Cost Flows Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or...
Cost Flows Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Required: 1. Calculate the costs transferred out of each department. Costs Transferred Out Molding $ Grinding $ Finishing $ Hide 2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. For a compound transaction, if an amount box does not require an entry, leave it blank. Transfer entries: Materials Cost-added entry (Grinding only): 3. What if the Grinding Department had an ending WIP of $12,000? Calculate the cost transferred out. $ Hide Provide the journal entry that would reflect this transfer. What is the effect on finished goods calculated in Requirement 1, assuming the other two departments have no ending WIP? by $
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Cost Flows Lamont Company produced 80,000 machine parts for
diesel engines. There were no beginning or...
Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process...
Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Molding Department Grinding Department Finishing Department Direct materials $12,000 $5,400 $8,000 Direct labor 10,000 8,800 12,000 Applied overhead 17,000 14,000 11,000 Required: 1. Calculate the costs transferred out of each department. Costs Transferred Out Molding $ Grinding $ Finishing $ Prepare the journal entries corresponding to these...
Linsenmeyer Company produces a common machine component for industrial equipment in three departments: molding, grinding, and...
Linsenmeyer Company produces a common machine component for industrial equipment in three departments: molding, grinding, and finishing The following data are available for September Direct materials Molding Department $143,700 13,900 Grinding Department $14,400 33,300 136,400 Finishing Department $9,500 23,100 18,500 Direct labor Applied overhead 18,300 During September, 9,200 components were completed. There is no beginning or ending WIP in any department Required: 1. Prepare a schedule showing, for each department, the cost of direct materials, dreaffabor, applied overhead, product transferred...
ICP 2- Spoiled Inc. Spoiled Inc. manufactures vanity mirrors for retail clothing outlets. Each mirror goes...
ICP 2- Spoiled Inc. Spoiled Inc. manufactures vanity mirrors for retail clothing outlets. Each mirror goes through two processes: cutting and finishing. In the cutting process, large sheets of mirrored glass are cut to a standard size and the edges are smoothed and bevelled before the cut mirrors are transferred to the finishing department. In the finishing process, a protective plastic edging and rear supports are placed on the cut mirrors Because the process of cutting is delicate, there is...
Weighted Average Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Mimasca Inc. manufactures various holiday...
Weighted Average Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Mimasca Inc. manufactures various holiday masks. Each mask is shaped from a piece of rubber in the molding department. The masks are then transferred to the finishing department, where they are painted and have elastic bands attached. Mimasca uses the weighted average method. In May, the molding department reported the following data: BWIP consisted of 15,000 units, 20% complete. Cost in beginning inventory totaled $1,656. Costs added to production...
need help filling out this attached table! 1. Process Costing FIFO (20 Points) Comfort chair company...
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...
Weighted Average Method, Journal Entries Muskoge Company uses a process-costing system. The company manufactures a product...
Weighted Average Method, Journal Entries 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...
Problem 6-46 FIFO Method; Two Departments [LO 6-2, 6-5, 6-6] Bhatti Company produces plastic photo frames....
Problem 6-46 FIFO Method; Two Departments [LO 6-2, 6-5, 6-6] Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. The E molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January: Work-in-Process Inventory Molding department...
Unit Cost, Valuing Goods Transferred Out and EWIP During April, the grinding department of Tranx Inc....
Unit Cost, Valuing Goods Transferred Out and EWIP During April, the grinding department of Tranx Inc. completed and transferred out 312,000 units. At the end of April, there were 156,000 units in process, 60% complete. Tranx incurred manufacturing costs totaling $2,433,600. Required: 1. Calculate the unit cost. $per unit 2. Calculate the cost of goods transferred out and the cost of ending WIP. Cost of goods transferred out $ Cost of ending WIP $
part 1 Unit Cost, Valuing Goods Transferred Out and EWIP During April, the grinding department of...
part 1 Unit Cost, Valuing Goods Transferred Out and EWIP During April, the grinding department of Tranx Inc. completed and transferred out 312,000 units. At the end of April, there were 156,000 units in process, 60% complete. Tranx incurred manufacturing costs totaling $2,433,600. Required: 1. Calculate the unit cost. $per unit 2. Calculate the cost of goods transferred out and the cost of ending WIP. Cost of goods transferred out $ Cost of ending WIP $
Direct Materials Conversion Costs Total Costs Cost per Unit COSTS Costs to account for: Beginning work-in-process...
Direct Materials Conversion Costs Total Costs Cost per Unit COSTS Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Costs added during the period Divided by: EUP this period Cost per equivalent unit Costs accounted for: Beginning work-in-process Costs to complete beginning WIP Total costs for beginning WIP Started and completed Transferred to Mixing Department Ending work-in-process Total costs accounted for Requirement 2. Joumalize all transactions affecting the Mixing Department during March, including...
Linsenmeyer Company produces a common machine component for industrial equipment in three departments: molding, grinding, and finishing The following data are available for September Direct materials Molding Department $143,700 13,900 Grinding Department $14,400 33,300 136,400 Finishing Department $9,500 23,100 18,500 Direct labor Applied overhead 18,300 During September, 9,200 components were completed. There is no beginning or ending WIP in any department Required: 1. Prepare a schedule showing, for each department, the cost of direct materials, dreaffabor, applied overhead, product transferred...
ICP 2- Spoiled Inc. Spoiled Inc. manufactures vanity mirrors for retail clothing outlets. Each mirror goes through two processes: cutting and finishing. In the cutting process, large sheets of mirrored glass are cut to a standard size and the edges are smoothed and bevelled before the cut mirrors are transferred to the finishing department. In the finishing process, a protective plastic edging and rear supports are placed on the cut mirrors Because the process of cutting is delicate, there is...
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...
Problem 6-46 FIFO Method; Two Departments [LO 6-2, 6-5, 6-6] Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. The E molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January: Work-in-Process Inventory Molding department...
Direct Materials Conversion Costs Total Costs Cost per Unit COSTS Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Costs added during the period Divided by: EUP this period Cost per equivalent unit Costs accounted for: Beginning work-in-process Costs to complete beginning WIP Total costs for beginning WIP Started and completed Transferred to Mixing Department Ending work-in-process Total costs accounted for Requirement 2. Joumalize all transactions affecting the Mixing Department during March, including...
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