Topaz Fabrics is known for its supreme quality stitched outfits. The firm employs process costing as...
Topaz Fabrics is known for its supreme quality stitched outfits. The firm employs process costing as the manufacturing takes place through 3 production departments: Cutting, Stitching and Decorating. The following information is available for the month ended June 30, 2017;
|
Details |
Cutting |
Stitching |
Decorating |
|
Opening WIP inventory |
--- |
150 |
50 |
|
Started in this period |
350 suits |
--- |
--- |
|
Received from previous department |
--- |
300 |
375 |
|
Transferred to next department |
300 |
375 |
|
|
Transferred to finished goods |
--- |
--- |
400 |
|
Closing WIP inventory |
50 |
75 |
25 |
|
Closing Stock Completion |
Cutting |
Stitching |
Decorating |
|
Previous department |
--- |
100% |
100% |
|
Materials |
100% |
70% |
50% |
|
Labor |
20% |
40% |
50% |
|
FOH |
80% |
70% |
60% |
|
Details |
Cutting ($) |
Stitching ($) |
Decorating ($) |
|
Opening WIP inventory |
|||
|
Cost from previous department |
--- |
4,000 |
4,500 |
|
Materials |
3,500 |
900 |
1,540 |
|
Labor |
2,900 |
3,300 |
2,100 |
|
FOH |
1,700 |
980 |
1,600 |
|
Cost added to process during the period |
|||
|
Materials |
12,000 |
1,300 |
2,800 |
|
Labor |
8,000 |
4,500 |
3,100 |
|
FOH |
5,000 |
6,200 |
2,000 |
REQUIRED: Construct Cost of Production Reports for the 3 production departments of Topaz Fabrics.
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Topaz Fabrics is known for its supreme quality stitched outfits.
The firm employs process costing as...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 104,000 units made up of the
following:
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
138,320
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 103,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
135,960
100
%
Costs added by...
2. Assurer, Inc. used the weighted-average method in its process costing system. At the beginning of...
2. Assurer, Inc. used the weighted-average method in its process costing system. At the beginning of July, Assurer, Inc had the following Beginning Balances in its Accounts: Raw Materials $ 4,200 WIP Department #1 DM $ 800 DL 1,200 FOH 900 WIP Department #2 DM $ 3,900 DL 1,800 POH 2,000 All materials are added at the beginning of each process in each department. There were 6,000 units in the beginning WIP for Department #1 and 1,200 units in Department...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 120,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
178,800
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April. Work in process on April 1 had 115,000 units made up of the following: Amount Degree of Completion Prior department costs transferred in from the Molding Department $ 165,600 100 % Costs added by...
Shenzhen Sports Co., Ltd. manufactures golf bags in a two-department process: Assembly and Finishing. The Assembly...
Shenzhen Sports Co., Ltd. manufactures golf bags in a two-department process: Assembly and Finishing. The Assembly Department uses weighted average costing; the percentage of completion of overhead in this department is unrelated to direct labor. The Finishing Department adds hardware to the assembled bags and uses FIFO costing; overhead is applied in this department on a direct labor basis. For June, the following production data and costs were gathered: Assembly Department: Units Beginning WIP Inventory (100% complete for Direct Materials;...
Process costing system Eminence Corporation makes rocking chairs. The chairs move through two departments during production....
Process costing system Eminence Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair parts in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The following transactions apply to Eminence's operations for its first year, 2018. (Assume that all transactions are for cash unless otherwise stated.) 1. The company was started when it acquired a $47,000 cash contribution from...
1. Company ATS uses Process Costing system. Data about Company ATS is given below: Shaping Department...
1. Company ATS uses Process Costing system. Data about Company ATS is given below: Shaping Department . 200.000 units Assembly Department 20000 units - Required: Data for December Beginning Work in Process Production started Transferred in From Previous Department Completed Goods Inv Ending WIP Inv. Comp. as to Direct Material Comp. as to Convers. Work Costs: Beginning Work in Process Transferred in from Previous Department Direct Materials Added Conversion Costs Added 150.000 units 50.000 units % 70 % 80 130.000...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 104,000 units made up of the
following:
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
138,320
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 103,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
135,960
100
%
Costs added by...
2. Assurer, Inc. used the weighted-average method in its process costing system. At the beginning of July, Assurer, Inc had the following Beginning Balances in its Accounts: Raw Materials $ 4,200 WIP Department #1 DM $ 800 DL 1,200 FOH 900 WIP Department #2 DM $ 3,900 DL 1,800 POH 2,000 All materials are added at the beginning of each process in each department. There were 6,000 units in the beginning WIP for Department #1 and 1,200 units in Department...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 120,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
178,800
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the
weighted-average process costing method to account for costs of
production. It produces parts in three separate departments:
Molding, Assembling, and Packaging. The following information was
obtained for the Assembling Department for the month of April.
Work in process on April 1 had 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
Process costing system Eminence Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair parts in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The following transactions apply to Eminence's operations for its first year, 2018. (Assume that all transactions are for cash unless otherwise stated.) 1. The company was started when it acquired a $47,000 cash contribution from...
1. Company ATS uses Process Costing system. Data about Company ATS is given below: Shaping Department . 200.000 units Assembly Department 20000 units - Required: Data for December Beginning Work in Process Production started Transferred in From Previous Department Completed Goods Inv Ending WIP Inv. Comp. as to Direct Material Comp. as to Convers. Work Costs: Beginning Work in Process Transferred in from Previous Department Direct Materials Added Conversion Costs Added 150.000 units 50.000 units % 70 % 80 130.000...
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