Homework Answers
1. Total cost of Mixing department = $16,000 + $5,600 + $ 11,400 = $33,000
Unit cost per gallon of Mixing department is $33,000 / 40,000 = $ 0.825 per gallon
2.Total cost of bottling department = $6,000 + $3,900 + $8,100 = $18,000
Unit cost per case of mustard of Mixing department is $18,000 / 10,000 = $ 1.80 per case
3. Total cost of 10,000 cases of mustard is $33,000 + $18,000 = $51,000
4. Assume 9,500 cases of mustard were sold. The amount charged to cost of goods sold will be $51,000 / 10,000 * 9,500 = $48,450
5. Stock in Hand on May 1 is of $9,000,
Sale price per case = $120,000 / 10,000 = $120
So, the opening units were $9,000 / 120 = 75
Sold during May are 9,500 cases and produced are 10,000 cases. So the number of cases in the closing stock are 75 + 10,000 – 9,500 = 575
So, the finished goods inventory is $51,000 / 10,000 * 575 = $2,932.50
It is assumed that the opening finished goods are valued at sales price.
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Prize Mustard uses a process costing system with two departments: (a) a Mixing Department, and (b)...
Prize Mustard uses a process costing system with two departments: (a) a Mixing Department, and (b)...
Prize Mustard uses a process costing system with two departments: (a) a Mixing Department, and (b) a Bottling Department. During May, Prize generated $120,000 in revenue by producing 40,000 gallons (10,000 cases) of mustard. The companyreduces its work in process inventories to zero eachmonth. Manufacturing costs for May are as follows Mixing Bottling Department Department Direct materials Direct labor Manufacturing overhea $16,000 $5,600 $11,400 $6,000 S3,900 $8,100 1 Refer to the above data. The unit cost per gallon of mustard...
Prize Mustard uses a process costing system with two departments: (a) a Mixing Department, and (b)...
Prize Mustard uses a process costing system with two departments: (a) a Mixing Department, and (b) a Bottling Department. During May, Prize generated $120,000 in revenue by producing 40,000 gallons (10,000 cases) of mustard. The company reduces its work in process inventories to zero each month. Manufacturing costs for May are as follows: Mixing Bottling Department Department Direct materials........ $16,000 $6,000 Direct labor... $5,600 $3,900 Manufacturing overhead........ $11,400 $8,100 1 Refer to the above data. The unit cost per gaiſon...
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WoW Chemical Company uses a process costing system with two departments: (a) a Mixing Department, and (b) a Packing Department. During May, its first month of operations, the company generated $180,000 in revenue by manufacturing and selling 800 cases of chemicals. Related manufactured costs are as follows Packing $1,000 $8,000 Mixing Department Department Direct materials Direct labor Manufacturing overhead. $26,000 $8,000 $12,000 $14,000 1 Refer to the above data. The unit cost of a case processed in the Mixing Department...
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LDR Manufacturing produces a pesticide chemical and uses process
costing. There are three processing departments—Mixing, Refining,
and Packaging. On January 1, 2014, the first department, Mixing,
had no beginning inventory. During January, 40,000 fl. oz. of
chemicals were started in production. Of these, 32,000 fl. oz. were
completed and 8,000 fl. oz. remained in process. Management
estimates that the in-process units are approximately 60% complete.
In the Mixing Department, all direct materials are added at the
beginning of the production...
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Alchemy Manufacturing produces a pesticide chemical and uses process costing. There are three processing departments—Mixing, Refining, and Packaging. On January 1, the first department—Mixing—had no beginning inventory. During January, 44,000 fl. oz. of chemicals were started in production. Of these, 32,000 fl. oz. were completed and 12,000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process. The weighted average...
Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below....
Bayas Corporation uses process costing. A number of transactions
that occurred in June are listed below.
(1) Raw materials that cost $40,400 are withdrawn from the
storeroom for use in the Mixing Department. All of these raw
materials are classified as direct materials.
(2) Direct labor costs of $16,700 are incurred, but not yet
paid, in the Mixing Department.
(3) Manufacturing overhead of $46,300 is applied in the Mixing
Department using the department’s predetermined overhead rate.
(4) Units with a...
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Do It! Review 16A-2 Kopa Company manufactures CH-21 through two processes: Mixing and Packaging. In July, the following costs were incurred. Mixing Packaging Raw materials used Factory labor costs Manufacturing overhead costs $10,000 8,000 12,000 $28,000 36,000 54,000 Units completed at a cost of $21,000 in the Mixing Department are transferred to the Packaging Department. Units completed at a cost of $106,000 in the Packaging Department are transferred to Finished Goods. Record the assignment of these costs to the two...
Prize Mustard uses a process costing system with two departments: (a) a Mixing Department, and (b) a Bottling Department. During May, Prize generated $120,000 in revenue by producing 40,000 gallons (10,000 cases) of mustard. The companyreduces its work in process inventories to zero eachmonth. Manufacturing costs for May are as follows Mixing Bottling Department Department Direct materials Direct labor Manufacturing overhea $16,000 $5,600 $11,400 $6,000 S3,900 $8,100 1 Refer to the above data. The unit cost per gallon of mustard...
Prize Mustard uses a process costing system with two departments: (a) a Mixing Department, and (b) a Bottling Department. During May, Prize generated $120,000 in revenue by producing 40,000 gallons (10,000 cases) of mustard. The company reduces its work in process inventories to zero each month. Manufacturing costs for May are as follows: Mixing Bottling Department Department Direct materials........ $16,000 $6,000 Direct labor... $5,600 $3,900 Manufacturing overhead........ $11,400 $8,100 1 Refer to the above data. The unit cost per gaiſon...
WoW Chemical Company uses a process costing system with two departments: (a) a Mixing Department, and (b) a Packing Department. During May, its first month of operations, the company generated $180,000 in revenue by manufacturing and selling 800 cases of chemicals. Related manufactured costs are as follows Packing $1,000 $8,000 Mixing Department Department Direct materials Direct labor Manufacturing overhead. $26,000 $8,000 $12,000 $14,000 1 Refer to the above data. The unit cost of a case processed in the Mixing Department...
Exercise #11: Process Costing (5 PUNTOS) Charvine Arts, a paint manufacturer, has two departments, Mixing and Bottling. During the month of March, the Mixing Department completed 10,000 gallons of paint. At the beginning of the month, the department had 2,500 gallons of inventory in process. The Mixing Department had 5.000 gallons of inventory in process at the end of the month. Required: Determine the units to be assigned cost in each of the following groups: beginning inventory, ending inventory, and...
LDR Manufacturing produces a pesticide chemical and uses process
costing. There are three processing departments—Mixing, Refining,
and Packaging. On January 1, 2014, the first department, Mixing,
had no beginning inventory. During January, 40,000 fl. oz. of
chemicals were started in production. Of these, 32,000 fl. oz. were
completed and 8,000 fl. oz. remained in process. Management
estimates that the in-process units are approximately 60% complete.
In the Mixing Department, all direct materials are added at the
beginning of the production...
Eco - Eliminator Manufacturing produces a chemical pesticide and uses process costing. There are three processing departments-Mixing, Refining, and Packaging. On January 1, the first department - Mixing—had no beginning inventory. During January, 42,000 fl. oz. of chemicals were started in production. Of these, 32,000 fl. oz. were completed, and 10,000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the...
Alchemy Manufacturing produces a pesticide chemical and uses process costing. There are three processing departments—Mixing, Refining, and Packaging. On January 1, the first department—Mixing—had no beginning inventory. During January, 44,000 fl. oz. of chemicals were started in production. Of these, 32,000 fl. oz. were completed and 12,000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process. The weighted average...
Bayas Corporation uses process costing. A number of transactions
that occurred in June are listed below.
(1) Raw materials that cost $40,400 are withdrawn from the
storeroom for use in the Mixing Department. All of these raw
materials are classified as direct materials.
(2) Direct labor costs of $16,700 are incurred, but not yet
paid, in the Mixing Department.
(3) Manufacturing overhead of $46,300 is applied in the Mixing
Department using the department’s predetermined overhead rate.
(4) Units with a...
Irish Bakery mass-produces bread using three sequential processing departments: Mixing, Baking, and Packaging. The following transactions occurred during April: (Click the icon to view the transactions.) Requirements 1. Post each of these transactions to the company's inventory T-accounts. 2. Determine the balance at month-end in each of the inventory accounts. 3. Assume that 3,225,000 loaves of bread were completed and transferred out of the Packaging Department during the month. What was the cost per unit of making each loaf of...
Do It! Review 16A-2 Kopa Company manufactures CH-21 through two processes: Mixing and Packaging. In July, the following costs were incurred. Mixing Packaging Raw materials used Factory labor costs Manufacturing overhead costs $10,000 8,000 12,000 $28,000 36,000 54,000 Units completed at a cost of $21,000 in the Mixing Department are transferred to the Packaging Department. Units completed at a cost of $106,000 in the Packaging Department are transferred to Finished Goods. Record the assignment of these costs to the two...
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