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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;...
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In July, the Assembly department of Mercury Manufacturing began
the month with 1,200 units in work-in-process inventory (75%
complete). During the month, 14,000 units were transferred in, with
costs of $114,000 attached to them from the Molding department.
During the month, 15,000 units were completed, 800 of which were
spoiled. Spoilage is normally 5% of good output. Ending WIP was 30%
complete. In the Assembly department, all direct materials are
added when the product is 50% complete, and conversion costs...
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Question l: Process Costing (20 marks) Leo International Manufacturing Inc's Assembly Department transfers costs and products to the company's Finishing Department when Assembly Department has done with its producing process. The Finishing Department has the following for the most recent accounting period: Conversion costs are incurred evenly throughout the process and direct materials are added at the very end of the process. Required: Use the weighted Average of cost flow to calculate the following items for Department Finishing for the...
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Question l: Process Costing (20 marks) Leo International Manufacturing Inc's Assembly Department transfers costs and products to the company's Finishing Department when Assembly Department has done with its producing process. The Finishing Department has the following for the most recent accounting period: Conversion costs are incurred evenly throughout the process and direct materials are added at the very end of the process. Required: Use the weighted Average of cost flow to calculate the following items for Department Finishing for the...
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Please help solve
The Finishing Department started the month with 900 units in process, received 1,500 units from the Assembly Department, and transferred 1,600 units to the finished goods storage area. All direct materials are added at the beginning of the process. The units in process at the end of the month are 20% complete with respect to conversion costs. The department uses the weighted average method. The Finishing Department incurred the following costs: (Click the icon to view the...
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CALCULATIONS IN PROCESS COSTING GenX produces and organic cereal mix. The cereal mix is manufactured in a continuous two-step process: ROASTING and BLENDING. We will cover ROASTING Roasting Department Units % of Completion DM % of Completion Conversion costs (DL + MOH) Beginning WIP 3/31 30,000 100% 65% Units started 90,000 Units completed and transferred out 100,000 100% 100% Ending WIP 4/30 20,000 100% 25% $ 81,000 108,900 $189,900 GenX ROASTING DEPT. Beginning WIP DM Costs Conversion Costs Costs during...
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Yarmouth Company produces a liquid solvent in two departments:
Mixing and Finishing. Accounting records at Yarmouth show the
following information for Finishing operations for February (no new
material is added in the Finishing Department): WIP
inventory—Finishing Beginning inventory (11,200 units, 20% complete
with respect to Finishing costs) Transferred-in costs (from Mixing)
$ 134,320 Finishing conversion costs 1,096 Current work (100,400
units started) Mixing costs 1,004,000 Finishing costs 537,056
The ending inventory has 15,200 units, which are 60 percent
complete with...
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Yarmouth Company produces a liquid solvent in two departments:
Mixing and Finishing. Accounting records at Yarmouth show the
following information for Finishing operations for February (no new
material is added in the Finishing Department):
WIP inventory—Finishing
Beginning inventory (10,700 units, 20% complete with respect to
Finishing costs)
Transferred-in costs (from Mixing)
$
123,670
Finishing conversion costs
8,003
Current work (99,400 units started)
Mixing costs
944,300
Finishing costs
472,867
The ending inventory has 14,700 units, which are 50 percent
complete with...
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Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department). $ WIP inventory-Finishing Beginning inventory (11,100 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,200 units started) Mixing costs Finishing costs 132,150 3,022 991,980 517,803 The ending inventory has 15,100 units, which are 50 percent complete with...
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McCallum Tool Company has two departments, assembly and
finishing. The assembly department takes purchased parts and
assembles the final product. The finishing department performs
testing and adds other materials and packages the product. Direct
materials are added at the end of the process in the finishing
department. The following summarizes the finishing department’s
operations for the month of July.
Number of
Units
Work-in-process, July 1, 50% complete
for conversion costs
4,000
Transferred in during July
28,000
Completed during July
27,000...
Question l: Process Costing (20 marks) Leo International Manufacturing Inc's Assembly Department transfers costs and products to the company's Finishing Department when Assembly Department has done with its producing process. The Finishing Department has the following for the most recent accounting period: Conversion costs are incurred evenly throughout the process and direct materials are added at the very end of the process. Required: Use the weighted Average of cost flow to calculate the following items for Department Finishing for the...
Question l: Process Costing (20 marks) Leo International Manufacturing Inc's Assembly Department transfers costs and products to the company's Finishing Department when Assembly Department has done with its producing process. The Finishing Department has the following for the most recent accounting period: Conversion costs are incurred evenly throughout the process and direct materials are added at the very end of the process. Required: Use the weighted Average of cost flow to calculate the following items for Department Finishing for the...
Please help solve
The Finishing Department started the month with 900 units in process, received 1,500 units from the Assembly Department, and transferred 1,600 units to the finished goods storage area. All direct materials are added at the beginning of the process. The units in process at the end of the month are 20% complete with respect to conversion costs. The department uses the weighted average method. The Finishing Department incurred the following costs: (Click the icon to view the...
CALCULATIONS IN PROCESS COSTING GenX produces and organic cereal mix. The cereal mix is manufactured in a continuous two-step process: ROASTING and BLENDING. We will cover ROASTING Roasting Department Units % of Completion DM % of Completion Conversion costs (DL + MOH) Beginning WIP 3/31 30,000 100% 65% Units started 90,000 Units completed and transferred out 100,000 100% 100% Ending WIP 4/30 20,000 100% 25% $ 81,000 108,900 $189,900 GenX ROASTING DEPT. Beginning WIP DM Costs Conversion Costs Costs during...
Yarmouth Company produces a liquid solvent in two departments:
Mixing and Finishing. Accounting records at Yarmouth show the
following information for Finishing operations for February (no new
material is added in the Finishing Department):
WIP inventory—Finishing
Beginning inventory (10,700 units, 20% complete with respect to
Finishing costs)
Transferred-in costs (from Mixing)
$
123,670
Finishing conversion costs
8,003
Current work (99,400 units started)
Mixing costs
944,300
Finishing costs
472,867
The ending inventory has 14,700 units, which are 50 percent
complete with...
Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department). $ WIP inventory-Finishing Beginning inventory (11,100 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,200 units started) Mixing costs Finishing costs 132,150 3,022 991,980 517,803 The ending inventory has 15,100 units, which are 50 percent complete with...