Predetermined overhead rate $ b) eTextbook and Media The number of equivalent units of production in ending work in process inventory. Direct materials Conversion Costs 2.50 Completed Units Work In Process Inventory
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- You have recently been appointed as the cost accountant for Silky Hair Co. Ltd., a manufacturer of hair shampoo. Your first task is to clear up the production records of the mixing department for November 2022. You learn that the mixing department is the last stage of the shampoo production process. Units transferred from the previous department use direct labour and overhead inputs evenly in mixing. A secret ingredient is also added to each unit at the 40% point in processing. You also find out that the beginning inventory for the month of November was 4,000 units with the following costs: Transferred-in costs Direct materials Conversion costs $16,000 3,600 24,000 In addition, during November, 16,000 units were transferred to mixing at a $4 unit cost. The ending inventory consisted of 5,000 units that were 60% complete. During the month, direct materials of $26,400 were added and 8,500 hours of direct labour were used at a wage rate of $12 per hour. The overhead rate for 2022, applied…You have recently been appointed as the cost accountant for Silky Hair Co. Ltd., a manufacturer of hair shampoo. Your first task is to clear up the production records of the mixing department for November 2022. You learn that the mixing department is the last stage of the shampoo production process. Units transferred from the previous department use direct labour and overhead inputs evenly in mixing. A secret ingredient is also added to each unit at the 40% point in processing. You also find out that the beginning inventory for the month of November was 4,000 units with the following costs: Transferred-in costs Direct materials Conversion costs $16,000 3,600 24,000 In addition, during November, 16,000 units were transferred to mixing at a $4 unit cost. The ending inventory consisted of 5,000 units that were 60% complete. During the month, direct materials of $26,400 were added and 8,500 hours of direct labour were used at a wage rate of $12 per hour. The overhead rate for 2022, applied…Compute the unit costs of production. Unit Costs Materials Conversion Costs Total Unit Cost
- You have recently been appointed as the cost accountant for Silky Hair Co. Ltd., a manufacturer of hair shampoo. Your first task is to clear up the production records of the mixing department for November 2022. You learn that the mixing department is the last stage of the shampoo production process. Units transferred from the previous department use direct labour and overhead inputs evenly in mixing. A secret ingredient is also added to each unit at the 40% point in processing. You also find out that the beginning inventory for the month of November was 4,000 units with the following costs: Transferred-in costs Direct materials Conversion costs In addition, during November, 16,000 units were transferred to mixing at a $4 unit cost. The ending inventory consisted of 5,000 units that were 60% complete. During the month, direct materials of $26,400 were added and 8,500 hours of direct labour were used at a wage rate of $12 per hour. $16,000 3,600 The overhead rate for 2022, applied on a…Blossom Company manufactures basketballs. The first step is the production of internal rubber bladders. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the Bladder Department for July 2025 are as follows. Production Data-Basketballs. Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials Conversion costs Costs added during July Direct materials Direct labor Manufacturing overhead (a1) $700 Equivalent Units 550 Units Materials 400 1,000 500 $1,250 1,960 1,200 1,000 Percent Complete 60 % Calculate the equivalent units of production for materials and conversion costs. 40 % Conversion CostsX Company manufactures cakes in two departments: Mixing and Packaging. The company uses a process cost accounting system. All materials are entered at the beginning of each process. During April 2020, the following transactions were completed: Assigned raw materials of $60,000 and $50,000 to Work in Process Mixing and Packaging respectively. Factory labor costs of $20,000 and $40,000 were assigned to Work in Process Mixing and Packaging respectively. The company applied manufacturing overhead on the basis of $15 per machine hour. Machine hours used were 1,000 in Mixing and 2,000 in Packaging. During April, the company transferred units costing S80,000 from Mixing to Packaging. In addition, it trans ferred units costing $160,000 from Packaging to Finished Goods.
- X Company manufactures cakes in two departments: Mixing and Packaging. The company uses a process cost accounting system. All materials are entered the beginning of each process. During April 2020, the following transactions were completed: Assigned raw materials of $60,000 and $50,000 to Work in Process Mixing and Packaging respectively. Factory labor costs of $20,000 and $40,000 were assigned to Work in Process Mixing and Packaging respectively. The company applied manufacturing overhead on the basis of $15 per machine hour. Machine hours used were 1,000 in Mixing and 2,000 in Packaging. During April, the company transferred units costing S80,000 from Mixing to Packaging. In addition, it trans ferred units costing $160,000 from Packaging to Finished Goods. Based on the above, the entry prepared to assign factory labor to work in processes consisted of: A Debit to WIP Mixing $20,000, a Debit to WIP Packaging $40,000, and a Credit to Factory Labor Inventory $60,000 A Debit to WIP…Sunland Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2022 are presented below. Production Data Beginning work in process units Units started into production Ending work in process units Percent complete-ending inventory Cost Data Materials Labor Overhead Total $219,780 59,500 125,060 $404,340 June 0 24,420 2,250 40 %Noora Company manufactures quality hair care product . The ingredients are combine in the mixing department and put in 16 - ounce containers in the packaging department . The following information pertains to the mixing department for the month of May 2021 : Required: a)Develop a physical flow schedule for the mixing department for the month of May b) Calculate the unit cost for materials and conversion of the mixing department for the month of May .
- Eyring Manufacturing produces a component used in its production of washing machines. The time to set up and produce a batch of the components is two days. The average daily usage is 800 components, and the maximum daily usage is 875 components. Required: Compute the reorder point assuming that safety stock is carried by Eyring Manufacturing. How much safety stock is carried by Eyring?Chrome Solutions Company manufactures special chromed parts made to the order and specifications of the customer. It has two production departments, Stamping and Plating, and two service departments, Power and Maintenance. In any production department, the job in process is wholly completed before the next job is started. The company operates on a fiscal year, which ends September 30. Following is the post-closing trial balance as of September 30: Additional information: The balance of the materials account represents the following: The company uses the FIFO method of accounting for all inventories. Material A is used in the Stamping Department, and materials B and C are used in the Plating Department. The balance of the work in process account represents the following costs that are applicable to Job 905. (The customer’s order is for 1,000 units of the finished product.) The finished goods account reflects the cost of Job 803, which was finished at the end of the preceding month and is awaiting delivery orders from the customer. At the beginning of the year, factory overhead application rates were based on the following data: In October, the following transactions were recorded: Purchased the following materials and supplies on account: The following materials were issued to the factory: Customers’ orders covered by Jobs 1001 and 1002 are for 1,000 and 500 units of finished product, respectively. Factory wages and office, sales, and administrative salaries are paid at the end of each month. (Assume FICA and federal income tax rates of 8% and 10%, respectively.) Record the company’s liability for state and federal unemployment taxes. (Assume rates of 4% and 1%, respectively, and that none of the employees had reached the $8,000 limit.) Record the payroll distribution for October. Wages of the supervisors, custodial personnel, etc., totaled $9,500; administrative salaries were $18,300. Miscellaneous factory overhead incurred during October totaled $4,230. Miscellaneous selling and administrative expenses were $1,500. These items as well as the FICA tax and federal income tax withheld for September were paid. (See account balances on the post-closing trial balance for September 30.) Annual depreciation on plant assets is calculated using the following rates (round to nearest dollar): Factory buildings–5% Machinery and equipment–20% Office equipment–20% The balance of the prepaid insurance account represents a three-year premium for a fire insurance policy covering the factory building and machinery. It was paid on the last day of the preceding month and became effective on October 1. The summary of factory overhead prepared from the factory overhead ledger is reproduced here: The total expenses of the Maintenance Department are distributed on the basis of floor space occupied by the Power Department (8,820 sq ft), Stamping Department (19,500 sq ft), and Plating Department (7,875 sq ft). The power department expenses are then allocated equally to the Stamping and Plating departments. After the actual factory overhead expenses have been distributed to the departmental accounts and the applied factory overhead has been recorded and posted, any balances in the departmental accounts are transferred to Under- and Overapplied Overhead. Jobs 905 and 1001 were finished during the month. Job 1002 is still in process at the end of the month. During the month, Jobs 803 and 905 were sold with a mark-on percentage of 50% on cost. Received $55,500 from customers in payment of their accounts. Checks were issued in the amount of $43,706 for payment of the payroll. Required: Set up the beginning trial balance in T-accounts. Prepare materials inventory ledger cards and enter October 1 balances. Prepare a Payroll Summary and Schedule of Earnings and Payroll Taxes for the month of October. Set up job cost sheets as needed. Record all transactions and related entries for October and post to T-accounts. Prepare a service department expense distribution worksheet for October. At the end of the month: Analyze the balance in the materials account, the work in process account, and the finished goods account. Prepare the statement of cost of goods manufactured for the month ended October 31.Rene is working with the operations manager to determine what the standard labor cost is for a spice chest. He has watched the process from start to finish and taken detailed notes on what each employee does. The first employee selects and mills the wood, so it is smooth on all four sides. This takes the employee 1 hour or each chest. The next employee takes the wood and cuts it to the proper size. This takes 30 minutes. The next employee assembles and sands the chest. Assembly takes 2 hours. The chest then goes to the finishing department. It takes 1.5 hours to finish the chest. All employees are cross-trained so they are all paid the same amount per hour, $17.50. A. What are the standard hours per chest? B. What is the standard cost per chest for labor?