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HELP WITH T-ACCOUNTS...
3 Wright Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments: mixing and bottling Wright's beginning balances and data pertinent to the mixing department's activities for 2018 follow: Beginning Balances $ 5e,000 14,800 34 ints Accounts Cash Raw materials inventory Production supplies Work in process inventory (400,00e units) Common stock 48,900 $112,900 1. Wright Cola issued additional common stock for $80,000 cash 2. The company purchased raw materials and production supplies for...
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18 Fanning Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments: mixing and bottling Fanning's beginning balances and data pertinent to the mixing department's activities for 2018 follow: Beginning Accounts Balances 48,000 14,600 Cash Raw materials inventory Production supplies Work in process inventory (360,000 units) 100 43,200 95,700 Common stock 1. Fanning Cola issued additional common stock for $56,000 cash. 2. The company purchased raw materials and production supplies for $24,380 and $700, respectively, in...
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Process costing system Eminence Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair parts in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The following transactions apply to Eminence's operations for its first year, 2018. (Assume that all transactions are for cash unless otherwise stated.) 1. The company was started when it acquired a $47,000 cash contribution from...
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Bubbly Bottling Company bottles ginger beer soft drinks using a process cost system. Following are cost and production data for the mixing department for March: Units Materials Conversion Costs 26,000 $6,440 $7,760 Inventory, March 1 Placed in production during March 74,000 $16,620 $31,200 Inventory, March 31 34,000 ? The March 31 inventory was 100% complete as to materials, and 40% complete as to conversion costs. Required: Prepare a production cost report for the month ended March 31 using the average...
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Helix Corporation uses the weighted-average method in its
process costing system. It produces prefabricated flooring in a
series of steps carried out in production departments. All of the
material that is used in the first production department is added
at the beginning of processing in that department. Data for May for
the first production department follow:
Percent Complete
Units
Materials
Conversion
Work in process inventory, May 1
70,000
100
%
40
%
Work in process inventory, May 31
50,000
100...
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Monsta Cola hires us to help assign and report costs. The
company has two departments: mixing and bottling. To aid our
analysis, the following Tableau Dashboard is provided with
information for the mixing department. The company uses the
weighted average method.
Monsta Cola hires us to help assign and report costs. The company has two departments: mixing and bottling. To aid our analysis, the following Tableau Dashboard is provided with information for the mixing department. The company uses the weighted...
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Bayas Corporation uses process costing. A number of transactions
that occurred in June are listed below.
(1) Raw materials that cost $40,400 are withdrawn from the
storeroom for use in the Mixing Department. All of these raw
materials are classified as direct materials.
(2) Direct labor costs of $16,700 are incurred, but not yet
paid, in the Mixing Department.
(3) Manufacturing overhead of $46,300 is applied in the Mixing
Department using the department’s predetermined overhead rate.
(4) Units with a...
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Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Percent Complete Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory,...
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Questions: 1. Under what conditions would it be appropriate to use a process costing system? 2. Why is cost accumulation simpler in a process costing system than it is in a job-order costing system? 3. What is meant by the term "equivalent units for production" when the weighted average method is used? Problem: Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department....
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Munoz Plastic Products Company makes a plastic toy using two
departments: parts and assembly. The following data pertain to the
parts department’s transactions in 2018:
The beginning balance in the Work in Process Inventory account
was $12,300. This inventory consisted of parts for 1,000 toys. The
beginning balances in the Raw Materials Inventory, Production
Supplies, and Cash accounts were $162,350, $2,000, and $400,000,
respectively.
Direct materials costing $138,750 were issued to the parts
department. The materials were sufficient to make...
HELP WITH T-ACCOUNTS...
3 Wright Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments: mixing and bottling Wright's beginning balances and data pertinent to the mixing department's activities for 2018 follow: Beginning Balances $ 5e,000 14,800 34 ints Accounts Cash Raw materials inventory Production supplies Work in process inventory (400,00e units) Common stock 48,900 $112,900 1. Wright Cola issued additional common stock for $80,000 cash 2. The company purchased raw materials and production supplies for...
18 Fanning Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments: mixing and bottling Fanning's beginning balances and data pertinent to the mixing department's activities for 2018 follow: Beginning Accounts Balances 48,000 14,600 Cash Raw materials inventory Production supplies Work in process inventory (360,000 units) 100 43,200 95,700 Common stock 1. Fanning Cola issued additional common stock for $56,000 cash. 2. The company purchased raw materials and production supplies for $24,380 and $700, respectively, in...
Process costing system Eminence Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair parts in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The following transactions apply to Eminence's operations for its first year, 2018. (Assume that all transactions are for cash unless otherwise stated.) 1. The company was started when it acquired a $47,000 cash contribution from...
Bubbly Bottling Company bottles ginger beer soft drinks using a process cost system. Following are cost and production data for the mixing department for March: Units Materials Conversion Costs 26,000 $6,440 $7,760 Inventory, March 1 Placed in production during March 74,000 $16,620 $31,200 Inventory, March 31 34,000 ? The March 31 inventory was 100% complete as to materials, and 40% complete as to conversion costs. Required: Prepare a production cost report for the month ended March 31 using the average...
Monsta Cola hires us to help assign and report costs. The
company has two departments: mixing and bottling. To aid our
analysis, the following Tableau Dashboard is provided with
information for the mixing department. The company uses the
weighted average method.
Monsta Cola hires us to help assign and report costs. The company has two departments: mixing and bottling. To aid our analysis, the following Tableau Dashboard is provided with information for the mixing department. The company uses the weighted...
Bayas Corporation uses process costing. A number of transactions
that occurred in June are listed below.
(1) Raw materials that cost $40,400 are withdrawn from the
storeroom for use in the Mixing Department. All of these raw
materials are classified as direct materials.
(2) Direct labor costs of $16,700 are incurred, but not yet
paid, in the Mixing Department.
(3) Manufacturing overhead of $46,300 is applied in the Mixing
Department using the department’s predetermined overhead rate.
(4) Units with a...
Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Percent Complete Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory,...
Questions: 1. Under what conditions would it be appropriate to use a process costing system? 2. Why is cost accumulation simpler in a process costing system than it is in a job-order costing system? 3. What is meant by the term "equivalent units for production" when the weighted average method is used? Problem: Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department....
Munoz Plastic Products Company makes a plastic toy using two
departments: parts and assembly. The following data pertain to the
parts department’s transactions in 2018:
The beginning balance in the Work in Process Inventory account
was $12,300. This inventory consisted of parts for 1,000 toys. The
beginning balances in the Raw Materials Inventory, Production
Supplies, and Cash accounts were $162,350, $2,000, and $400,000,
respectively.
Direct materials costing $138,750 were issued to the parts
department. The materials were sufficient to make...