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1. If you ran a production business, how would you decide whether to use job costing or process costing for the product you produce? 2. How can process costing be applied to service companies that don't produce tangible inventory?
"I think we goofed when we hired that new assistant controller," said Ruth Scarpino, president of Provost Industries. "Just look at this report that he preparedfor last month for the Finishing Department. I can't make heads or tails out of it."Finishing Department costs:Work in process inventory, April 1, 400 units; materials100% complete; conversion 60% complete $9,410*Costs transferred in during the month from thepreceding department, 2,100 units 18,400Materials cost added during the month 5,950Conversion costs incurred during the month 10,940Total departmental...
1) Lintang Sdn Bhd provides the following information for one of the department’s operations for June (no new material is added in Department T) WIP inventory – Department T Beginning inventory (15,000 units, 60% complete with respect to Department T costs. Transferred in costs from Department S RM 116,000 Department T conversion costs RM 53,150 Current work (35,000 units started) Prior department costs RM 280,000 Department T costs RM 209,050 The ending inventory has 5,000 units, which are 20 percent complete...
1) Lintang Sdn Bhd provides the following information for one of the department’s operations for June (no new material is added in Department T) WIP inventory – Department T Beginning inventory (15,000 units, 60% complete with respect to Department T costs. Transferred in costs from Department S RM 116,000 Department T conversion costs RM 53,150 Current work (35,000 units started) Prior department costs RM 280,000 Department T costs RM 209,050 The ending inventory has 5,000 units, which are 20 percent...
1) Lintang Sdn Bhd provides the following information for one of the department’s operations for June (no new material is added in Department T) WIP inventory – Department T Beginning inventory (15,000 units, 60% complete with respect to Department T costs. Transferred in costs from Department S RM 116,000 Department T conversion costs RM 53,150 Current work (35,000 units started) Prior department costs RM 280,000 Department T costs RM 209,050 The ending inventory has 5,000 units, which are 20 percent...
ABC Limited manufactures a product ‘2X’ by using the process normally R. T. for the month ofMay 2015, the following data is available. 30 Process R. T.Material Introduced 16,000 unitsTransfer to next process 14,000 unitsWork-in-Process 4,000 unitsAt the beginning of the month (4/5 completed) 3,000 unitsAt the end of the month(2/3 completed)Cost records:Work-n-Process at the beginning of the month Material Rs. 30,000Conversion cost Rs. 29,200Cost during the monthMaterials Rs. 1,20,000Conversion cost Rs. 1,60,800Normal spoiled units are 10% of goods finished...
KRAFT 'R' US does customized, hand-crafted memorabilia, in which each batch of items is a job. The company has a highly labour intensive production process, so it allocates manufacturing overhead based on direct labour hours. Starz pre-determined overhead application rate for 20x8 was computed from the following data: Total estimated factory overheads $2,400,000 Total estimated direct labour hours 40,000 At the end of May 20X8, KRAFT 'R' US reported the following inventories: Materials Inventory WIP Inventory Finished Goods Inventory Bal....
Explain Job costing and Process costing
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces digital watches in large quantities. The manufacturing costs of the assem- bly department were as follows: Direct materials added Conversion costs $1,750,000 Direct labor $550,000 37.500 Factory overhead 687.500 Assembly costs to account for $2,437,500 For simplicity, assume that this is a two-department company, assembly and finishing. There was no beginning work in process. Suppose 700,000 units were started in the assembly department. There were 400,000 units...
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System. Calculate the manufacturing cost per pie for July based on the following information : Beginning work in process inventory 4,000 pies Ples placed in process 30,000 Ending work in process inventory 7,000 The ending work in process inventory is 100% complete as to material and 60% complete as to direct labor and manufacturing overhead. Production Costs for July Direct Materials Cost $50,000 Direct Labor...