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Question l: Process Costing (20 marks) Leo International Manufacturing Inc's Assembly Department transfers costs and products to the company's Finishing Department when Assembly Department has done with its producing process. The Finishing Department has the following for the most recent accounting period: Conversion costs are incurred evenly throughout the process and direct materials are added at the very end of the process. Required: Use the weighted Average of cost flow to calculate the following items for Department Finishing for the...
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McCallum Tool Company has two departments, assembly and
finishing. The assembly department takes purchased parts and
assembles the final product. The finishing department performs
testing and adds other materials and packages the product. Direct
materials are added at the end of the process in the finishing
department. The following summarizes the finishing department’s
operations for the month of July.
Number of
Units
Work-in-process, July 1, 50% complete
for conversion costs
4,000
Transferred in during July
28,000
Completed during July
27,000...
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Comfort chair company manufacturers a standard recliner. During
February, the firm's Assembly Department started production of
73,700 chairs. During the month, the firm completed 78,500 chairs,
and transferred them to the Finishing Department. The firm ended
the month with 11,200 chairs in ending inventory. There were 16,000
chairs in beginning inventory. All direct materials costs are added
at the beginning of the production cycle and conversion costs are
added uniformly throughout the production process. The FIFO method
of process costing...
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Comfort chair company manufacturers a standard recliner. During
February, the firm's Assembly Department started production of
73,700 chairs. During the month, the firm completed 78,500 chairs,
and transferred them to the Finishing Department. The firm ended
the month with 11,200 chairs in ending inventory. There were 16,000
chairs in beginning inventory. All direct materials costs are added
at the beginning of the production cycle and conversion costs are
added uniformly throughout the production process. The FIFO method
of process costing...
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Chapter 16 Process Costing and Analysis A production department in a process manufacturing system completed its work on 80,000 units of product and transferred them to the next department during a recent period. Of these units, 24,000 were in process W at the beginning of the period. The other 56,000 units were started and completed during the period. At C period-end, 16,000 units were in process. Compute the production department's equivalent units of produc- C tion for direct materials under...
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need help filling out this attached table!
1. Process Costing FIFO (20 Points) Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly tarted production of 83,400 chairs. During the month .ebruary, the firm's Assembly .400 chairs. During the month, the Assembly department completed 78,400 chairs, and transferred them to the Finishing Department. The Finishing department ended the month with 15,200 chairs in ending inventory. There were 9,700 chairs in Finishing department beginning inventory. Direct materials costs are...
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2. Fabian Corporation uses the weighted-average method in its
process costing system. The Assembly Department started the month
with 9,000 units in its beginning work in process inventory that
were 70% complete with respect to conversion costs. An additional
90,000 units were transferred in from the prior department during
the month to begin processing in the Assembly Department. During
the month 87,000 units were completed in the Assembly Department
and transferred to the next processing department. There were
12,000 units...
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Comfort chair company manufacturers a standard recliner. During
February, the firm's Assembly Department started production of
73,700 chairs. During the month, the firm completed 78,500 chairs,
and transferred them to the Finishing Department. The firm ended
the month with 11,200 chairs in ending inventory. There were 16,000
chairs in beginning inventory. All direct materials costs are added
at the beginning of the production cycle and conversion costs are
added uniformly throughout the production process. The
Weighted-average method of process costing...
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Shenzhen Sports Co., Ltd. manufactures golf bags in a
two-department process: Assembly and Finishing. The Assembly
Department uses weighted average costing; the percentage of
completion of overhead in this department is unrelated to direct
labor. The Finishing Department adds hardware to the assembled bags
and uses FIFO costing; overhead is applied in this department on a
direct labor basis. For June, the following production data and
costs were gathered:
Assembly Department: Units
Beginning WIP Inventory (100% complete for Direct Materials;...
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23. Fabian Corporation uses the weighted-average method in its
process costing system. The Assembly Department started the month
with 9,000 units in its beginning work in process inventory that
were 70% complete with respect to conversion costs. An additional
90,000 units were transferred in from the prior department during
the month to begin processing in the Assembly Department. During
the month 87,000 units were completed in the Assembly Department
and transferred to the next processing department. There were
12,000 units...
Question l: Process Costing (20 marks) Leo International Manufacturing Inc's Assembly Department transfers costs and products to the company's Finishing Department when Assembly Department has done with its producing process. The Finishing Department has the following for the most recent accounting period: Conversion costs are incurred evenly throughout the process and direct materials are added at the very end of the process. Required: Use the weighted Average of cost flow to calculate the following items for Department Finishing for the...
Chapter 16 Process Costing and Analysis A production department in a process manufacturing system completed its work on 80,000 units of product and transferred them to the next department during a recent period. Of these units, 24,000 were in process W at the beginning of the period. The other 56,000 units were started and completed during the period. At C period-end, 16,000 units were in process. Compute the production department's equivalent units of produc- C tion for direct materials under...
need help filling out this attached table!
1. Process Costing FIFO (20 Points) Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly tarted production of 83,400 chairs. During the month .ebruary, the firm's Assembly .400 chairs. During the month, the Assembly department completed 78,400 chairs, and transferred them to the Finishing Department. The Finishing department ended the month with 15,200 chairs in ending inventory. There were 9,700 chairs in Finishing department beginning inventory. Direct materials costs are...
2. Fabian Corporation uses the weighted-average method in its
process costing system. The Assembly Department started the month
with 9,000 units in its beginning work in process inventory that
were 70% complete with respect to conversion costs. An additional
90,000 units were transferred in from the prior department during
the month to begin processing in the Assembly Department. During
the month 87,000 units were completed in the Assembly Department
and transferred to the next processing department. There were
12,000 units...