Homework Answers
| Crawford Company | ||||
| 4) | Equivalent Units | |||
| Direct Material | conversion | |||
| Ans (C ) | Equivalent Units | 20000 | 18000 | |
| Cost per Equivalent Units | ||||
| Direct Material | conversion | Total Cost | ||
| Cost in beginning WIP | $ 6,400.00 | $ 3,000.00 | ||
| Cost added during July | $ 50,400.00 | $ 42,000.00 | ||
| Total Cost=(A) | $ 56,800.00 | $ 45,000.00 | ||
| Equivalent Units=(B) | 20000 | 18000 | ||
| Cost per Equivalent Units=(A)/(B) | $ 2.84 | $ 2.50 | $ 5.34 | |
| Ans 8(C ) | ||||
| Sales Revenue=(A) | ||||
| Less: Cost of goods sold=(B) | ||||
| Gross Profit=(C )=(A)-(B) | ||||
| Selling and Administrative Expense | ||||
| The following items appear under the income statement of both manufacturing and Merchandising Company | ||||
| 1) | Sales | |||
| 2) | Cost of goods available for sales | |||
| 3) | Cost of goods sold | |||
| 4) | Operating Expense | |||
| 5) | General expense | |||
| Ans 14 | ||||
| Edmiston Cost of goods sold | ||||
| Ans (D ) | ||||
| Amount | ||||
| Beginning Finished goods Inventory=(A) | $ 50,000.00 | |||
| Add: Cost of goods manufactured=(B) | $ 7,50,000.00 | |||
| Cost of goods availaable for sale(C)=(A)+(B) | $ 8,00,000.00 | |||
| Less: Ending Finished goods Inventory=(D) | $ 40,000.00 | |||
| Cost of goods sold (E )=(C)-(D) | $ 7,60,000.00 | |||
| 15) | Minor Company | |||
| Beginning WIP | 30000 | |||
| Units Started | 180000 | |||
| Completed and transferred out | 165000 | |||
| Units in Process | 45000 | |||
| Percentage complete for material cost in beginning WIP | 100% | |||
| Percentage complete for conversion cost in beginning WIP | 100% | |||
| Percentage complete for Material cost in ending WIP | 100% | |||
| Percentage complete for conversion cost in ending WIP | 100% | |||
| Minor Company | ||||
| Physical Units | ||||
| Ans 15(B) | Beginning WIP | 30000 | ||
| Units started into prodcution | 180000 | |||
| Total | 210000 | |||
| Units transferred out | 165000 | |||
| Units in Ending WIP | 45000 | |||
| Total | 210000 | |||
| Equivalent Units | ||||
| Direct Material | ||||
| Units transferred out=(A) | 165000 | |||
| Ending Work in Process=(45000*100%) for material | 45000 | |||
| Equivalent Units=(A)+(B) | 210000 | |||
| Ans 16(C ) | Manufacturing Overhead are indirect expense it includes rent,Insurance utility Expense,Indirect Labor etc. | |||
| Direct Material not included in Manufacturing Expense. | ||||
Add Answer to:
only the answers please and thank you
We were unable to transcribe this image8. Cost of...
5. Kline Manufacturing has the following labor costs: Factory-Gross wages $490,000 Factory-Net wages 420,000 Employer Payroll...
5. Kline Manufacturing has the following labor costs: Factory-Gross wages $490,000 Factory-Net wages 420,000 Employer Payroll Taxes Payable 50,000 The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for A) $540,000 B) $490.000. C) $470.000. D) $440,000. *. A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were...
Please show all calculations. Thank you! Use the following information to answer questions 8 through 10....
Please show all
calculations. Thank you!
Use the following information to answer questions 8 through 10. Dante Carpet Manufacturing Inc. uses a process costing system and calculates per-unit costs using the weighted average method. The following data relates to production its Extrusion department for its Rayon carpet brand for the month of January. Note that since carpet is sold by the square yard, each “unit” refers to a square yard of carpet: • Beginning Work in Process Inventory: 300 units,...
the first step in preparing a cost of production report is The first step in preparing...
the first step in preparing a cost of production report
is
The first step in preparing a cost of production report is a. computing the equivalent units of production. O b. determining the cost per equivalent unit. c. allocating costs to units transferred out. d. determining the units to be assigned costs. AN During the current month, Grey Company sold 60,000 units for $10 each. Each unit had an equivalent cost of $6 each. The Journal entry to record the...
Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers....
Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departments-Refining and Blending. Raw materials are introduced at various points in the Refining Department. The following incomplete Work in Process account is available for the Refining Department for March: March i balance Work in Process-Refining Department 31,600 Completed and transferred to Blending 140,600 72,200 473,000 Materials Direct labor Overhead March 31 balance The March 1 work in...
Please help! Thank You! The Mixing Department combines the direct materials of paraffin wax and pigments....
Please help! Thank You!
The Mixing Department combines the direct materials of paraffin wax and pigments. The heated mixture is pumped to the Molding Department, where it is poured into molds. After the molds cool, the crayons are removed from the molds and are transferred to the Packaging Department, where paper wrappers are added and the crayons are boxed. In the Mixing Department, the direct materials are added at the beginning of the process and the conversion costs are incurred...
8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies....
8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies. B) only appears on manufacturing companies' income statements. C) appears on both manufacturing and merchandising companies' income statements. D) only appears on merchandising companies' income statements. HHDCụ CITIZ. 87. Gantner Company had the following department information about physical units and percentage of completion: Work in process, May 1 (60%) Physical Units 60,000 Completed and transferred out 180,000 Work in process, May 31 (40%) 50,000...
1-- )Elm Company's accounting records reflect the following inventories: &
1-- )Elm Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $420,000 $350,000 Work in process inventory 400,000 275,000 Finished goods inventory 200,000 125,000 During 2020, $650,000 of raw materials were purchased, direct labor costs amounted to $560,000, and manufacturing overhead incurred was $630,000. The total raw materials available for use to assign to production during 2020 for Elm Company is $1,000,000 $875,000 $1,170,000 $1,100,000 2--) Almond Group reported the following year-end information: Beginning...
Weber Company purchases $50,100 of raw materials on account, and it incurs $61,000 of factory labor...
Weber Company purchases $50,100 of raw materials on account, and
it incurs $61,000 of factory labor costs. Supporting records show
that (a) the Assembly Department used $24,100 of raw materials and
$36,000 of the factory labor, and (b) the Finishing Department used
the remainder. Manufacturing overhead is assigned to departments on
the basis of 160% of labor costs.
Journalize the assignment of overhead to the Assembly and Finishing
Departments.
2) Goode Company has the following production data for selected
months....
E4-3A. Equivalent Units and Product Cost Report—Weighted Average Method In its first month’s operations (January 2019),...
E4-3A. Equivalent Units and Product Cost Report—Weighted Average
Method In its first month’s operations (January 2019), Schramski
Company’s Department 1 incurred charges of $120,000 for direct
materials (10,000 units), $29,875 for direct labor, and $58,000 for
manufacturing overhead. At month-end, 9,000 units had been finished
and transferred out. The remaining units were finished with respect
to material but only 25% complete with respect to conversion
costs.
Assuming Schramski uses the weighted average method and that
materials are added at the...
1. The following selected ledger accounts of the Reynolds Manufacturing Company are for July. Materials Inventory...
1. The following selected ledger accounts of the Reynolds Manufacturing Company are for July. Materials Inventory July 1 balance …………………….. 150,000 July credits ……………………. 550,000 July debits ………………………….. 475,000 Manufacturing Overhead July debits ……………………...... 638,000 July 1 balance…………………… 50,000 July credits ……………………… 608,000 Work in Process Inventory July 1 balance …………………….. 100,000 July credits …………………… 1,650,000 July debits: Direct material …………………… 488,000 Direct labor ………………………… 675,000 Manufacturing overhead ………….. ? Wages Payable July debits …………………….. 850,000 July 1 balance……………………. 188,000...
5. Kline Manufacturing has the following labor costs: Factory-Gross wages $490,000 Factory-Net wages 420,000 Employer Payroll Taxes Payable 50,000 The entry to record the cost of factory labor and the associated payroll tax expense will include a debit to Factory Labor for A) $540,000 B) $490.000. C) $470.000. D) $440,000. *. A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were...
Please show all
calculations. Thank you!
Use the following information to answer questions 8 through 10. Dante Carpet Manufacturing Inc. uses a process costing system and calculates per-unit costs using the weighted average method. The following data relates to production its Extrusion department for its Rayon carpet brand for the month of January. Note that since carpet is sold by the square yard, each “unit” refers to a square yard of carpet: • Beginning Work in Process Inventory: 300 units,...
the first step in preparing a cost of production report
is
The first step in preparing a cost of production report is a. computing the equivalent units of production. O b. determining the cost per equivalent unit. c. allocating costs to units transferred out. d. determining the units to be assigned costs. AN During the current month, Grey Company sold 60,000 units for $10 each. Each unit had an equivalent cost of $6 each. The Journal entry to record the...
Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departments-Refining and Blending. Raw materials are introduced at various points in the Refining Department. The following incomplete Work in Process account is available for the Refining Department for March: March i balance Work in Process-Refining Department 31,600 Completed and transferred to Blending 140,600 72,200 473,000 Materials Direct labor Overhead March 31 balance The March 1 work in...
Please help! Thank You!
The Mixing Department combines the direct materials of paraffin wax and pigments. The heated mixture is pumped to the Molding Department, where it is poured into molds. After the molds cool, the crayons are removed from the molds and are transferred to the Packaging Department, where paper wrappers are added and the crayons are boxed. In the Mixing Department, the direct materials are added at the beginning of the process and the conversion costs are incurred...
8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies. B) only appears on manufacturing companies' income statements. C) appears on both manufacturing and merchandising companies' income statements. D) only appears on merchandising companies' income statements. HHDCụ CITIZ. 87. Gantner Company had the following department information about physical units and percentage of completion: Work in process, May 1 (60%) Physical Units 60,000 Completed and transferred out 180,000 Work in process, May 31 (40%) 50,000...
Weber Company purchases $50,100 of raw materials on account, and
it incurs $61,000 of factory labor costs. Supporting records show
that (a) the Assembly Department used $24,100 of raw materials and
$36,000 of the factory labor, and (b) the Finishing Department used
the remainder. Manufacturing overhead is assigned to departments on
the basis of 160% of labor costs.
Journalize the assignment of overhead to the Assembly and Finishing
Departments.
2) Goode Company has the following production data for selected
months....
E4-3A. Equivalent Units and Product Cost Report—Weighted Average
Method In its first month’s operations (January 2019), Schramski
Company’s Department 1 incurred charges of $120,000 for direct
materials (10,000 units), $29,875 for direct labor, and $58,000 for
manufacturing overhead. At month-end, 9,000 units had been finished
and transferred out. The remaining units were finished with respect
to material but only 25% complete with respect to conversion
costs.
Assuming Schramski uses the weighted average method and that
materials are added at the...
Most questions answered within 3 hours.
-
The USPS sells money orders identified by an 11 –digit number
x1, x2, …, x11. The...
asked 31 seconds ago -
Provide an example of equilibrium in relation to
Newton’s First and Second Laws. Explain your answer....
asked 1 minute ago -
You are __________ to commit a Type I error using the 0.05 level
of significance than...
asked 19 minutes ago -
1. the following results are obtained:
200
kiwi
575 wild-type
What can we conclude about the...
asked 24 minutes ago -
Explain how you might use E. coli bacteria to produce human
growth hormone using the following:...
asked 25 minutes ago -
WHAT IS THE EFFEKT OF ADD K2CO3 TO ( METHANOL OG WATER)?
asked 39 minutes ago -
Calculate the cell potential, the equilibrium constant, and the
free-energy change for: Ca(s)+Mn2+(aq)(1M)⇌Ca2+(aq)(1M)+Mn(s) given
the following...
asked 37 minutes ago -
Determine the pH at the equivalence (stoichiometric) point in
the titration of 48 mL of 0.28...
asked 37 minutes ago -
11. In CPM/PERT, an activity that is on the critical path
A. has equal values for...
asked 44 minutes ago -
Using C++ :
A Pascals triangle row is constructed by looking at the previous
row and...
asked 1 hour ago -
With what speed will the fastest photoelectrons be emitted from
a surface whose threshold wavelength is...
asked 1 hour ago -
The following slope distances and differences in elevations
between the tape ends were recorded for a...
asked 1 hour ago