Okay, so I did quite a bit of this, but I got stuck on like the last quarter.
Homework Answers
- Incomplete portion of Production Report is completed below:
|
Direct Materials |
Conversion Costs |
||
|
Beginning Inventory |
$606,390 |
$0 |
$0 |
|
Current |
$217,080 |
$80,400 |
$136,680 |
|
Total Cost to account for |
$823,470 |
$80,400 |
$136,680 |
|
Total Equivalent units |
40,000 |
40,200 |
|
|
Equivalent unit cost |
$ 2.01 |
$ 3.40 |
|
Beginning Inventory: |
||
|
Cost incurred in Dec |
$606,390 |
|
|
Cost incurred in Jan |
$4,760 |
[1400 units x $ 3.4] |
|
Started and Finished |
$200,170 |
[37000 units x (2.01+3.4)] |
|
Cost of Goods manufactured |
$811,320 |
[606390+4760+200170] |
|
Ending Inventory: |
||
|
Direct material |
$6,030 |
[3000 units x $2.01] |
|
Conversion costs |
$6,120 |
[1800 units x $3.4] |
|
Cost of ending Inventory |
$12,150 |
[6030+6120] |
|
Total Cost allocated |
$823,470 |
[811320 + 12150] |
Product Cost Report-FIFO Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The...
Product Cost Report-FIFO Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory Costs added in Department 1 Direct material 482,400 Direct labor 489,300 Manufacturing overhead 390780 130240 Department 1 handled the following units during May 2.000 Units in process, May 1 Units started in Department 40.000 Units transferred to Department 2 39.000 Units in process. May 31 2.000 On average, the May...
Product Cost Report-Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes....
Product Cost Report-Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory $29,400 Direct material Conversion costs 49,770 Costs added in Department 1 $886,200 Direct material Direct labor 895,650 Manufacturing overhead 609,390 2,391,240 Department 1 handled the following units during May: Units in process, May 1 Units started in Department 1 2,000 40,000 Units transferred to Department 2 39,000 Units in...
I figured out some of this but I am stuck on like the last half of...
I figured out some of this but I am stuck on like the last half
of it. Help is much appreciated.
CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 3 Partially correct Mark 33.00 out of 39.00 Flag question Equivalent Units and Product Cost Report-FIFO Method The following data (and annotations) for March 2016 are for the work in process account of the first of Olympus Company's four departments used in manufacturing its only product. Work in Process-Department 1 Beginning balance...
Product Cost Report–Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes....
Product Cost Report–Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory Direct material $24,500 Conversion costs 41,475 Costs added in Department 1 Direct material $738,500 Direct labor 746,375 Manufacturing overhead 507,825 1,992,700 Department 1 handled the following units during May: Page 8 Units in process, May 1 2,000 Units started in Department 1 40,000 Units transferred to Department 2 39,000...
Product Cost Report—Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes....
Product Cost Report—Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory Direct material $29,400 Conversion costs 49,770 Costs added in Department 1 Direct material $886,200 Direct labor 895,650 Manufacturing overhead 609,390 2,391,240 Department 1 handled the following units during May: Units in process, May 1 2,000 Units started in Department 1 40,000 Units transferred to Department 2 39,000 Units in...
Business Course Product Cost Report-Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three...
Business Course Product Cost Report-Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department for May 2016 were as follows: Cost of beginning inventory Direct material Conversion costs 24 Costs added in Department Direct materia 5443.100 Direct labor 147.825 Manufacturing overhead 304695 1,195.620 Department 1 handled the following units during May Units in process May 1 2.000 Units started in Department1 40.000 Units transferred to Department 2 19.000 Units in process, May...
Equivalent Units and Product Cost Report—FIFO Method The following data (and annotations) for March 2016 are...
Equivalent Units and Product Cost Report—FIFO
Method
The following data (and annotations) for March 2016 are for the
work in process account of the first of Olympus Company’s four
departments used in manufacturing its only product.
Work in Process-Department 1
Beginning balance (3,000 units, 40% complete)
$18,200
Transferred to department 2: (23,000 units)
(a)
Direct material (24,000 units)
96,000
Direct labor
77,300
Manufacturing overhead
36,700
Ending balance [ (b) units, 25% complete]
(c)
Assuming that Olympus uses the FIFO method,...
Product Cost Report-FIFO Method Gomer Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The...
Product Cost Report-FIFO Method Gomer Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The costs of Department for June 2016 were as follows Cost of being inventory 33640 Contacted in Department Director 54140 Direct labor 722.600 Manufacturing overhead 312.300 1,474760 Department 1 handled the following units during June Units in process. June 1 2.000 Units started in Department 5.000 Units transferred to Department 2 65.000 Un processes 1000 complete Materials are added at the beginning of the process...
Product Cost Report—Weighted Average Method Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes....
Product Cost Report—Weighted Average Method Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows: Cost of beginning inventory Direct material $9,800 Conversion costs 16,480 Costs added in Department 1: Direct material $295,120 Direct labor 298,550 Manufacturing overhead 203,130 796,800 Department 1 handled the following units during May: Units in process, May 1, 2019 2,000 Units started in Department 1 40,000 Units transferred to Department 2 39,000 Units...
Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method...
Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method of process costing. At the beginning of the month, the forming department has 37,000 units in inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $84,100 consisted of $59,200 of direct materials costs and $24,900 of conversion costs. During the month, the forming department started 540,000 units. At the end of the month, the forming...
Product Cost Report-FIFO Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory Costs added in Department 1 Direct material 482,400 Direct labor 489,300 Manufacturing overhead 390780 130240 Department 1 handled the following units during May 2.000 Units in process, May 1 Units started in Department 40.000 Units transferred to Department 2 39.000 Units in process. May 31 2.000 On average, the May...
Product Cost Report-Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory $29,400 Direct material Conversion costs 49,770 Costs added in Department 1 $886,200 Direct material Direct labor 895,650 Manufacturing overhead 609,390 2,391,240 Department 1 handled the following units during May: Units in process, May 1 Units started in Department 1 2,000 40,000 Units transferred to Department 2 39,000 Units in...
I figured out some of this but I am stuck on like the last half
of it. Help is much appreciated.
CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 3 Partially correct Mark 33.00 out of 39.00 Flag question Equivalent Units and Product Cost Report-FIFO Method The following data (and annotations) for March 2016 are for the work in process account of the first of Olympus Company's four departments used in manufacturing its only product. Work in Process-Department 1 Beginning balance...
Product Cost Report–Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2016 were as follows: Cost of beginning inventory Direct material $24,500 Conversion costs 41,475 Costs added in Department 1 Direct material $738,500 Direct labor 746,375 Manufacturing overhead 507,825 1,992,700 Department 1 handled the following units during May: Page 8 Units in process, May 1 2,000 Units started in Department 1 40,000 Units transferred to Department 2 39,000...
Business Course Product Cost Report-Weighted Average Method Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department for May 2016 were as follows: Cost of beginning inventory Direct material Conversion costs 24 Costs added in Department Direct materia 5443.100 Direct labor 147.825 Manufacturing overhead 304695 1,195.620 Department 1 handled the following units during May Units in process May 1 2.000 Units started in Department1 40.000 Units transferred to Department 2 19.000 Units in process, May...
Equivalent Units and Product Cost Report—FIFO
Method
The following data (and annotations) for March 2016 are for the
work in process account of the first of Olympus Company’s four
departments used in manufacturing its only product.
Work in Process-Department 1
Beginning balance (3,000 units, 40% complete)
$18,200
Transferred to department 2: (23,000 units)
(a)
Direct material (24,000 units)
96,000
Direct labor
77,300
Manufacturing overhead
36,700
Ending balance [ (b) units, 25% complete]
(c)
Assuming that Olympus uses the FIFO method,...
Product Cost Report-FIFO Method Gomer Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The costs of Department for June 2016 were as follows Cost of being inventory 33640 Contacted in Department Director 54140 Direct labor 722.600 Manufacturing overhead 312.300 1,474760 Department 1 handled the following units during June Units in process. June 1 2.000 Units started in Department 5.000 Units transferred to Department 2 65.000 Un processes 1000 complete Materials are added at the beginning of the process...
Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method of process costing. At the beginning of the month, the forming department has 37,000 units in inventory, 80% complete as to materials and 20% complete as to conversion costs. The beginning inventory cost of $84,100 consisted of $59,200 of direct materials costs and $24,900 of conversion costs. During the month, the forming department started 540,000 units. At the end of the month, the forming...
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