Norton Industries makes cat treats in a continuous production process and uses standard process costing to...
Norton Industries makes cat treats in a continuous production process and uses standard process costing to value its inventories. The rates have not changed for many months. The following data pertain to conversion costs for May 2020.
| Item | Units | Percent completion for conversion | Amount ($) |
| Opening WIP inventory | 12,000 | 40% | $38,400 |
| Completed Units | 150,000 | ||
| Ending WIP Inventory | 15,000 | 60% | |
| Actual Conversion Cost | $1,285,000 |
Determine the following:
| Standard cost / Equivelant unit of conversion for May 2020 | |
| Amount for conversion costin ending WIP ($) | |
| Amount for conversion cost in goods completed and transferred out in May 2020 ($) | |
| Variance in conversion costs for May 2020 (indicate Favorable or Unfavorable). | F/U |
Homework Answers
please
find the attached solution.
Fifo method is following in the question.
Please feel free to comment in the case of any query.
Thank you ?.
Add Answer to:
Norton Industries
makes cat treats in a continuous production process and uses
standard process costing to...
Polymer Industries uses weighted average process costing to value its inventories. For May, it furnishes the...
Polymer Industries uses weighted average process costing to value its inventories. For May, it furnishes the following information regarding the final step (the finishing department) in making its product. This department receives the product from the mixing department. • The only additional cost incurred in the finishing department is conversion, which is incurred uniformly. • Opening WIP of 45,000 units was valued at $505,000 for transferred in costs and $41,600 for conversion. These units were 20% done for conversion. •...
Reutter, Inc. makes a single product and uses the FIFO method of process costing. The company’s...
Reutter, Inc. makes a single product and uses the FIFO method of
process costing. The company’s product goes through two processing
departments – Etching and Wiring – which completes the process.
This problem focuses on the Writing department which received the
‘etched’ products and then completes them by adding appropriate
writing. In Wiring, the direct materials are placed into production
when the process is 35% complete. Conversion costs are incurred
evenly throughout the process. The relevant information for April
is...
Reutter, Inc. makes a single product and uses the FIFO method of process costing. The company’s...
Reutter, Inc. makes a single product and uses the FIFO method of process costing. The company’s product goes through two processing departments – Etching and Wiring – which completes the process. This problem focuses on the Writing department which received the ‘etched’ products and then completes them by adding appropriate writing. In Wiring, the direct materials are placed into production when the process is 35% complete. Conversion costs are incurred evenly throughout the process. The relevant information for April is...
The assembly division of Walton Time Pieces, Inc. uses the FIFO method of process costing. Consider...
The assembly division of Walton Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation) Penuirement marize the total costs to account for calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed and transferred out) and to unis in ending work in process Egin by...
Raphael's Refining uses a weighted average process costing system. For a particular period, its o...
Part II. FIFO process costing system
Raphael's Refining uses a weighted average process costing system. For a particular period, its opening inventory consisted of 100 items (60 per cent complete as to conversion costs) whose costs were $1600 made up of material $300 and conversion cost $1300. During the 1. month, 1000 items were started and 950 were completed. Ending inventory of WIP was one- third complete. There was no spoilage. Costs placed in process during the month were materials...
MANAGERIAL ACCOUNTING DISCUSSION PROBLEM 7 PROCESS COSTING-SINGLE DEPARTMENT Van Buren Company manufactures a product that uses...
MANAGERIAL ACCOUNTING DISCUSSION PROBLEM 7 PROCESS COSTING-SINGLE DEPARTMENT Van Buren Company manufactures a product that uses a process cost system to accumulate its costs of production. The following information is available for the month of February regarding costs of production for this product. VAN BUREN COMPANY COSTS OF PRODUCTION FOR PROCESS COSTING ANALYSIS FOR MONTH OF FEBRUARY Beginning WIP: Direct Materials 40,000 Conversion Costs 90,000 Current Period: Direct Materials 375,900 Conversion Costs 575,250 The company had 5,000 units in beginning...
Case on Process Costing) (submit as handwritten) Examples on Process Costing ) FIFO method The mixing...
Case on Process Costing) (submit as handwritten) Examples on Process Costing ) FIFO method The mixing department in COBE Company is using Process costing system, the following information related to department: Production: Units in Process, August 1, 60% completion 20,000 Units completed and transferred out 40,000 Units in process, August 31, 35% completion 10,000 Costs: Work- in process, Aug 1: Direct Mat. $ 30,000 Conversion Costs 3,000 Total WIP ...
Problem1 – Process costing Timing Tech, a manufacturing company, has two departments: Production department and Finishing...
Problem1 – Process costing Timing Tech, a manufacturing company, has two departments: Production department and Finishing department. Goods completed in the Production department are immediately sent to the Finishing department. The following data pertains to the Production department. Physical Direct Material Direct Labor Units Cost Cost Beg. WIP inventory (Jan. 1 2014) 200,000 units $ 200,000 $ 315,000 Units Started during the year 1,000,000 units Costs incurred during the year $1,300,000 $1,995,000 End. WIP inventory (Dec. 31 2014) 300,000 units...
Company uses the weighted average method in its process-costing system. Operating data for the first processing...
Company uses the weighted average method in its process-costing system. Operating data for the first processing department for the last month appear below pertaining to the physical flow of units, direct materials (DM), and conversion costs (CC) 9 of % of completion completion: Units DM CC Beginning WIP inventory 1.100806 50% Started into production during the month 9,800 Ending WIP inventory 2,100 90% ? 3 How many units were transferred out of the first department during the month? 13,000 9,800...
Adams Company uses the weighted average method in its process-costing system. Operating department for the last mon...
Adams Company uses the weighted average method in its process-costing system. Operating department for the last month appear below pertaining to the physi conversion costs (CC) h appear below pertaining to the physical flow of units, direct materials (DM), and og in its process-costing system. Operating data for the first processing % of completion DM 8 0% of completion: CC 50% Beginning WIP inventory Started into production during the month Ending WIP inventory Units 1.100 9.800 2.100 90% 3 How...
Reutter, Inc. makes a single product and uses the FIFO method of
process costing. The company’s product goes through two processing
departments – Etching and Wiring – which completes the process.
This problem focuses on the Writing department which received the
‘etched’ products and then completes them by adding appropriate
writing. In Wiring, the direct materials are placed into production
when the process is 35% complete. Conversion costs are incurred
evenly throughout the process. The relevant information for April
is...
The assembly division of Walton Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation) Penuirement marize the total costs to account for calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed and transferred out) and to unis in ending work in process Egin by...
Part II. FIFO process costing system
Raphael's Refining uses a weighted average process costing system. For a particular period, its opening inventory consisted of 100 items (60 per cent complete as to conversion costs) whose costs were $1600 made up of material $300 and conversion cost $1300. During the 1. month, 1000 items were started and 950 were completed. Ending inventory of WIP was one- third complete. There was no spoilage. Costs placed in process during the month were materials...
MANAGERIAL ACCOUNTING DISCUSSION PROBLEM 7 PROCESS COSTING-SINGLE DEPARTMENT Van Buren Company manufactures a product that uses a process cost system to accumulate its costs of production. The following information is available for the month of February regarding costs of production for this product. VAN BUREN COMPANY COSTS OF PRODUCTION FOR PROCESS COSTING ANALYSIS FOR MONTH OF FEBRUARY Beginning WIP: Direct Materials 40,000 Conversion Costs 90,000 Current Period: Direct Materials 375,900 Conversion Costs 575,250 The company had 5,000 units in beginning...
Company uses the weighted average method in its process-costing system. Operating data for the first processing department for the last month appear below pertaining to the physical flow of units, direct materials (DM), and conversion costs (CC) 9 of % of completion completion: Units DM CC Beginning WIP inventory 1.100806 50% Started into production during the month 9,800 Ending WIP inventory 2,100 90% ? 3 How many units were transferred out of the first department during the month? 13,000 9,800...
Adams Company uses the weighted average method in its process-costing system. Operating department for the last month appear below pertaining to the physi conversion costs (CC) h appear below pertaining to the physical flow of units, direct materials (DM), and og in its process-costing system. Operating data for the first processing % of completion DM 8 0% of completion: CC 50% Beginning WIP inventory Started into production during the month Ending WIP inventory Units 1.100 9.800 2.100 90% 3 How...
Most questions answered within 3 hours.
-
A student sees her physical science professor approaching on the
sidewalk that runs by her dorm....
asked 50 minutes ago -
I need to make up a critical incident report for client with
PTSD
asked 1 hour ago -
A champion athlete can produce one horsepower (746 W) for a
short period of time. If...
asked 2 hours ago -
Accidents_Daily_(X)
P(X)
0
0,26
1
0,29
2
0,17
3
0,11
4
0,08
5
0,06
6
0,03...
asked 2 hours ago -
1. Discuss how users can be authenticated by the operating
system to connect to the Oracle...
asked 2 hours ago -
The future value of $580 eight years from now at 6 percent.
(Round your FV factor...
asked 2 hours ago -
[16] According to the textbook, few Hong Kong Chinese
believe that outcomes are determined by joss,...
asked 2 hours ago -
Program Language: PYTHON
Consider the following file structure: each line of the file
contains a word....
asked 2 hours ago -
Write down the balanced chemical equation for the reaction between
KMnO4 &C2H2O4?
Please show work
asked 3 hours ago -
A new drug is thought to lower cholesterol. Nine individuals
were matched to nine other individuals...
asked 3 hours ago -
Suppose that the demand for wheat (measured in bushels) is given
by:
Qw = 90 –...
asked 3 hours ago -
Questions 21 through 25 refer to the following
output:
∑x =
210 ∑x2 =
2870 ∑xy =...
asked 3 hours ago