Percent Complete 100% 100% $ 65,700 119,500 455,000 374,000 Conversion Percent Complete 80% 40% $ 185,200 829,000 $ 1,014,200 Complete this question by entering your answers in the tabs below. a. Compute the equivalent units of production for both direct materials and conversion. b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units…Gourmet Master, Inc., uses activity-based costing to determine the cost of its stainless steel ovens. Activity-based product cost information is as follows: Activity Activity-BaseUsage (hrs. per unit) x Activity Rateper Hour = Activity Cost Fabrication 0.75 $24.00 $18.00 Assembly 1.50 20.00 30.00 Inspection 0.30 25.00 7.50 Moving 0.25 12.00 3.00 Total activity cost per unit $58.50 These activities only include the labor portion of the cost. Fabrication is the cutting and shaping of metal to be used in the assembly of the ovens. If the metal is not fabricated properly, additional time is required during final assembly to trim and adjust the metal pieces to fit properly. This has been a problem in Assembly. Management proposes improvements in Fabrication requiring the fabrication work to be done slower, but more accurately. As a result, the time in fabrication will increase to an hour per unit. However, because of the additional care, the…
- Lion Corporation uses an activity-based costing system to assign overhead costs to products. In the first stage, two overhead costs--equipment depreciation and supervisory expense-are allocated to three activity cost pools--Machining, Order Filling, and Other--based on resource consumption. Data to perform these allocations appear below: Overhead costs: Equipment depreciation Supervisory expense Equipment depreciation Distribution of Resource Consumption Across Activity Cost Pools: Product C9 $ 47,000 Product UO $ 6,000 Total Supervisory expense 0.60 Activity Cost Pools O $18.00 per MH O $5.30 per MH O $2.82 per MH O $3.18 per MH Mac 0.60 In the second stage, Machining costs are assigned to products using machine- hours (MHS) and Order Filling costs are assigned to products using the number of orders. The costs in the Other activity cost pool are not assigned to products. Activity data for the company's two products follow: 6,900 Order Filling 3,100 0.10 MHS (Machining) 10,000 b.20 200…Trout,Inc prepared the following production report Required: Fil in the missing amounts. (Round your "Cost per Equivalent Unit" answers to 2 decimal places.) TROUT, INC. Process Costing Productlon Report (Weighted Average Method) Step 1: Physlcal Units UNITS Units to be Accounted for 3,100 Beginning Work in Process Started into Production 7,500 Step 2 Total Units Equivalent Units Units Accounted for as Follows: Materials Conversion 3,500 4,000 7,500 Completed and Transferred 3,500 Ending Work in Process 4,000 7,500 Total Units 6,300 COSTS Step 3: Cost per Equivalent Unit Materials Conversion Total Cost Cost of Beginning Inventory Current Period Costs $ 19,200 $ 14,000 $ 33,200 Total Cost of Units in Process 153,300 181,300 $ 172,500 $ 195,300 $ 367,800 334,600 Equivalent Units Cont per Equivalent Unit 7,500 6,300 $ 31.00 Step 4: Reconcile Work in ProcessDoede Corporation uses activity-based costing to compute product margins. In the first stage, the activity-based costing system allocates two overhead accounts-equipment depreciation and supervisory expense-to three activity cost pools-Machining. Order Filing, and Other-based on resource consumption, Data to perform these allocations appear below: Overhead costs: Equipment depreciation Supervisory expense $ 30,000 $ 14,800 Distribution of Resource Consumption Across Activity Cost Pools: Equipment depreciation Supervisory expense Activity: Product W1 Product Me Total Machining Order Filling 0.50 0.50 In the second stage, Machining costs are assigned to products using machine-hours (Ms) and Order Filing costs are assigned to products using the number of orders. The costs in the Other activity cost pool are not assigned to products. Product W1 Product Me Total Activity Cost Pools MHS (Machining) 5,530 17,000 22,530 0.40 0.30 Show Transcribed Text 5,530 17,000 22,530 Orders (Order Filling)…
