Homework Answers
| A form prepared periodically for each processing department summarizing the accountable units and the units to be assigned costs and the costs charged to the department and their allocation is termed a cost of production report. |
| A cost of production report is prepared for each department to summarize the flow of units and costs in the department. |
| It helps in assignment of costs to completed units and units still in process. |
| Option C cost of production report is correct |
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QUESTION 18 A form prepared periodically for each processing department summarizing the units for which the...
In a process cost system, ending inventory is valued Finding the sum of all open job...
In a process cost system, ending inventory is valued Finding the sum of all open job costs Multiplying units in ending inventory by the direct materials co per unit. Allocating departmental costs between completed and partially completed units. Subtracting cost of goods sold from goods available for sale d. The entry to record direct labor costs into production in a job order cost accounting system is Debit work-in-process, credit wages payable. Debit finished goods, credit wages payable. Debit factory overhead,...
Department w had 2,400 units, one-third completed at the beginning of the period, 16,000 units were...
Department w had 2,400 units, one-third completed at the beginning of the period, 16,000 units were transferred to Department X from Department w during the period, and 1.500 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs. 38. What are the total gross number of units to be assigned cost on the cost of production report for Department a b. c. d. 12.000 units 13,600 units 18. 500...
Materials costs of $1260000 and conversion costs of $1368000 were charged to a processing department in...
Materials costs of $1260000 and conversion costs of $1368000 were charged to a processing department in the month of September. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. There were no units in beginning work in process, 18000 units were started into production in September, and there were 4000 units in ending work in process that were 30% complete at the end of September. What was the total amount of...
Problem 1 Tuxedo Company has several processing departments. Costs charged to the Assembly Department for October...
Problem 1 Tuxedo Company has several processing departments. Costs charged to the Assembly Department for October 2019 totaled $1,298,400 as follows. Work in process, October 1 Materials Conversion costs $29,000 16,500 $ 45,500 Materials added Labor Overhead 1,006,000 138,900 108,000 Production records show that 25,000 units were in beginning work in process 40% complete as to conversion cost, 435,000 units were started into production, and 35,000 units were in ending work in process 40% complete as to conversion costs. Materials...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
P21-4B Ignatenko Company has several processing departments. Costs charged to the Assembly Department for October 2012...
P21-4B Ignatenko Company has several processing departments. Costs charged to the Assembly Department for October 2012 totaled $1,249,500 as follows. Work in process, October 1 Materials $29,000 Conversion costs 16,500 $ 45,500 Materials added 1,006,000 Labor 90,000 Overhead 108,000 Production records show that 25,000 units were in beginning work in process 40% complete as to conversion cost, 425,000 units were started into production, and 35,000 units were in ending work in process 40% complete as to conversion costs. Materials are...
Question 3 Hi-Tech Mortgage Company uses department for final processing. The following processing and cost data...
Question 3 Hi-Tech Mortgage Company uses department for final processing. The following processing and cost data pertain to September: process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan 1. Applications in process on Beginning work in process: September 1, 80 Direct materials $1,160 Applications started in Conversion costs 2. 3,880 September, 1,180 September costs: 3. Completed applications during $7,660 Direct materials September, 820 Direct labour 11,050 11,086...
Weighted Average Process Costing Minot Processing Company manufactures one product on a continuous basis in two...
Weighted Average Process Costing Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beginning of work on the product in the Processing Department. During December 2009, the following events occurred in the Processing Department: Units started 16,000 units Units completed and transferred to Finishing Department 15,000 units Costs assigned to processing:Raw materials (one unit of raw materialsfor each unit of product started) $142,900 Manufacturing supplies used 18,000...
Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing....
Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beg of work on the product in the Processing Department. During December 2009, the following events occurred in the Processing Department: Units started 16,000 units Units completed and transferred to Finishing Department 15,000 units Costs assigned to processing:Raw materials (one unit of raw materialsfor each unit of product started) $142,900 Manufacturing supplies used 18,000 Direct labor costs incurred...
Joshua Flour Company manufactures flour by a series of three processes, beginning in the Milling Department....
Joshua Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process—Sifting Department was as follows on March 1: Work in Process—Sifting Department (3,200 units, 75% completed) $3,500 The following costs were charged to Work in Process—Sifting Department during March: Direct materials transferred from Milling Department: 14,500 units $51,400 Direct...
In a process cost system, ending inventory is valued Finding the sum of all open job costs Multiplying units in ending inventory by the direct materials co per unit. Allocating departmental costs between completed and partially completed units. Subtracting cost of goods sold from goods available for sale d. The entry to record direct labor costs into production in a job order cost accounting system is Debit work-in-process, credit wages payable. Debit finished goods, credit wages payable. Debit factory overhead,...
Department w had 2,400 units, one-third completed at the beginning of the period, 16,000 units were transferred to Department X from Department w during the period, and 1.500 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs. 38. What are the total gross number of units to be assigned cost on the cost of production report for Department a b. c. d. 12.000 units 13,600 units 18. 500...
Materials costs of $1260000 and conversion costs of $1368000 were charged to a processing department in the month of September. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. There were no units in beginning work in process, 18000 units were started into production in September, and there were 4000 units in ending work in process that were 30% complete at the end of September. What was the total amount of...
Problem 1 Tuxedo Company has several processing departments. Costs charged to the Assembly Department for October 2019 totaled $1,298,400 as follows. Work in process, October 1 Materials Conversion costs $29,000 16,500 $ 45,500 Materials added Labor Overhead 1,006,000 138,900 108,000 Production records show that 25,000 units were in beginning work in process 40% complete as to conversion cost, 435,000 units were started into production, and 35,000 units were in ending work in process 40% complete as to conversion costs. Materials...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
P21-4B Ignatenko Company has several processing departments. Costs charged to the Assembly Department for October 2012 totaled $1,249,500 as follows. Work in process, October 1 Materials $29,000 Conversion costs 16,500 $ 45,500 Materials added 1,006,000 Labor 90,000 Overhead 108,000 Production records show that 25,000 units were in beginning work in process 40% complete as to conversion cost, 425,000 units were started into production, and 35,000 units were in ending work in process 40% complete as to conversion costs. Materials are...
Question 3 Hi-Tech Mortgage Company uses department for final processing. The following processing and cost data pertain to September: process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan 1. Applications in process on Beginning work in process: September 1, 80 Direct materials $1,160 Applications started in Conversion costs 2. 3,880 September, 1,180 September costs: 3. Completed applications during $7,660 Direct materials September, 820 Direct labour 11,050 11,086...
Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beg of work on the product in the Processing Department. During December 2009, the following events occurred in the Processing Department: Units started 16,000 units Units completed and transferred to Finishing Department 15,000 units Costs assigned to processing:Raw materials (one unit of raw materialsfor each unit of product started) $142,900 Manufacturing supplies used 18,000 Direct labor costs incurred...
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