ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit August 1 Bal., 6,600 units, 3/5 completed 13,794 31 Direct materials, 118,800 units 201,960 215,754 31 Direct labor 53,950 269,704 31 Factory overhead 30,344 300,048 31 Goods finished, 120,300 units 288,522 11,526 31 Bal., 2 units, 4/5 completed 11,526 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process 11,526

ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit August 1 Bal., 6,600 units, 3/5 completed 13,794 31 Direct materials, 118,800 units 201,960 215,754 31 Direct labor 53,950 269,704 31 Factory overhead 30,344 300,048 31 Goods finished, 120,300 units 288,522 11,526 31 Bal., 2 units, 4/5 completed 11,526 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process 11,526

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Raw Materials Work in Process Finished Goods Required: 1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30 inventory balances given above; in the case of Work in Process, compute the November 30 balance and enter it into the Work in Process T-account. Beg. Bal. End. Bal. Raw Materials 50,800 50,800 $ 50,800 ? $103,000 Finished Goods 0 Beg. Bal. End. Bal. Work in Process 0 Manufacturing Overhead
ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 1,200 units, 60% completed 30 Direct materials, 8,300 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 900 units, 70% completed 20,856 124,500 18,950 145,356 164,306 184,502 20,196 ? ? The above information concerns production in theForging Department for November. All direct materials are placed in process at the beginning of production. Do not use S or commas in your answers. What is the Direct Materials Cost Per Equvalent Unit? What is the Conversion cost per equivalent unit? What is the cost of the beginning work in process completed during May? What is the cost of the ending work in process? What is the amount of the costs transfered to Finished Goods (or the next department)?
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process-Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 9,900 units, 80% completed 59,400 31 Direct materials, 48,500 units 177,510 236,910 31 Direct labor 110,100 347,010 31 Factory overhead 111,800 458,810 31 Goods transferred, 51,500 units 441,870 16,940 31 Bal., ? units, 35% completed 16,940 a. Determine the number of units in work in process inventory at the end of the month. units 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. Whole units to be accounted for units Whole units to be assigned costs units Equivalent units of production units
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process-Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May Bal., 22,200 units, 65% completed 111,000 31 Direct materials, 108,800 units 331,840 442,840 31 Direct labor 205,700 648,540 31 Factory overhead 209,100 857,640 31 Goods transferred, 115,400 units 825,110 32,530 31 Bal., ? units, 30% completed 32,530 a. Determine the number of units in work in process inventory at the end of the month. units 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 a placed in process during production. Whole units to be accounted for units Whole units to be assigned costs units Equivalent units of production units Next
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 20,300 units, 75% completed 121,800 31 Direct materials, 99,500 units 364,170 485,970 31 Direct labor 225,800 711,770 31 Factory overhead 229,400 941,170 31 Goods transferred, 105,600 units 906,048 35,122 31 Bal., ? units, 30% completed 35,122 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units 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. Whole units to…
Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. ? If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…
Rocky Mountain Corporation makes two types of hiking boots-Xactive and Pathbreaker. Data concerning these two product lines appear below: Direct materials per unit Direct labor cost per unit Direct labor-hours per unit Estimated annual production and sales Xactive $ 65.70 $ 19.10 1.4 DLHS 34,000 units Pathbreaker $ 51.90 $ 13.90 1 DLHS 84,000 units The company has a conventional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below: Estimated total manufacturing overhead Estimated total direct labor-hours $2,750,440 131,600 DLHS Required: 1-a. Compute the predetermined overhead rate bašed on direct labor-hours. 1-b. Using the predetermined overhead rate and other data from the problem, determine the unit product cost of each product. 2. The company is considering replacing its conventional costing system with an activity-based costing system that…
Problem Compute for the equivalent units of production in each of the following cases: Case A In process, Sept. 1 Placed in process In process, Sept. 30 Case B Stage of completion Stage of completion In process, Oct 1 Case C Stage of completion Transferred to Dept Y In process, Oct. 31 Stage of completion In process, Nov. 1 Stage of completion Transferred to stockroom Placed in process In process, Nov. 30 Stage of completion Department 1 8,000 units 14 50,000 units 6,000 units 1/5 Department X 3,000 units 1/3 26,000 units 4,000 1/5 Department A ? 1/5 35,000 units 12,000 units 1/3 Department 2 5,000 units 1/10 12,000 units 1/6 Department Y 2,000 units 1/5 7,000 2/7 Department B 8,000 units 1/8 38,000 units 3,200 units 1/10
ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit August 1 Bal., 6,600 units, 3/5 completed 13,794 31 Direct materials, 118,800 units 201,960 215,754 31 Direct labor 53,950 269,704 31 Factory overhead 30,344 300,048 31 Goods finished, 120,300 units 288,522 11,526 31 Bal., 2 units, 4/5 completed 11,526 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit X 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process 11,526 b. Assuming that the direct materials cost is the same for July and August, did the conversion cost per equivalent unit increase, decrease, or remain the same in August?
End. Work in Process Inv. % Complete as to Beg. Work Units Completed in Process Month Inv. and Transferred Out Units Conversion Cost March 2,820 39,480 11,280 75% Compute equivalent units of production for March for both materials and conversion costs using the weighted-average method of process costing. Materials are entered at the beginning of the process. Quantities Units to be accounted for Work in process inventory, 3/1 Started into production Total units to be accounted for Equivalent Units of Production Physical Units Materials Conversion Costs
CCOUNT Work in Process- Baking Department Date Debit Dec. ACCOUNT NO. Item Credit 1 31 31 31 31 31 Debit Bal., 7500 units, 4/5 completed Direct materials, 135,000 units Direct labor Factory overhead Goods finished, 128,000 units Bal., ? units, completed 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process Credit 270,500 77310 43488 Balance 396420 20100 14478 290100 367410 410898 14478
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