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Question 2 (10 points) B1, C1 ABC Manufacturing Corporation use process costing system. During 2019 the...
Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes...
Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Units Materials Conversion Work in process, beginning 20,000 100% 75% Started into production 180,000...
Chapter 4: Applying Excel Data Beginning work in process inventory: Units in process 200 Completion with...
Chapter 4: Applying Excel Data Beginning work in process inventory: Units in process 200 Completion with respect to materials 100% Completion with respect to conversion 40% Costs in the beginning work in process inventory: Materials cost $2,000 Conversion cost $800 Units started into production during the period 1,800 Costs added to production during the period: Materials cost $18,400 Conversion cost $38,765 Ending work in process inventory: Units in process 100 Completion with respect to materials 100% Completion with respect to...
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...
During April, the production department of a process manufacturing system completed a number of units of...
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 68,000 were in process in the production department at the beginning of April and 272,000 were started and completed in April. April's beginning inventory units were 75% complete with respect to materials and 25% complete with respect to conversion. At the end of April, 90,000 additional units were in process in the...
FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that...
FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and...
John's Frozen Pizzas uses FIFO process costing. Selected production and cost data follow for April 2018....
John's Frozen Pizzas uses FIFO process costing. Selected production and cost data follow for April 2018. (Click the icon to view the production and cost data.) Read the requirements. Requirement 1a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 25% complete for materials and 90% complete for conversion costs. This means that for the beginning inventory 75 % of the materials and 10 % of the conversion costs were added during April. Requirement 1b. On April 30, the...
A B с D E 1 9 Hayword, Inc. uses weighted average costing and has two...
A B с D E 1 9 Hayword, Inc. uses weighted average costing and has two departments - mixing and packaging. 2 The following information relates to work in the mixing department for the month of July: 3 4 Work in process, July 1: 5 Units in process 300 6 Percent completed with respect to materials 60% 7 Percent completed with respect to conversion 40% 8 Cost in the beginning inventory: Materials cost $10,500 10 Conversion cost $6,750 11 Units...
During April, the production department of a process manufacturing system completed a number of units of...
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 84,000 were in process in the production department at the beginning of April and 336,000 were started and completed in April. April's beginning inventory units were 80% complete with respect to materials and 20% complete with respect to conversion. At the end of April, 106,000 additional units were in process in the...
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...
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two...
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February: Molding...
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...
FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and...
John's Frozen Pizzas uses FIFO process costing. Selected production and cost data follow for April 2018. (Click the icon to view the production and cost data.) Read the requirements. Requirement 1a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 25% complete for materials and 90% complete for conversion costs. This means that for the beginning inventory 75 % of the materials and 10 % of the conversion costs were added during April. Requirement 1b. On April 30, the...
A B с D E 1 9 Hayword, Inc. uses weighted average costing and has two departments - mixing and packaging. 2 The following information relates to work in the mixing department for the month of July: 3 4 Work in process, July 1: 5 Units in process 300 6 Percent completed with respect to materials 60% 7 Percent completed with respect to conversion 40% 8 Cost in the beginning inventory: Materials cost $10,500 10 Conversion cost $6,750 11 Units...
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 84,000 were in process in the production department at the beginning of April and 336,000 were started and completed in April. April's beginning inventory units were 80% complete with respect to materials and 20% complete with respect to conversion. At the end of April, 106,000 additional units were in process in the...
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...
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February: Molding...
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