Curious
Ending Inventory (Ending balance of account called Inventory)
*0 number of vehicles (units) at the beginning balance of Work-in-Process Inventory.
P$0 is the Beginning Inventory and/or dollar value for the 0 number of vehicles at the beginning balance of Work-in-Process Inventory.
*210,000 units of budgeted (planned) production of vehicles
*150,000 units of sold vehicles
*$22 is the Variable (Manufacturing cost per unit produced).
= WIP inventory + Production - Sales
= 0 units + 210,000 units of budgeted production of vehicles – 150,000 units of sold vehicles
= 210,000 units of budgeted production of vehicles – 150,000 units of sold vehicles
= 50,000 vehicles
= 50,000 vehicles × $23 Variable (Manufacturing cost per unit produced)
= $1,500,000 PCompletedP
P$1,500,000 is the Ending Inventory (Ending balance of account called Inventory).
Does 210,000 planned production of vehicles mean the ending balance of Work in process inventory is 210,000 units? Or, does 210,000 total number planned production of vehicles represent the ending balance of Finished goods inventory?
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Woodson Daly produces an organic butter that is sold by the pound. The production of the...
Woodson Daly produces an organic butter that is sold by the pound. The production of the butter begins in the Chuning Deparment, Woodson Dary's Duta for the Churring Department for January blows: Click the icon to view the data from January) Woodson Dairy prepared the following production cost report for January for the Chuming Department Click the icon to view the January production cost report) Read the singer Requirement 1. What journal entry's) would have beey made during the month...
just the last part(assignment of total cost) ussions Woodson Dairy produces an organic butter that is...
just the last part(assignment of total cost)
ussions Woodson Dairy produces an organic butter that is sold by the pound. The production of the butter begins in the Chumning Department Data for the Chumning Department for January follows: Click the icon to view the data from January) Read the regirements Library utor Requirement 1. Prepare a production cost report for January for the Churning Department Prepare a production cost report for the Churning Department, one section at a timeFor entries...
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....
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
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 the month of April.
Work in process on April 1 had 103,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
135,960
100
%
Costs added by...
Hello. PLEASE complete all the blanks and set it up just like this review problem. We...
Hello. PLEASE complete all the
blanks and set it up just like this review problem. We need FIFO
AND WEIGHTED AVERAGE METHOD.
Required: a. Prepare a production cost report using the weighted average method. (Round "Cost per equivalent unit" to 2 decimal places.) Required: a. Prepare a production cost report using the weighted average method. (Round "Cost per equivalent unit" to 2 decimal places.) KANSAS SUPPLIES Assembling Department Production Cost Report-FIFO Prior Physical Units Costs Department Materials Costs Total Labor...
Cost Definitions and Calculations For each of the following independent situations, calculate the missing values: 1....
Cost Definitions and Calculations For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased $80,100 of direct materials during June. Beginning direct materials inventory was $2,700, and direct materials used in production were $73,900. What is ending direct materials inventory? $ 2. Forster Company produced 17,900 units at an average cost of $5.90 each. The beginning inventory of finished goods was $4,484. (The average unit cost was $5.90.) Forster sold 18,020 units. How many...
57. During the year, a manufacturing company had the following operating Beginning work-in-process inventory Beginning finished...
57. During the year, a manufacturing company had the following operating Beginning work-in-process inventory Beginning finished goods inventory Direct materials used in production Direct labor Manufacturing overhead incurred Ending work-in-process inventory Ending finished goods inventory S 45,000 $190,000 $308,000 $475,000 $250,000 $ 67,000 $ 89,000 results: Xist o h oear? A. $1,011,000 B. $1,134,000 C. $1,033,000 D. $1,112,000 58. During April, the CJG Manufacturing Company had the following operating Sales revenue Gross margin Ending work-in-process inventory Beginning work-in-process inventory Ending...
Atloona Valve Ltd. Absorption and Variable...
Atloona Valve Ltd. Absorption and Variable Costing You are working as a Cost and Management Accountant at Atloona Valve Ltd. The company's planned production for the year just ended was 20,000 units. This production production level was achieved and 21000 units were sold. Other data follows: ...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
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 the month of April.
Work in process on April 1 had 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
The records of Fremont Corporation's initial and unaudited accounts show the following ending inventory balances, which...
The records of Fremont Corporation's initial and unaudited accounts show the following ending inventory balances, which must be adjusted to actual costs. Work-in-process inventory Finished goods inventory Units 210,000 25,000 Unaudited Costs $ 817,542 364,740 As the auditor, you have learned the following information. Ending work-in-process inventory is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overhead is applied at the rate of 80 percent of the direct labor...
Woodson Daly produces an organic butter that is sold by the pound. The production of the butter begins in the Chuning Deparment, Woodson Dary's Duta for the Churring Department for January blows: Click the icon to view the data from January) Woodson Dairy prepared the following production cost report for January for the Chuming Department Click the icon to view the January production cost report) Read the singer Requirement 1. What journal entry's) would have beey made during the month...
just the last part(assignment of total cost)
ussions Woodson Dairy produces an organic butter that is sold by the pound. The production of the butter begins in the Chumning Department Data for the Chumning Department for January follows: Click the icon to view the data from January) Read the regirements Library utor Requirement 1. Prepare a production cost report for January for the Churning Department Prepare a production cost report for the Churning Department, one section at a timeFor entries...
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 the month of April.
Work in process on April 1 had 103,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
135,960
100
%
Costs added by...
Hello. PLEASE complete all the
blanks and set it up just like this review problem. We need FIFO
AND WEIGHTED AVERAGE METHOD.
Required: a. Prepare a production cost report using the weighted average method. (Round "Cost per equivalent unit" to 2 decimal places.) Required: a. Prepare a production cost report using the weighted average method. (Round "Cost per equivalent unit" to 2 decimal places.) KANSAS SUPPLIES Assembling Department Production Cost Report-FIFO Prior Physical Units Costs Department Materials Costs Total Labor...
57. During the year, a manufacturing company had the following operating Beginning work-in-process inventory Beginning finished goods inventory Direct materials used in production Direct labor Manufacturing overhead incurred Ending work-in-process inventory Ending finished goods inventory S 45,000 $190,000 $308,000 $475,000 $250,000 $ 67,000 $ 89,000 results: Xist o h oear? A. $1,011,000 B. $1,134,000 C. $1,033,000 D. $1,112,000 58. During April, the CJG Manufacturing Company had the following operating Sales revenue Gross margin Ending work-in-process inventory Beginning work-in-process inventory Ending...
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 the month of April.
Work in process on April 1 had 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
The records of Fremont Corporation's initial and unaudited accounts show the following ending inventory balances, which must be adjusted to actual costs. Work-in-process inventory Finished goods inventory Units 210,000 25,000 Unaudited Costs $ 817,542 364,740 As the auditor, you have learned the following information. Ending work-in-process inventory is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overhead is applied at the rate of 80 percent of the direct labor...
Most questions answered within 3 hours.
-
2Al + 3Cl2 --> 2AlCl3
If one mole Al is reacted w two moles Cl2, how...
asked 23 minutes ago -
1. You will see some trends in the movement of each currency vs.
the US Dollar....
asked 27 minutes ago -
9. (9 pts) An investor with a stock portfolio worth several
hundred thousand dollars sued his...
asked 55 minutes ago -
Which statement is true?
a. Unless directed otherwise, the computer automatically
executes C. statements one before...
asked 1 hour ago -
When a new company is considering Speed to Market for a product
launch, which would provide...
asked 1 hour ago -
bacteria and their metabolites could either promote or protect from
cancer. Explain one of these cases...
asked 2 hours ago -
Use the sample data and confidence level given below to complete
parts (a) through (d).
A...
asked 2 hours ago -
During laser vision correction, a brief burst of 193 nm
ultraviolet light is projected onto the...
asked 2 hours ago -
1 ) How well does the initial speed, v0,calculated from Equation
4 agree with the value...
asked 2 hours ago -
1. What is the p-value for a right tail test for a single
proportion with a...
asked 4 hours ago -
A technician compares repair costs for two types of microwave
ovens (type I and type II)....
asked 3 hours ago -
A certain statistical test is designed so that it fails 2% of
the time. Suppose that...
asked 3 hours ago