Homework Answers
| opening units | 24000 | Transferred to B (balance figure) | 64000 |
| introduced during month | 60000 | closing units | 20000 |
| 84000 | 84000 |
Of the 64,000 units transferred- 24000 were in opening balance and 40000 were introduced during the month.
| Calculation of equivalent units produced in A | |||||
| Material | Labour | ||||
| units | % worked upon | equivalent units | % worked upon | equivalent units | |
| opening | 24000 | 0 | 0 | 25 | 6000 |
| started and completed | 40000 | 100 | 40000 | 100 | 40000 |
| started and incomplete | 20000 | 100 | 20000 | 60 | 12000 |
| Net equivalent production for department A | 60000 | 58000 | |||
|
cost of material transferred to B |
||||
| beginning cost | 188000 | |||
| cost of material for 40000 units | 210000 | |||
| cost of material for 6000+40000 units | 207000 | |||
| cost of material transferred to B | 605000 | |||
|
Department B- units physical flow |
||||
| opening | 8000 | completed | 62000 | |
| introduced | 64000 | closing | 10000 | |
| 72000 | 72000 | |||
out of 62000 units completed- 8000 were in opening balance and 54000 were introduced during the month.
| Calculation of equivalent full units produced in B | |||||
| Material | Labour | ||||
| units | % worked upon | equivalent units | % worked upon | equivalent units | |
| opening | 8000 | 0 | 0 | 75 | 6000 |
| started and completed | 54000 | 100 | 54000 | 100 | 54000 |
| started and incomplete | 10000 | 100 | 10000 | 30 | 3000 |
| Net equivalent production for department B | 64000 | 63000 | |||
Cost per unit of transfer from A = 605000/64000 = 9.45
| Value of ending WIP for B | ||||
| cost of material for 10000 units | 13000 | |||
| cost of material for 3000 units | 10200 | |||
| cost of transfer from A for 10000 units | 94500 | |||
| value of closing WIP for B | 117700 | |||
Calculation of cost per unit
| Value of transfer from A | 605000 | ||||
| Add | material cost in B | 92000 | |||
| Add | Labour cost in B | 83200 | |||
| Add | Vlaue of opening stock in B | 214200 | |||
| Less | Value of WIP at end | -117700 | |||
| Values of units completed | 876700 | ||||
| Divide | Number of units completed | 62000 | |||
| Cost per unit | 14.14 | ||||
Cost per unit is approximately 14.14 per unit.
Journal Entry:
| Finished Goods control A/c Dr. | 876700 | |||
| To WIP control A/c | 876700 | |||
Add Answer to:
Process Costing- FIFO Assumptions A. Required: Complete the following sequence of steps for Department B 1....
help Process Costing - FIFO Assumptions The Stones Company had unfinished units in both of its...
help
Process Costing - FIFO Assumptions The Stones Company had unfinished units in both of its manufacturing operations. Production and cost data for the prior month for both Departments is provided below: Department A Beginning of Month End of Month 24,000 20,000 Beginning units Percentage completion: Direct material Direct labor and overhead 100% 75% 100% 60% Beginning Costs $ 188,000 Inputs for Month -- Department A Units introduced 60,000 Cost introduced Direct material Direct labor and overhead S 315,000 $...
help please Process Costing - FIFO Assumptions The Stones Company had unfinished units in both of...
help please
Process Costing - FIFO Assumptions The Stones Company had unfinished units in both of its manufacturing operations. Production and cost data for the prior month for both Departments is provided below: Department A Beginning of Month End of Month 24.000 20,000 Beginning units Percentage completion: Direct material Direct labor and overhead 100% 75% 100% 60% Beginning Costs $ 188,000 Inputs for Month -- Department A Units introduced 60,000 Cost introduced Direct material Direct labor and overhead $ 315,000...
Problem1 – Process costing Timing Tech, a manufacturing company, has two departments: Production department and Finishing...
Problem1 – Process costing Timing Tech, a manufacturing company, has two departments: Production department and Finishing department. Goods completed in the Production department are immediately sent to the Finishing department. The following data pertains to the Production department. Physical Direct Material Direct Labor Units Cost Cost Beg. WIP inventory (Jan. 1 2014) 200,000 units $ 200,000 $ 315,000 Units Started during the year 1,000,000 units Costs incurred during the year $1,300,000 $1,995,000 End. WIP inventory (Dec. 31 2014) 300,000 units...
LIM Unit 4 Process Costing Steps in Determining the Weighted Average Costs for Process Costing 1....
LIM Unit 4 Process Costing Steps in Determining the Weighted Average Costs for Process Costing 1. Recap Costs 2. Determine the physical flow of units - how many physical units did you work on? 3. Determine EUP 1. For materials (always at 100%) 2. For conversion costs (direct labor and overhead) 4. Determine the unit cost 1. For materials 2. For conversion costs 3. And total 5. Allocate the costs incurred to goods 1. Finished and not finished 6. Reconcile...
Case on Process Costing) (submit as handwritten) Examples on Process Costing ) FIFO method The mixing...
Case on Process Costing) (submit as handwritten) Examples on Process Costing ) FIFO method The mixing department in COBE Company is using Process costing system, the following information related to department: Production: Units in Process, August 1, 60% completion 20,000 Units completed and transferred out 40,000 Units in process, August 31, 35% completion 10,000 Costs: Work- in process, Aug 1: Direct Mat. $ 30,000 Conversion Costs 3,000 Total WIP ...
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...
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 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...
help
Process Costing - FIFO Assumptions The Stones Company had unfinished units in both of its manufacturing operations. Production and cost data for the prior month for both Departments is provided below: Department A Beginning of Month End of Month 24,000 20,000 Beginning units Percentage completion: Direct material Direct labor and overhead 100% 75% 100% 60% Beginning Costs $ 188,000 Inputs for Month -- Department A Units introduced 60,000 Cost introduced Direct material Direct labor and overhead S 315,000 $...
help please
Process Costing - FIFO Assumptions The Stones Company had unfinished units in both of its manufacturing operations. Production and cost data for the prior month for both Departments is provided below: Department A Beginning of Month End of Month 24.000 20,000 Beginning units Percentage completion: Direct material Direct labor and overhead 100% 75% 100% 60% Beginning Costs $ 188,000 Inputs for Month -- Department A Units introduced 60,000 Cost introduced Direct material Direct labor and overhead $ 315,000...
LIM Unit 4 Process Costing Steps in Determining the Weighted Average Costs for Process Costing 1. Recap Costs 2. Determine the physical flow of units - how many physical units did you work on? 3. Determine EUP 1. For materials (always at 100%) 2. For conversion costs (direct labor and overhead) 4. Determine the unit cost 1. For materials 2. For conversion costs 3. And total 5. Allocate the costs incurred to goods 1. Finished and not finished 6. Reconcile...
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...
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 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...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago