Pharoah Company has the following record of costs.Balance May 1MaterialsLaborOverheadTransfer outBalance May 31(a)MANUFACTURING COSTSRaw Materials FactoryInventoryLabor(b)-$6,400Your answer is correct.-$3,710How many units are in process at May 31?Work in process, May 31ManufacturingOverheadThe unit materials cost for May $-$1,680600WORK IN PROCESSProduction records show that there were 500 units in the beginning inventory, 30% complete, 1,700 units started, and 1,600 unitstransferred out. The beginning work in process had materials cost of $2,840 and conversion costs of $1,050. The units in endinginventory were 40% complete. Materials are entered at the beginning of the painting process.unitsPainting$3,8906,4003,7101,680-?$?What is the unit materials cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.)FINISHED GOODSINVENTORY?

The Unit material cost of May = Total Materials costs (Opening cost + Purchase)Equivalent units for…

Answered: Pharoah Company has the following…

Pharoah Company has the following record of costs. Balance May 1 Materials Labor MANUFACTURING COSTS Raw Materials Inventory -$6,400 Factory Labor -$3,710 Manufac Overh

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

See similar textbooks

Similar questions

keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%3D&inprogress%3Dfalse # To еВook Show Me How Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $556,500. The conversion cost for the period in the Rolling Department is $116,400 ($69,000 factory overhead applied and $47,400 direct labor). The total cost transferred to Finished Goods for the period was $530,000. The Rolling Department had a beginning inventory of $27,400. a1. Journalize the cost of transferred-in materials. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period. Check My Work 2 more Check My Work…
Black Company adds materials in the beginning of the process in Department 1, which is the first of two stages of its production cycle. Information concerning the materials used in Department 1 in July is as follows: Units Material Costs Work in process, March 1, 2018 Started in process Completed and transferred out 6,000 50,000 44,000 P3,000 25,560 Using the average cost method, what was the materials cost of work in process on March 31? а. Р6,120 b. Р3,060 С. Р3,000 d. P6,000
In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $112,300 $29,200 $16,800 Direct labor 8,500 13,500 12,100 Applied overhead 9,400 60,800 11,000 Transferred-in cost: From Molding 130,200 From Grinding 233,700 Total cost $130,200 $233,700 $273,600 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods 1. Prepare the Dec. 31 journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. Refer to the Chart of Accounts for the exact wording of account titles. Question not attempted. PAGE 15 GENERAL JOURNAL Score: 0/76 DATE ACCOUNT POST. REF. DEBIT CREDIT 1 2 3 4 5…
Sandhill Company has the following record of costs. Balance May 1 Materials Labor Overhead Transfer out Balance May 31 (a) Raw Materials Inventory MANUFACTURING COSTS -$5,700 Work in process, May 31 Save for Later eTextbook and Media Factory Labor How many units are in process at May 31? -$2,710 Manufacturing Overhead -$1,280 WORK IN PROCESS units Painting $3,790 5,700 2,710 1,280 Production records show that there were 600 units in the beginning inventory, 30% complete, 1,600 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,440 and conversion costs of $1,350. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. -? $? FINISHED GOODS INVENTORY ? Attempts: 0 of 3 used Submit Answer
Muffy Painting Company has the following production data for March. Ending Work In Process % Complete as to Month Beglnning Work In Process Units Units Converslon Cost Transferred Out March 3,000 42,000 12,000 759% Compute equivalent units of production for March for both materials and conversion costs. Materials are entered at the beginning of the process. Equlvalent Units Quantitles Physlcal Units Materlals Converslon Costs Units to be accounted for Work in process, March 1 Started into production Total units Units accounted for Transferred out Work in process, March 31 Total units
The following data from the just completed year are taken from the accounting records of Mason Company Salez Direct labor cont Raw material purchase: Selling expenses Adninistrative expenses Manuf acturing overhead applied to work in process Actual nanuf acturing overhead costs $ 651,000 $82, 000 4 133. 000 $ 103.000 $ 49,000 $ 230.000 $ 203. 000 Invent orier Kaw naterials Work in procesa Finished zoods Beginning $ 8.300 $ 5.700 $75,000 Endang $ 10,800 $ 20,600 $ 25, 400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2 Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overappiled overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. es Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.…
Bledsoe Corporation has provided the following data for the month of November: Ending $ 21,800 $ 10,800 $ 56,800 Mc raw Fl Inventories Raw materials Work in process Finished Goods Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Complete this question by entering your answers in the table below. Schedule of COGM Schedule of COGS Prepare a Schedule of Cost of Goods Manufactured. Direct materials: Total raw materials available for use Raw materials used in production Beginning $ 25,800 $ 17,800 $ 48,800 Direct materials used in production S 3,046 A BLEDSOE CORPORATION Schedule of Cost of Goods Manufactured MAR 8 S
In December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $111,600 $30,000 $17,200 Direct labor 8,000 13,600 11,600 Applied overhead 8,400 60,400 11,200 Transferred-in cost: From Molding 128,000 From Grinding 232,000 Total cost $128,000 $232,000 $272,000 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. 2. CONCEPTUAL CONNECTION: Explain how the journal entries differ from a job-order cost system. CHART OF ACCOUNTS Davis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 130 Raw Materials 142 Work in Process-Grinding 143 Work in Process-Molding 144 Work in Process-Finishing 150 Overhead Control 160 Finished Goods 180 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable 250 Other Payables EQUITY 310 Common Stock 320 Retained…
com/lrn/takeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator=&inprogress-false eBook Show Me How Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $506,200. The conversion.cost for the period in the Rolling Department is $114,200 ($65,300 factory overhead applied and $48,900 direct labor). The total cost transferred to Finished Goods for the period was $520,000. The Rolling Department had a beginning inventory of $24,300. a1. Journalize the cost of transferred-in materials. If an amount box does not require an entry, leave it blank. 88 a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods: If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period. MAR 108
4 Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Work-in-Process Beginning balance December 230 units, 20% complete for conversion Direct materials. Direct labor Factory overhead. Property taxes Depreciation Utilities Indirect labor Ending balance December 31, 330 units, 40% complete. Direct materials Conversion Equivalent Units Weighted Average $ 28,750 62,100 39,100 Required: 1. Calculate equivalent units using the weighted-average and FIFO methods. Weighted-average method O FIFO method 6,600 33,500 FIFO 18,600 4,600 36,791 Completed 830 units and transferred to finished goods inventory $ 156,459 2. Use the given information to determine whether Holly Company is using the FIFO or weighted-average method. The beginning balance of Work-in-Process (WIP) consists of $16,362 of direct materials and $12,388 of conversion costs.
Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company: Quantity Work in process, May 1 Started in May Completed during May Work in process, May 31 80 500 460 120 Stage of Completion Materials WIP-Beg. 90% 40% WIP-End 60% 30% Conversion Costs Cost Data: Materials P49,336 322,000 Conversion Costs Work in process, May 1 Cost added during May P9,104 139,200 The Assembly Department uses the average method of process costing. What are the equivalent units of production for direct materials and conversion costs? 5. FIFO METHOD -EUP AS TO MATERIALS: 6. FIFO METHOD -EUP AS TO CC:
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.Work in Process—Assembly DepartmentBal., 3,000 units, 55% completed10,410To Finished Goods, 69,000 units?Direct materials, 71,000 units @ $1.6113,600Direct labor189,400Factory overhead73,670Bal., ? units, 75% completed?Cost per equivalent units of $1.60 for Direct Materials and $3.70 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places.1. Cost of beginning work in process inventory completed this period$2. Cost of units transferred to finished goods during the period$3. Cost of ending work in process inventory$4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.)$