That's Refreshing makes sports drinks for active people using the process cost system. Below are the cost and production data from the Mixing Department for July. The beginning inventory on the first of July was 100% complete as to materials and 20% as to conversions costs. UnitsMaterials CostsConversion CostsInventory, July 1st.56,700$11,230.00$16,560.00Placed in production in July135,000$34,220.00$43,616.00Invetory, July 31st.65,000 The inventory on July 31st was 100% completed for materials and 33% completed as to conversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all future calculations). UNITSUnits to accountfor:Beginning work-in-processMaterialsReceivedTotal units toaccount forUnits to beassigned costs:Beginning WIPStarted andCompletedTransferred outEnding work-in-processTotal unitsassigned costsCOSTSCosts perEquivalentUnit ofProduction:Total costs forthe monthTotalEquivalentUnitsCosts perEUPCostsAssigned toProduct:Beginning WIPCost for themonthTotalCostsallocated tounits:Beginning WIPCost tocomplete WIPStarted andCompletedunitsoutTransferredEnding WIPTotal CostsAssignedThat's RefreshingWhole Units56,700✓135,000 ✓191,700 ✓56,700✔70,000 ✓126,700✓65,000 ✓191,700✓TransferredInTransferredInThat's RefreshingDirectMaterials34,220 ✓135,000 ✓0.25✓0✓17,744 xEquivalent UnitsDirectMaterial16,476 x0✓70,000 ✓70,000 ✓65,000 ✓135,000 ✓ConversionCosts43,616✔136,810 ✓0.32✔14,461 X22,316 x6,838 XConversionCosts45,360✔70,000 ✓115,360✔21,450✔136,810✓Total Costs27,790✔77,836 ✔105,626✔27,790✔14,461 X40,060 x82,311 X23,315 X105,626 X

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Description: That's Refreshing makes sports drinks for active people using the process cost system. Below are the cost and production data from the Mixing Department for July. The beginning inventory on the first of July was 100% complete as to materials and 20%

Direct material cost is the cost of raw material produced or purchased to produce the final…

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That's Refreshing makes sports drinks for active people using the process cost system. Below are the cost and production data from the Mixing Department for July. The beginning inventory on the first of July was 100% complete as to materials and 20% as to conversions costs. Units Materials Costs Conversion Costs Inventory, July 1st. 56,700 $11,230.00 $16,560.00 Placed in production in July 135,000 $34,220.00 $43,616.00 Invetory, July 31st. 65,000 The inventory on July 31st was 100% completed for materials and 33% completed as to conversions costs. Prepare a production report using the FIFO Method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).

That's Refreshing makes sports drinks for active people using the process cost system. Below are the cost and production data from the Mixing Department for July. The beginning inventory on the first of July was 100% complete as to materials and 20% as to conversions costs. Units Materials Costs Conversion Costs Inventory, July 1st. 56,700 $11,230.00 $16,560.00 Placed in production in July 135,000 $34,220.00 $43,616.00 Invetory, July 31st. 65,000 The inventory on July 31st was 100% completed for materials and 33% completed as to conversions costs. Prepare a production report using the FIFO Method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 15MC: Which of the following is the step in which materials, labor, and overhead are detailed? A....

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	Units	Materials Costs	Conversion Costs
Inventory, July 1st.	56,700	$11,230.00	$16,560.00
Placed in production in July	135,000	$34,220.00	$43,616.00
Invetory, July 31st.	65,000

Similar questions

Conversion cost is: * a. Combination of direct materials and direct labor b. Combination of direct materials and overhead c. Combination of direct labor and overhead d. Combination of indirect labor and overhead
Note: Use FIFO method 1. Equivalent production for materials and conversion costs 2. Unit cost for materials and conversion cost 3. Total cost of units completed and transferred 4. Total costs of units in process, end
Which of the following is the step in which materials, labor, and overhead are detailed? A. determining the units to which costs are assigned B. determining the equivalent units of production C. determining the cost per equivalent units D. allocating the costs to the units transferred out and the units partially completed
Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product
Which is not a task typically associated with ABC systems? A. calculating the overhead application rate for each cost pool B. applying a single cost rate C. identifying a cost driver D. more correctly allocating overhead costs
To record the transfer of costs from a prior process to a subsequent process, the following entry would be made: a. debit Finished Goods and credit Work in Process. b. debit Work in Process (subsequent department) and credit Transferred-In Materials. c. debit Work in Process (prior department) and credit Work in Process (subsequent department). d. debit Work in Process (subsequent department) and credit Work in Process (prior department) e. None of these.
That which determine(s) whether the costs assigned to units transferred out and to units in ending work in process are equal to the costs in beginning work in process, plus the manufacturing costs incurred in the current period is(are) called: a.Cost reconciliation b.Transferred-in costs c.Batch production process d.Equivalent unit of output
Assuming a FIFO method of process costing, compute the cost per EUP for Conversion
a. Direct Method Assembly Finishing b. Step Method Assembly Finishing c. Reciprocal Method Assembly Finishing Total Service Department Cost Allocated Total Production Cost
Which statement is accurate concerning the FIFO method for assigning costs in a process costing system? FIFO method assumes the first costs incurred are transferred out. FIFO method merges costs from prior periods with costs from current periods. FIFO method assumes the first costs incurred are still in process. FIFO method treats units in process at the beginning of the period in the same manner as units in process at the end of the period.
Which statement is accurate concerning the FIFO method for assigning costs in a process costing system? a. FIFO method assumes the first costs incurred are transferred out. b. FIFO method merges costs from prior periods with costs from current periods. c. FIFO method assumes the first costs incurred are still in process. d. FIFO method treats units in process at the beginning of the period in the same manner as units in process at the end of the period.