Homework Answers
| Department A | Department B | |||||||||||
| Particulars | Amt | Particulars | Amt | Particulars | Amt | Particulars | Amt | |||||
| Opening Stock | 24000 | Units Completed and transferred | Opening Stock | 8000 | Units Completed and transferred | |||||||
| Units Introduced | 60000 | Units from beg | 24000 | Units Introduced | 29000 | Units from beg | 8000 | |||||
| Units Started & Completed | 40000 | Units Started & Completed | 4000 | |||||||||
| Total transftered & Completed | 64000 | Total transftered & Completed | 12000 | |||||||||
| Units at End | 20000 | Units at End | 25000 | |||||||||
| 84000 | 84000 | 37000 | 37000 |
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Process Costing - FIFO Assumptions The Stones Company had unfinished units in both of...
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 $...
Process Costing- FIFO Assumptions A. Required: Complete the following sequence of steps for Department B 1....
Process Costing- FIFO Assumptions A. Required: Complete the following sequence of steps for Department B 1. Compute physical flow and equivalent full units. finished units in both of its manufacturing operations. Production and cost data for the prior month for both Departments is provided below: no Department A Beginning of Month 24,000 100% End of Month 20,000 100% 2. Compute unit costs. Beginning units Percentage completion: Direct material Direct labor and overhead 75% 60% Beginning Costs S 188,000 3. Determine...
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...
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...
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 ...
need help filling out this attached table! 1. Process Costing FIFO (20 Points) Comfort chair company...
need help filling out this attached table!
1. Process Costing FIFO (20 Points) Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly tarted production of 83,400 chairs. During the month .ebruary, the firm's Assembly .400 chairs. During the month, the Assembly department completed 78,400 chairs, and transferred them to the Finishing Department. The Finishing department ended the month with 15,200 chairs in ending inventory. There were 9,700 chairs in Finishing department beginning inventory. Direct materials costs are...
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...
1. Department F had 4,000 units in Work in Process that were 40% completed at the...
1. Department F had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $11,600. Of the $11,600, $7,600 was for material and $4,000 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $31,500. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of...
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...
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 $...
Process Costing- FIFO Assumptions A. Required: Complete the following sequence of steps for Department B 1. Compute physical flow and equivalent full units. finished units in both of its manufacturing operations. Production and cost data for the prior month for both Departments is provided below: no Department A Beginning of Month 24,000 100% End of Month 20,000 100% 2. Compute unit costs. Beginning units Percentage completion: Direct material Direct labor and overhead 75% 60% Beginning Costs S 188,000 3. Determine...
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...
need help filling out this attached table!
1. Process Costing FIFO (20 Points) Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly tarted production of 83,400 chairs. During the month .ebruary, the firm's Assembly .400 chairs. During the month, the Assembly department completed 78,400 chairs, and transferred them to the Finishing Department. The Finishing department ended the month with 15,200 chairs in ending inventory. There were 9,700 chairs in Finishing department beginning inventory. Direct materials costs are...
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...
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