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Materials are added at the beginning of a production process, and ending work in process inventory...
800 gallons 8,400 gallons 7,700 gallons 1,500 gallons Gallons Beginning Work-in-Process Inventory Started in production Completed...
800 gallons 8,400 gallons 7,700 gallons 1,500 gallons Gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in March Ending Work-in-Process Inventory (80% of the way through the fermenting process) Costs Beginning Work-in-Process Inventory: Direct materials Direct labor Manufacturing overhead allocated Costs added during March: Direct materials Direct labor $ 1,509 160 260 930 3,100 Manufacturing overhead allocated $ 12,641 Total costs added during March Jackson Winery in Pleasant Valley, New York, has two departments: Fermenting...
A Company manufactures small boats. Materials are added at the beginning of the process and conversion...
A Company manufactures small boats. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout the process. Data for April follows: Production Data Units Percent Complete Units in process, April 1 1000 60% Units started into production 4000 Units in process, April 30 1500 20% Cost Data Work in process, April 1: Costs added: Materials $25,500 Materials $90,000 Labour 3,000 Labour 12,000 Manufacturing overhead 6,000 Manufacturing overhead 18,900 Required: Using the weighted average method,...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to
account for its production costs. Conversion cost is added evenly
throughout the process. Direct materials are added at the beginning
of the process. During November, the company transferred 700,000
units of product to finished goods. At the end of November, the
work in process inventory consists of 180,000 units that are 30%
complete with respect to conversion. Beginning inventory had
$420,000 of direct materials and $139,000 of conversion cost. The
direct material cost...
Units to account for options: Beginning work-in process, Completed and transferred out, Ending work-in process, and...
Units to account for options: Beginning work-in process,
Completed and transferred out, Ending work-in process, and
Transferred in
AquaMate uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. AquaMate uses weighted average process costing. Read the requirements. Requirement 1....
Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion...
Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Percent Complete Production Data-Basketballs Units Work in process units, July 1 550 60 % Units started into production 1,400 Work in process units, July 31 600 40 % Cost Data-Basketballs Work in process, July 1 Materials $750 Conversion costs 610 $1,360 Direct materials 2,370 Direct labor 654...
Victory Company uses weighted average process costing to account for its production costs. Conversion cost is...
Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 705,000 units of product to finished goods. At the end of November, the work in process inventory consists of 204,000 units that are 50% complete with respect to conversion. Beginning inventory had $354,510 of direct materials and version cost. The direct material cost added...
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of...
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $0.40 and $0.10, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 1,600 Started and completed during the period 42,000 42,000 Transferred out of Filling (completed) 42,000 43,600 Inventory in process, end of period 8,000 2,000 Total...
Calculator Print item Loanstar had 50 units in beginning inventory before starting 1.000 units and completing...
Calculator Print item Loanstar had 50 units in beginning inventory before starting 1.000 units and completing 750 units. The beginning work in process twentory consisted of $3,000 in materials and $4,000 in conversion costs before $6,450 of materials and $11,660 of conversion costs were added during the month. The ending WIP Inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount...
i Data Table UNITS Beginning Work-in-Process Inventory Transferred in from Spinning Department during November Completed during...
i Data Table UNITS Beginning Work-in-Process Inventory Transferred in from Spinning Department during November Completed during November Ending work-in-Process (80% complete for conversion work) 85 rolls 580 rolls 530 rolls 135 rolls COSTS Beginning Work-in-Process Inventory (transferred in costs $4,100; materials cost, $1,825; conversion costs, $5,100) Transferred in from Spinning Department Materials cost added during November Conversion costs added during November (manufacturing wages, $8,880; manufacturing overhead allocated, $43,440) $ 11,025 19,840 9,480 52,320 Requirement 1. Prepare the November production cost...
Production Report, No Beginning Inventory Softkin Company manufactures sun protection lotion. The Mixing Department, the first...
Production Report, No Beginning Inventory Softkin Company manufactures sun protection lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Work in process, January 1 — Gallons started 450,000 Gallons transferred out 378,000 Direct materials cost $900,000 Direct labor cost $1,785,600 Overhead applied $2,678,400 Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead....
800 gallons 8,400 gallons 7,700 gallons 1,500 gallons Gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in March Ending Work-in-Process Inventory (80% of the way through the fermenting process) Costs Beginning Work-in-Process Inventory: Direct materials Direct labor Manufacturing overhead allocated Costs added during March: Direct materials Direct labor $ 1,509 160 260 930 3,100 Manufacturing overhead allocated $ 12,641 Total costs added during March Jackson Winery in Pleasant Valley, New York, has two departments: Fermenting...
Victory Company uses weighted-average process costing to
account for its production costs. Conversion cost is added evenly
throughout the process. Direct materials are added at the beginning
of the process. During November, the company transferred 700,000
units of product to finished goods. At the end of November, the
work in process inventory consists of 180,000 units that are 30%
complete with respect to conversion. Beginning inventory had
$420,000 of direct materials and $139,000 of conversion cost. The
direct material cost...
Units to account for options: Beginning work-in process,
Completed and transferred out, Ending work-in process, and
Transferred in
AquaMate uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. AquaMate uses weighted average process costing. Read the requirements. Requirement 1....
Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Percent Complete Production Data-Basketballs Units Work in process units, July 1 550 60 % Units started into production 1,400 Work in process units, July 31 600 40 % Cost Data-Basketballs Work in process, July 1 Materials $750 Conversion costs 610 $1,360 Direct materials 2,370 Direct labor 654...
Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 705,000 units of product to finished goods. At the end of November, the work in process inventory consists of 204,000 units that are 50% complete with respect to conversion. Beginning inventory had $354,510 of direct materials and version cost. The direct material cost added...
Calculator Print item Loanstar had 50 units in beginning inventory before starting 1.000 units and completing 750 units. The beginning work in process twentory consisted of $3,000 in materials and $4,000 in conversion costs before $6,450 of materials and $11,660 of conversion costs were added during the month. The ending WIP Inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount...
i Data Table UNITS Beginning Work-in-Process Inventory Transferred in from Spinning Department during November Completed during November Ending work-in-Process (80% complete for conversion work) 85 rolls 580 rolls 530 rolls 135 rolls COSTS Beginning Work-in-Process Inventory (transferred in costs $4,100; materials cost, $1,825; conversion costs, $5,100) Transferred in from Spinning Department Materials cost added during November Conversion costs added during November (manufacturing wages, $8,880; manufacturing overhead allocated, $43,440) $ 11,025 19,840 9,480 52,320 Requirement 1. Prepare the November production cost...
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