fifo method production report , journal entries and t account for WIP
Homework Answers
| 1) Production report for Dec. for Assembly Deptt. | ||||
| ON FIFO: | ||||
| Physical units | Materials | Conversion | Total | |
| Op WIP | 5000 | 2000 | ||
| Started & Compl. | 17500 | 17500 | 17500 | |
| Transferred out | 22500 | |||
| Cl WIP | 2500 | 2500 | 1750 | |
| Equivalent units | 20000 | 21250 | ||
| Cost incurred During Dec. | 4500000 | 2337500 | ||
| Cost per Eq unit | 225 | 110 | ||
| Cost of Transferred out: | ||||
| Opening WIP | 1250000 | 402750 | 1652750 | |
| Add during Dec | 0 | 220000 | 220000 | |
| Total Opening WIP | 1250000 | 622750 | 1872750 | |
| Started & Completed | 3937500 | 1925000 | 5862500 | |
| Cost of Transferred out | 7735250 | |||
| Cost of Cl WIP | 562500 | 192500 | 755000 | |
| 2) Journal Entries: | ||||
| Date | Accounts Titles | Debit $ | Credit $ | |
| 1 | WIP-Assembly | 6837500 | ||
| Direct Material | 4500000 | |||
| Conversion cost | 2337500 | |||
| (being inputs added to WIP) | ||||
| 2 | WIP-Testing Dept. | 7735250 | ||
| WIP-Assembly | 7735250 | |||
| (Transfer of goods to Testing Deptt.) | ||||
| 3) Work in Process Account: | ||||
| Debit | Amount $ | Credit | Amount $ | |
| Opening Balance | 1652750 | WIP - Testing Dept. | 7735250 | |
| Direct Material | 4500000 | Closing Balance | 755000 | |
| Conversion cost | 2337500 | |||
| TOTAL | 8490250 | TOTAL | 8490250 | |
Add Answer to:
fifo method production report , journal entries and t
account for WIP
Part 1 - 45...
- Process Costing UNING 1 Part 1 - 45 Marks Como Corporation manufactures car seats in...
- Process Costing UNING 1 Part 1 - 45 Marks Como Corporation manufactures car seats in its Sarnia plant. Each car seat passes through the Assembly Dept, and then the Testine Dept. Direct materials are added at the beginning of the process whereas conversion costs are incurred uniformly during the process. All units are transferred to the Testing Dept. upon completion Data for the month ended, December 2019 is given below: Physical units DM WIP, beginning ng 5,000 $1,250,000 Started...
View O Help Search Table Design Layout E 21 AaBbcDa AaBbceDi AaBbCcDd AaBbCD AaBbco Emphasis 1...
View O Help Search Table Design Layout E 21 AaBbcDa AaBbceDi AaBbCcDd AaBbCD AaBbco Emphasis 1 Heading 1 1 Normal Strong Subtitle Paragraph Styles Part 1-45 Marks Como Corporation manufactures car seats in its Sarnia plant. Each car seat passes through the Assembly Dept. and then the Testing Dept. Direct materials are added at the beginning of the process whereas conversion costs are incurred uniformly during the process. All units are transferred to the Testing Dept. upon completion. $402,750 +...
Exercise 8-41 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) Lansing, Inc....
Exercise 8-41 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T). WIP inventory—Department T Beginning inventory (15,000 units, 60% complete with respect to Department T costs) Transferred-in costs (from Department S) $ 116,000 Department T conversion costs 53,150 Current work (35,000 units started) Prior department costs 280,000 Department T costs 209,050 The ending inventory has...
Assignment Problem 1: ABC Company uses the FIFO method in its process costing system. The partment...
Assignment Problem 1: ABC Company uses the FIFO method in its process costing system. The partment started the month with 6,000 units in its beginning work in process inventory that Were 20% complete with respect to conversion costs. An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 8,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect...
Please Help with last part the red mark means have to be with formula. Production Report...
Please Help with last part the red mark means have to be with
formula.
Production Report Alfombra Inc. manufactures throw rugs. The throw-rug department weaves cloth and yarn into throw rugs of various sizes. Alfombra uses the weighted average method. Materials are added uniformly throughout the weaving process. In August, Alfombra switched from FIFO to the weighted average method. The following data are for the throw-rug department for August: 40,000 120,000 40,000 Production: Units in process, August 1, 60% complete...
Please do Weighted Average & FIFO, I will post another question for the second part if...
Please do Weighted Average
& FIFO, I will post another question for the second part if
needed.
Process Cost Excel Project Create a new Excel spreadsheet and name it "Last name_PC". You project is to create a model for a production cost report using the weighted average method for the month of May. Following good Excel design techniques, you should have an input area in which you put the department information for the month, and an output area that calculates...
Process costing Units Beginning WIP 10000 Started in Production 67000 Completed and transferred out 55000 Ending...
Process costing Units Beginning WIP 10000 Started in Production 67000 Completed and transferred out 55000 Ending WIP ???? Percent complete: Direct material 100% Conversion cost 30% Costs Beginning WIP Direct material 12000 Conversion cost 5000 Direct material cost added 160000 Conversion cost added Direct labor 30000 MOH 55000 Total Conversion cost added 83000 Prepare production cost report for assembly department
17-38 FIFO method (continuation of 17-36).1. Do Problem 17-36 using the FIFO method of process costing....
17-38 FIFO method (continuation of 17-36).1. Do Problem 17-36 using the FIFO method of process costing. Explain any difference between the cost per equivalent unit in the assembly department under the weighted-average method and the FIFO method.2. Should Hoffman’s managers choose the weighted-average method or the FIFO method? Explain briefly. 17-36 Weighted-average method. Hoffman Company manufactures car seats in its Boise plant. Each car seat passes through the assembly department and the testing department. This problem focuses on the assembly...
PLEASE ANSWER ALL INCORRECT IN THE SAME FORMAT USING FIFO Required: a. Prepare a production cost...
PLEASE ANSWER ALL INCORRECT IN THE SAME FORMAT USING
FIFO
Required: a. Prepare a production cost report using FIFO. (Round "Co. ter 8 6 Saved Problem 8-54 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-4,5) 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...
Jlioo 314 P5-29A Preparing a production cost report, no beginning WIP or costs w transferred in...
Jlioo 314 P5-29A Preparing a production cost report, no beginning WIP or costs w transferred in P4233 Abby Electronics makes DVD players in three processes: assembly, programming, and packaging. Direct materials are added at the beginning of the assembly process. Conversion costs are incurred evenly throughout the process. The Assembly Department had no Work-in-Process Inventory on October 31. In mid-November, Abby Electronics started production on 101,000 DVD players. Of this number, 76,900 DVD players were assembled during November and transferred...
- Process Costing UNING 1 Part 1 - 45 Marks Como Corporation manufactures car seats in its Sarnia plant. Each car seat passes through the Assembly Dept, and then the Testine Dept. Direct materials are added at the beginning of the process whereas conversion costs are incurred uniformly during the process. All units are transferred to the Testing Dept. upon completion Data for the month ended, December 2019 is given below: Physical units DM WIP, beginning ng 5,000 $1,250,000 Started...
View O Help Search Table Design Layout E 21 AaBbcDa AaBbceDi AaBbCcDd AaBbCD AaBbco Emphasis 1 Heading 1 1 Normal Strong Subtitle Paragraph Styles Part 1-45 Marks Como Corporation manufactures car seats in its Sarnia plant. Each car seat passes through the Assembly Dept. and then the Testing Dept. Direct materials are added at the beginning of the process whereas conversion costs are incurred uniformly during the process. All units are transferred to the Testing Dept. upon completion. $402,750 +...
Assignment Problem 1: ABC Company uses the FIFO method in its process costing system. The partment started the month with 6,000 units in its beginning work in process inventory that Were 20% complete with respect to conversion costs. An additional 74,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 8,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect...
Please Help with last part the red mark means have to be with
formula.
Production Report Alfombra Inc. manufactures throw rugs. The throw-rug department weaves cloth and yarn into throw rugs of various sizes. Alfombra uses the weighted average method. Materials are added uniformly throughout the weaving process. In August, Alfombra switched from FIFO to the weighted average method. The following data are for the throw-rug department for August: 40,000 120,000 40,000 Production: Units in process, August 1, 60% complete...
Please do Weighted Average
& FIFO, I will post another question for the second part if
needed.
Process Cost Excel Project Create a new Excel spreadsheet and name it "Last name_PC". You project is to create a model for a production cost report using the weighted average method for the month of May. Following good Excel design techniques, you should have an input area in which you put the department information for the month, and an output area that calculates...
Process costing Units Beginning WIP 10000 Started in Production 67000 Completed and transferred out 55000 Ending WIP ???? Percent complete: Direct material 100% Conversion cost 30% Costs Beginning WIP Direct material 12000 Conversion cost 5000 Direct material cost added 160000 Conversion cost added Direct labor 30000 MOH 55000 Total Conversion cost added 83000 Prepare production cost report for assembly department
PLEASE ANSWER ALL INCORRECT IN THE SAME FORMAT USING
FIFO
Required: a. Prepare a production cost report using FIFO. (Round "Co. ter 8 6 Saved Problem 8-54 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-4,5) 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...
Jlioo 314 P5-29A Preparing a production cost report, no beginning WIP or costs w transferred in P4233 Abby Electronics makes DVD players in three processes: assembly, programming, and packaging. Direct materials are added at the beginning of the assembly process. Conversion costs are incurred evenly throughout the process. The Assembly Department had no Work-in-Process Inventory on October 31. In mid-November, Abby Electronics started production on 101,000 DVD players. Of this number, 76,900 DVD players were assembled during November and transferred...
Most questions answered within 3 hours.
-
Let X be a continuous random variable whose PDF is Let X be a
continuous random...
asked 2 seconds from now -
A football with a mass of 1.2 kg is kicked from ground level to
a height...
asked 3 minutes ago -
Remember: Changes in supply determinants shift supply, and
changes in demand determinants shift demand. We say...
asked 2 minutes ago -
Why is the answer b), for this question? I came up with C) for
my incorrect...
asked 8 minutes ago -
Suppose that you know that in the population of full-time
employees in the United States, the...
asked 30 minutes ago -
This experiment was designed originally to sample various meat and carcass quality
aspects of Ontario pigs...
asked 30 minutes ago -
Dopamine Hydrochloride: draw the structure And Show the
functional groups in different colors and label the...
asked 22 minutes ago -
A rope supports a 10 kg dumbbell hanging from it. What is the
tension in the...
asked 22 minutes ago -
) Raw materials are studied for contamination. Suppose that
the number of particles of contamination per...
asked 44 minutes ago -
After running a regression analysis we calculated an F test and
the significance level was 0.15....
asked 40 minutes ago -
----Can someone please help me solve this one using JAVA
----I thank you in advance
Create...
asked 45 minutes ago -
1. What force primarily attracts the potassium ion to
the nitrate ion?
a. London forces...
asked 46 minutes ago