Homework Answers
| Direct Material Used (304550-82000-82000) | $ 1,40,550.00 |
| Direct Labor 100% of Manufacturing overhead applied | $ 82,000.00 |
| Manufacturing Overhead Applied | $ 82,000.00 |
| Total Manufacturing Cost (305750+4800-6000) | $ 3,04,550.00 |
| Plus beginning Work in Progress | $ 6,000.00 |
| Les Ending Work in Progress | $ 4,800.00 |
| Cost of goods Manufactured (30200+18750-15000) | $ 3,05,750.00 |
| Plus Beginning finshed goods inventory | $ 15,000.00 |
| Less Ending finished goods Inventory | $ 18,750.00 |
| Unadjusted cost of goods sold | $ 3,02,000.00 |
| Overhead Adjustment (Under Applied overhead $88000-82000) | $ 6,000.00 |
| Adjsuted cost of goods sold | $ 3,08,000.00 |
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Beginning Work in Process Inventory, $6,000 overhead costs were $88,000 82,000
during 2016. Beginning Work in Process Inventory, $6,000. $15,000 overhead costs were $88,000 e Adjusted Cost...
during 2016. Beginning Work in Process Inventory, $6,000. $15,000 overhead costs were $88,000 e Adjusted Cost of Goods Sold was $308,000. 82,000 6,000 Overhead
Assume there were 6,000 units in beginning work in process, 60% complete. 20,000 units were completed...
Assume there were 6,000 units in beginning work in process, 60%
complete. 20,000 units were completed during the month. Ending work
in process is 40% complete, which is equivalent to 3,200 units for
conversion costs. Materials are added at the beginning of the
process. The standard cost method is used.
Assume the total conversion costs for the month are $78,400. What
amount of conversion costs are attached to units in ending work in
process inventory? (please show calculation)
$8,960
$12,800...
1. Calculate the following: a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 40%...
1. Calculate the following: a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 40% complete for materials and 60% complete for conversion costs. This means that for the beginning inventory __ % of the materials and_ _% of the conversion costs were added during April. b. On April 30, the Prepping Department ending Work-in-Process Inventory was 40% complete for materials and 45% complete for conversion costs. This means that for the ending inventory __ _% of the materials...
Chicotti Company has 6,000 units in beginning work in process, 60% complete as to conversion costs,...
Chicotti Company has 6,000 units in beginning work in process, 60% complete as to conversion costs, 75,000 units transferred out to finished goods, and 2,000 units in ending work in process 20% complete as to conversion costs. The beginning and ending inventory is fully complete as to materials costs. How much are equivalent units for conversion costs if the FIFO method is used?
Payne Company developed the following data for the current year: Beginning work in process inventory $...
Payne Company developed the following data for the current year: Beginning work in process inventory $ 68,000 Direct materials used 104,000 Actual overhead 88,000 Overhead applied 92,000 Cost of goods manufactured 450,000 Total manufacturing costs 428,000 1. How much is Payne Company's direct labour cost for the year? 2. How much is Payne Company's ending work in process inventory for the year?
Laura's Bakery Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred...
Laura's Bakery Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred 14,500 10,300 45,400 during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured 56,000 51,600
What was the Work-in-Process beginning inventory balance? f. What was the Work-in-Process ending inventory balance?
Account TitlesDebitCreditWork-in-Process Inventory (Direct Labor)10,000Wages Payable10,000Direct Material Inventory14,200Accounts Payable14,200Finished Goods Inventory36,200Work-in-Process Inventory36,200Cost of Goods Solda44,100Finished Goods Inventory44,100 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For June, the amount written off was 5 percent of overhead applied for June. The Work-in-Process ending account balance on June 30 was twice the beginning balance. The Direct Material Ending Inventory balance on June 30 was $6,970 less...
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...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
Materials are added at the beginning of a production process, and ending work in process inventory...
Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted average method. Costs to Account For Beginning inventory materials $9.000 Beg i nventory conversion 20.000 Direct material 58.600 Direct labor 74.000 Applied overhead 34520 Total costs to account for $196,120 Units to Account For Beginning work in process 5.000 Units started into production...
during 2016. Beginning Work in Process Inventory, $6,000. $15,000 overhead costs were $88,000 e Adjusted Cost of Goods Sold was $308,000. 82,000 6,000 Overhead
Assume there were 6,000 units in beginning work in process, 60%
complete. 20,000 units were completed during the month. Ending work
in process is 40% complete, which is equivalent to 3,200 units for
conversion costs. Materials are added at the beginning of the
process. The standard cost method is used.
Assume the total conversion costs for the month are $78,400. What
amount of conversion costs are attached to units in ending work in
process inventory? (please show calculation)
$8,960
$12,800...
1. Calculate the following: a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 40% complete for materials and 60% complete for conversion costs. This means that for the beginning inventory __ % of the materials and_ _% of the conversion costs were added during April. b. On April 30, the Prepping Department ending Work-in-Process Inventory was 40% complete for materials and 45% complete for conversion costs. This means that for the ending inventory __ _% of the materials...
Laura's Bakery Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred 14,500 10,300 45,400 during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured 56,000 51,600
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...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted average method. Costs to Account For Beginning inventory materials $9.000 Beg i nventory conversion 20.000 Direct material 58.600 Direct labor 74.000 Applied overhead 34520 Total costs to account for $196,120 Units to Account For Beginning work in process 5.000 Units started into production...
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