Rivera Company | ||||
As per Question | ||||
Work in process - November | ||||
material cost $ | 79,000 | |||
Conversion Cost $ | 48,150 | |||
Material Added$ | 15,89,000 | |||
Labour $ | 2,25,920 | |||
Overhead $ | 3,37,930 | |||
As per Question, | ||||
Unit | Unit | |||
Opening Work In process | 35,000 | Completed during the Year | 6,70,000 | |
Add | ||||
Started in to Production | 6,60,000 | Closing WIP | 25,000 | |
Total | 6,95,000 | Total | 6,95,000 |
Answer a | need to claculate Unit details | Unit | % | Material | % | Conversion Cost |
Completed during the Year | 6,70,000 | 100% | 6,70,000 | 100% | 6,70,000 | |
Closing WIP | 25,000 | 100% | 25,000 | 40% | 10,000 | |
Unit | 6,95,000 | 6,80,000 | ||||
Cost need to determined | ||||||
Material($) | Conversion Cost($) | Total cost($) | ||||
Opening WIP | 79,000 | 48,150 | 1,27,150 | |||
Add | ||||||
Material Added | 15,89,000 | 5,63,850 | 21,52,850 | |||
Conversion cost - Labour + OH cost | ||||||
Labour cost $225920 | ||||||
Overhead cost$ 337930 | ||||||
Total Cost-A | 16,68,000 | 6,12,000 | 22,80,000 |
Answer b | Material($) | Conversion Cost($) | Total cost($) | |||
Opening WIP | 79,000 | 48,150 | 1,27,150 | |||
Add | ||||||
Material Added | 15,89,000 | 5,63,850 | 21,52,850 | |||
Conversion cost - Labour + OH cost | ||||||
Labour cost $225920 | ||||||
Overhead cost$ 337930 | ||||||
Total Cost-A | 16,68,000 | 6,12,000 | 22,80,000 | |||
Equivalent Unit ( as above)-B | 6,95,000 | 6,80,000 | ||||
rate per unit (A/B) | 2.40 | 0.90 | 3.30 | |||
Unit -a | Rate -b | Cost$(a*b) | ||||
Unit Transferred ( as above ) | 6,70,000 | 3.30 | 22,11,000 | |||
Add | ||||||
Closing WIP | ||||||
Material ( as above) | 25,000 | 2.40 | 60,000 | |||
Conversion cost(as above) | 10,000 | 0.90 | 9,000 | |||
Total Cost- As derived | 22,80,000 |
Answer C | Cost Report | ||||||
Unit movement | Unit | ||||||
Opening WIP | 35,000 | ||||||
Add- Started into production | 6,60,000 | ||||||
6,95,000 | Material(Unit) | Conversion cost(Unit) | |||||
Transfer out | 6,70,000 | 100% | 6,70,000 | 100% | 6,70,000 | ||
WIP closing | 25,000 | 100% | 25,000 | 40% | 10,000 | ||
Total | 6,95,000 | 6,80,000 | |||||
Cost | Material$ | Conversion cost$ | Total ($) | ||||
Total Cost ($)( as above )-a | 16,68,000 | 6,12,000 | |||||
Equivalent Unit as above)-b | 6,95,000 | 6,80,000 | |||||
Rate / unit(a/b) | 2.40 | 0.90 | 3.30 | ||||
Amnt($) | |||||||
Opening WIP | |||||||
material cost $ | 79,000 | ||||||
Conversion Cost $ | 48,150 | ||||||
Total Opening WIP | 1,27,150 | ||||||
Add - Material | 15,89,000 | ||||||
Add - Labour | 2,25,920 | ||||||
Add - Overhead | 3,37,930 | ||||||
Total Cost | 22,80,000 | ||||||
Allocation of cost | |||||||
Unit Transferred ( as above )$ | 22,11,000 | ||||||
Add | |||||||
Closing WIP $ | |||||||
Material ( as above)$ | 60,000 | ||||||
Conversion cost(as above)$ | 9,000 | ||||||
Total Cost | 22,80,000 |
P16.4A (LO 3, 4), AP Rivera Company has several processing departments. Costs charged to the Assembly...
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,288,076 as follows. Work in process, November 1 Materials $79,000 Conversion costs 48,200 $127,200 Materials added 1,594,520 Labor 225,800 Overhead 340,556 Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 662,700 units were started into production, and 24,100 units were in ending work in process 40% complete as to conversion costs. Materials are entered at...
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,289,684 as follows. Work in process, November 1 Materials $78,700 48,100 Conversion costs Materials added Labor Overhead $126,800 1,596,500 225,100 341,284 Production records show that 35,400 units were in beginning work in process 30% complete as to conversion costs, 662,600 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at...
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,288,076 as follows. Work in process, November 1 Materials $79,000 Conversion costs 48,200 $127,200 Materials added 1,594,520 Labor 225,800 Overhead 340,556 Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 662,700 units were started into production, and 24,100 units were in ending work in process 40% complete as to conversion costs. Materials are entered at...
Problem 16-04A Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,292,384 as follows. Work in process, November 1 Materials $78,900 Conversion costs 48.300 $127,200 Materials added 1,598,460 Labor 225,200 Overhead 341,524 Production records show that 35,200 units were in beginning work in process 30% complete as to conversion costs, 663,700 units were started into production, and 25,900 units were in ending work in process 40% complete as to conversion costs. Materials are...
need help with this entire problem Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,286,480 as follows. Work in process, November 1 Materials Conversion costs Materials added $79,000 48,800 $127,800 1,593,320 225,700 339,660 Labor Overhead Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 662,200 units were started into production, and 24,000 units were in ending work in process 40% complete as to...
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,286,318 as follows. Work in process, November 1 Materials $78,900 Conversion costs 48,500 $127,400 Materials added 1,593,420 Labor 226,000 Overhead 339,498 Production records show that 34,800 units were in beginning work in process 30% complete as to conversion costs, 662,000 units were started into production, and 24,300 units were in ending work in process 40% complete as to conversion costs. Materials are entered at...
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,286,318 as follows. Work in process, November 1 Materials $78,900 Conversion costs 48,500 $127,400 Materials added 1,593,420 Labor 226,000 Overhead 339,498 Production records show that 34,800 units were in beginning work in process 30% complete as to conversion costs, 662,000 units were started into production, and 24,300 units were in ending work in process 40% complete as to conversion costs. Materials are entered at...
LI Current Attempt in Progress Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,282,028 as follows. Work in process, November 1 Materials Conversion costs Materials added Labor Overhead $79,300 48.900 $128,200 1.589,900 225.000 338.928 Production records show that 34,700 units were in beginning work in process 30% complete as to conversion costs, 660,800 units were started into production, and 24.300 units were in ending work in process 40% complete as to conversion...
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,293,806 as follows. $78,800 49,000 Work in process, November 1 Materials Conversion costs Materials added Labor Overhead $127,800 1,599,280 225,800 340,926 Production records show that 34,700 units were in beginning work in process 30% complete as to conversion costs, 664,500 units were started into production, and 25,100 units were in ending work in process 40% complete as to conversion costs. Materials are entered at...
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,286,318 as follows. Work in process, November 1 Materials $78,900 Conversion costs 48,500 $127,400 Materials added 1,593,420 Labor 226,000 Overhead 339,498 Production records show that 34,800 units were in beginning work in process 30% complete as to conversion costs, 662,000 units were started into production, and 24,300 units were in ending work in process 40% complete as to conversion costs. Materials are entered at...