The cost of Work in process beginning in Dept X The cost of Work in process beginning in Dept Y The cost of Work in process -End in Dept Y The EUP in Mixing Department is The cost of completed and transferred out units in Mixing departme
Q: REQUIRED: Prepare a production cost report sheet using FIFO method to assign costs to units…
A: If FIFO method is used then units in the beginning inventory are first used to make transfer to the…
Q: A cost object in a process cost system is usually a:
A: Answer: a. Department.
Q: Order the steps in the procedure for process costing of spoiled units.from 1-5 Allocate costs to…
A: Spoilage:- These are the losses or damages of the product incurred during the manufacturing of the…
Q: lculate the overhead allocation cost per product using traditional absorption costing based on…
A: Solution : Requirement 1 Overhead allocation cost per product using traditional costing based on…
Q: a. The cost of completed and transferred out units in Mixing department is? b. The cost of Work in…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: in a job-order costing system, the cost incurred to rework unit that are common to all jobs should…
A: 1. when cost is incurred for specific product it is charged to specific product. 2. Abnormal loss…
Q: Using the FIFO method, prepare the following for the Assembly a. A physical flow schedule b. An…
A: FIFO termed as First in First Out which is a method inventory that determine the cost on the grounds…
Q: How many Work in Process accounts are maintained in a company that uses process costing?
A: Process Costing: Process costing is a method of costing where the production is continuous and…
Q: a. The cost of Work in process beginning in Dept Y is? b. The cost of Work in process -End in…
A: Process costing is a cost accounting method that is utilized in situations where there is continuous…
Q: rocess costing, a separate work in process account individual order. cost category (i.e., materials,…
A: Process costing is used for production for similar products in bulk. It is mainly used in…
Q: "Total costs to account for" does NOT include which of the following costs? a.ending work-in-process…
A: The right answer is a. ending work-in-process balance
Q: Which of the following are needed to calculate the cost assigned to ending work in process under the…
A: Under the FIFO or First-In-First-Out method of inventory valuation, the first units in the inventory…
Q: The purchase of raw materials on account in a process costing system is recorded with a: O Debit to…
A: Process costing system: It is used to compute the cost per unit from the production at each stage.…
Q: Malcolm Company uses a weighted-average process costing system. All materials at Malcolm are added…
A: Process costing: Process costing is included costs like labor, material, and overhead which…
Q: Which of the following is true of a process cost system? Question 4 options: There is a separate…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Under either weighted average or FIFO, when materials are added at the beginning of a process,…
A: When the Material introduces at the start of the process and all conversion costs are added…
Q: Four factors come together In production activity: beginning work In process Innventory, direct…
A: Answer 1) Beginning work in process inventory cost is carry forward from previous accounting period…
Q: What is the journal entry to assign indirect raw materials to a job a. Debit Work in Rrocess account…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Rudy Company employs process cost system, using Weighted Average Costing system. A unit of product…
A: Solution: Calculation of Ending WIP: Formulation:
Q: Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
A: To transfer of costs from work in process and finished goods, finished goods will be debited and…
Q: Compute the equivalent units in the Mixing Department for direct materials and for conversion costs
A: As per Bartleby guidelines, in case of multiple questions, we are only allowed to answer the first…
Q: and factory overhead. Make the following calculations: a. Equivalent units for direct materials b.…
A:
Q: In a process cost system total costs are determined when the job is compieted. costs are summarized…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Which statement is accurate concerning the FIFO method for assigning costs in a process costing…
A: The correct answer is Option (a).
Q: In process costing system, the materials can be added in O A. - First and Last Department only O B.…
A: Goods are manufactured in various stages or processes; process costing helps the business entity…
Q: In a process cost system total costs are determined when the job is completed. costs are summarized…
A: Process costing is an important costing system which is mostly used by manufacturing industries.…
Q: When manufacturing overhead is applied to production, it is added to A. the cost of goods sold…
A: In cost accounting, the cost sheet generally is a statement which consists of various costs incurred…
Q: Which of the following is true of process costing A. A separate finished goods account is set up for…
A: Process costing is used where the product is generated through multiple processes. It is mainly used…
Q: Using average method solve for 1. Unit cost of tranferred unit for finishing department 2. cost…
A: 2. cost of work in process: (Finishing department) Particulars Amount Direct Material…
Q: (a) Complete All Things Brass Work-In-Process Inventory – Polishing Process T-account, clearly…
A: a) )
Q: In a process costing system, which account shows the overhead assigned to the department?A. cost of…
A: Process costing appears to be an accounting approach often used by organizations that mass produce…
Q: Assume that a company has two processing departments—Mixing and Firing. Prepare a journalentry to…
A: Processing departments are generally found in companies using process costing. In process costing,…
Q: Indicate which of the following phrases correctly completesthis sentence: “Equivalent units of…
A:
Q: In a process cost system, the amount of work in process inventory is valued by Oa. a. multiplying…
A: The Ending WIP Inventory includes direct materials, direct labor and overheads incurred. For the…
Q: Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in…
A: Introduction: Employees' direct labour is the amount of effort they put in to turn raw resources…
Q: . The cost of Work in process beginning, in Dept X is? b. The cost of Work in process -End, in…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: process costing method
A: Which of the following is a characteristic of the process costing method? Correct answer :- B Cost…
Q: In a process costing system, manufacturing overhead applied is usually recorded as a debit to______?
A: Process costing system is a system of costing which shows the cost incurred in each process with…
Q: In a process cost system, factory depreciation expense incurred is debited to ________.A. finished…
A: Process costing seems to be a way of aggregating manufacturing costs by the process. It illustrates…
Q: iscuss the Step by Step Procedure involve in process Costing including the content of Production…
A: In accounting, process costing is a method of allocating production costs to units of output.…
Q: When actual manufacturing overhead costs are incurred in a p debited to a. Work in Process account b…
A: Actual manufacturing overheads are the indirect costs which are incurred in the process of…
Please help me answer number 13 to 23. Thank you!
Step by step
Solved in 3 steps
- Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.Lansing. Inc., provided the following data for its two producing departments: Machine hours are used to assign the overhead of the Molding Department, and direct labor hours are used to assign the overhead of the Polishing Department. There are 30,000 units of Form A produced and sold and 50,000 of Form B. Required: 1. Calculate the overhead rates for each department. 2. Using departmental rates, assign overhead to live two products and calculate the overhead cost per unit. How does this compare with the plantwide rate unit cost, using direct labor hours? 3. What if the machine hours in Molding were 1,200 for Form A and 3,800 for Form B and the direct labor hours used in Polishing were 5,000 and 15,000, respectively? Calculate the overhead cost per unit for each product using departmental rates, and compare with the plantwide rate unit costs calculated in Requirement 2. What can you conclude from this outcome?Units of production data for the two departments of Atlantic Cable and Wire Company for July of the current fiscal year are as follows: Each department uses the weighted average method. For each department, assume that direct Materials are placed in process during production. a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Winding Department.
- A manufacturing company has two service and two production departments. Human Resources and Machine Repair are the service departments. The production departments are Grinding and Polishing. The following data have been estimated for next years operations: The direct charges identified with each of the departments are as follows: The human resources department services all departments of the company, and its costs are allocated using the numbers of employees within each department, while machine repair costs are allocable to Grinding and Polishing on the basis of machine hours. 1. Distribute the service department costs, using the direct method. 2. Distribute the service department costs, using the sequential distribution method, with the department servicing the greatest number of other departments distributed first.Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 units in work in process that were 60% complete at the beginning of the period. During the period, 15,800 units were completed and transferred to the Packing Department. There were 1,200 units in process that were 30% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period. b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production.
- Menlo Materials is divided into five departments, Mixing, Blending, Finishing, Factory Office, and Building Maintenance. The first three departments are engaged in production work. Factory Office and Building Maintenance are service departments. During the month of June, the following factory overhead was incurred for the departments: The bases for distributing service department expenses to the other departments follow: Building Maintenance—On the basis of floor space occupied by the other departments as follows: Mixing, 10,000 sq ft; Blending, 4,500 sq ft; Finishing, 10,500 sq ft; and Factory Office, 7,000 sq ft. Factory Office—On the basis of number of employees as follows: Mixing, 30; Blending, 20; and Finishing, 50. Required: Prepare a schedule showing the distribution of the service departments’ expenses using the direct distribution method.A manufacturing company has two service and two production departments. Building Maintenance and Factory Office are the service departments. The production departments are Assembly and Machining. The following data have been estimated for next years operations: The direct charges identified with each of the departments are as follows: The building maintenance department services all departments of the company, and its costs are allocated using floor space occupied, while factory office costs are allocable to Assembly and Machining on the basis of direct labor hours. 1. Distribute the service department costs, using the direct method. 2. Distribute the service department costs, using the sequential distribution method, with the department servicing the greatest number of other departments distributed first.Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
- Petrini Products Co. has two departments: Mixing and Cooking. At the beginning of the month, Cooking had 4,000 units in process with costs of 8,600 from Mixing, and its own departmental costs of 500 for materials, 1,000 for labor, and 2,500 for factory overhead. During the month, 10,000 units were received from Mixing with a cost of 25,000. Cooking incurred costs of 4,250 for materials, 8,500 for labor, and 21,250 for factory overhead, and finished 12,000 units. At the end of the month, there were 2,000 units in process, one-half completed. Required: 1. Determine the unit cost for the month in Cooking. 2. Determine the adjusted weighted average unit cost for all units received from Mixing. 3. Determine the unit cost of goods finished. 4. Determine the accumulated cost of the goods finished and of the ending work in process. (Round unit costs to three decimal places.)Medical Tape makes two products: Generic and Label. It estimates it will produce 423,694 units of Generic and 652,200 of Label, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: How much is the overhead allocated to each unit of Generic and Label?The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs.