Homework Answers
| Particulars | Amount | Amount |
| Opening Work-in-Progress | $14,000 | |
| Add: | ||
| Direct Material Cost | $72,000 | |
| Direct Labor Cost | $22,000 | |
| Overhead | $15,000 | $1,09,000 |
| Less: Closing Work in Progress | -$18,000 | |
| Cost of Good Manufactured | $1,05,000 | |
| Correct answer is option (a) i.e $105000 | ||
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9) Ajax corporation transferred $72,000 of materials to its production department in February and incurred $37,000...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its M...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 42,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 127,000. Units completed and transferred out: 169,000. Ending Inventory: 38,500 units, 100% complete as to materials and 25% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $60,000. Costs in beginning Work in Process -...
-80/quizzes/72372?module_item_id=548500 Roomz Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of...
-80/quizzes/72372?module_item_id=548500 Roomz Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 73,000 chairs. During the month, the firm completed 78,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. There were 15,000 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing...
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Sparky Corporation uses the weighted-average method of process costing. The following information is available for February...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 30,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 120,000. Units completed and transferred out: 150,000. Ending Inventory: 32,500 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $48,000. Costs in beginning Work in Process -...
Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of...
Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 73,700 chairs. During the month, the firm completed 78,500 chairs, and transferred them to the Finishing Department. The firm ended the month with 11,200 chairs in ending inventory. There were 16,000 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing...
Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of...
Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 73,700 chairs. During the month, the firm completed 78,500 chairs, and transferred them to the Finishing Department. The firm ended the month with 11,200 chairs in ending inventory. There were 16,000 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing...
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Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 33,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 124,000. Units completed and transferred out: 157,000. Ending Inventory: 33,500 units, 100% complete as to materials and 25% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $50,000. Costs in beginning Work in Process -...
Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from...
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-80/quizzes/72372?module_item_id=548500 Roomz Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 73,000 chairs. During the month, the firm completed 78,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. There were 15,000 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing...
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Kraus Company is $490,000. The conversion cost for the period in the Rolling Department is $280,600. The total equivalent units for direct materials and conversion are 2,500 tons and 4,600 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: per ton Conversion cost per equivalent unit: per ton Cost of Units Transferred Out and Ending Work...
Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $513,800. The conversion cost for the period in the Rolling Department is $109,400 ($68,200 factory overhead applied and $41,200 direct labor). The total cost transferred to Finished Goods for the period was $590,000. The Rolling Department had a beginning inventory of $25,700. al. Journalize the cost of transferred-in materials. If an amount box does not require...
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