Need help with the following accounting problem
Required information
Problem 20-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4
[The following information applies to the questions displayed below.]
Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 29,200 units of product to finished goods inventory. Its 4,400 units of beginning work in process consisted of $81,670 of direct materials and $759,792 of conversion costs. It has 3,100 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $661,230 of direct material costs and $3,168,528 of conversion costs were charged to production.
• Beginning work in process consisted of 4,400 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion.
• Of the 29,200 units completed, 4,400 were from beginning work in process. The remaining 24,800 were units started and completed during May. Assume that Tamar uses the FIFO method to account for its process costing system.
2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory.
Homework Answers
Equivalent unit of material = (4400*0%+24800+3100*100%) = 27900
Equivalent unit of conversion = (4400*60%+24800+3100*80%) = 29920
Cost per equivalent unit of material = 661230/27900 = 23.7
Cost per equivalent unit of conversion = 3168528/29920 = 105.9
Cost of Unit completed = (24800*23.7+27440*105.90)+841462 = $4335118
Journal entry
| Date | account and explanation | Debit | Credit |
| Finished goods | 4335118 | ||
| Work in process | 4335118 | ||
Add Answer to:
Problem 20-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4
Required information Problem 20-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 [The fol...
Required information Problem 20-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 27,700 units of product to finished goods inventory. Its 4,100 units of beginning work in process consisted of $56,115...
Required information Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4...
Required information Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 The following information applies to the questions displayed below) Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 33,200 units of product to finished goods inventory. Its 5,200 units of beginning work in process consisted of $113,790...
IN manutes ress. Cons of pros and Problem 16-5AA FIFO: Process cost summary, equivalent units; cost...
IN manutes ress. Cons of pros and Problem 16-5AA FIFO: Process cost summary, equivalent units; cost estimates LO C3, C4, P4 (The following information applies to the questions displayed below) Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 22,200 units of product to finished goods inventory. Its 3,000 units of beginning work...
Required information Problem 16-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3,...
Required information Problem 16-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, P4 [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 22,200 units of product to finished goods inventory. Its 3,000 units of beginning work in process consisted of...
Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4,...
Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 The following information applies to the questions displayed below! Dengo Co. makes a trail mix in two departments roasting and blending Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 25,000 units to the blending department....
Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4,...
Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 (The following information applies to the questions displayed below.) Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 22,800 units to the blending department....
Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4,...
Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The following information applies to the questions displayed below.) Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 22,200 units to the blending department...
Required information Problem 20-6AA FIFO: Process cost summary; equivalent units; cost estimates ...
Required information Problem 20-6AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 The following information applies to the questions displayed below.) Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting. During May, the company completed and transferred 22,200 units of product to...
Prepare the Forming department's process cost summary for May using the FIFO method
Tamar Co, manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 21,600 units, and transferred 22,200 units of product to the Assembly department. Its 3,000 units of beginning work in process consisted of $19,800 of direct materials and $221,940 of conversion costs. It has 2,400 units (100 %complete with respect to direct materials and 80 %complete...
! Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3,...
! Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The following information applies to the questions displayed below.) Dengo Co.makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 22,200 units to the blending department...
Required information Problem 20-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 27,700 units of product to finished goods inventory. Its 4,100 units of beginning work in process consisted of $56,115...
Required information Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 The following information applies to the questions displayed below) Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 33,200 units of product to finished goods inventory. Its 5,200 units of beginning work in process consisted of $113,790...
IN manutes ress. Cons of pros and Problem 16-5AA FIFO: Process cost summary, equivalent units; cost estimates LO C3, C4, P4 (The following information applies to the questions displayed below) Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 22,200 units of product to finished goods inventory. Its 3,000 units of beginning work...
Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 The following information applies to the questions displayed below! Dengo Co. makes a trail mix in two departments roasting and blending Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 25,000 units to the blending department....
Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 (The following information applies to the questions displayed below.) Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 22,800 units to the blending department....
Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The following information applies to the questions displayed below.) Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 22,200 units to the blending department...
Required information Problem 20-6AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 The following information applies to the questions displayed below.) Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting. During May, the company completed and transferred 22,200 units of product to...
Tamar Co, manufactures a single product in two departments. All direct materials are added at the beginning of the Forming process. Conversion costs are added evenly throughout the process. During May, the Forming department started 21,600 units, and transferred 22,200 units of product to the Assembly department. Its 3,000 units of beginning work in process consisted of $19,800 of direct materials and $221,940 of conversion costs. It has 2,400 units (100 %complete with respect to direct materials and 80 %complete...
! Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The following information applies to the questions displayed below.) Dengo Co.makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 22,200 units to the blending department...
Most questions answered within 3 hours.
-
please write a paper about any ethical violation based on the
case study Stanford's Prison Experiment....
asked 2 minutes ago -
What is the advantage of considering each of the
following in calculating the work done by...
asked 8 minutes ago -
Write a stored function that takes a number as its input and
returns that number as...
asked 7 minutes ago -
In the laboratory, a general chemistry student measured the pH
of a 0.527 M aqueous solution...
asked 13 minutes ago -
Water can decompose into H2 and O2 via electrolysis. How many
moles of H2 could theoretically...
asked 22 minutes ago -
How many moles of oxygen would be consumed during the aerobic
oxidation of one mole of...
asked 38 minutes ago -
Choose an enzyme and tell its function and what substrate it
works on.
asked 36 minutes ago -
You are helping the CFO of a manufacturing company assess
whether the firm should embark on...
asked 32 minutes ago -
a) Given these data for the reaction , write the rate-law
expression.
(Use k for the...
asked 37 minutes ago -
Compare two countries how the culture
of those country enhances or impedes your understanding of the...
asked 38 minutes ago -
Identify the incorrect statement.
A. An increase in mol does not increase the average force of...
asked 40 minutes ago -
In broadcast authentication, a senderaims to send
oneauthentication code for multiple receivers to verify. Explain
why...
asked 39 minutes ago