WIP beginning, 40% complete Started during May Completed during May WIP ending, 60% complete Total costs added during March Physical units Convertion 1.600 $260.000 $200.000 2.000 3.200 ?> DM $154.000 $82.000

WIP beginning, 40% complete Started during May Completed during May WIP ending, 60% complete Total costs added during March Physical units Convertion 1.600 $260.000 $200.000 2.000 3.200 ?> DM $154.000 $82.000

Name: Using The FIFO Method of Process Costing, prepare journal entries WIP
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Using The FIFO Method of Process Costing, prepare journal entries WIP beginning, 40% completeStarted during MayCompleted during MayWIP ending, 60% completeTotal costs added during MarchPhysicalConvertionunits1.600 $260.000 $200.0002.0003.200DM$154.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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esc ! 1 Q A Current Attempt in Progress Sheridan Company collected the following production data for the past quarter: 2 Units Month Produced March April May 5500 4500 3900 W Save for Later If Sheridan uses the high-low method to project costs for the next quarter, what total cost equation will the company use? O Total cost = $0 + $80/unit x Quantity O Total cost = $77400+ $16/unit x Quantity O Total cost = $61800 + $20/unit x Quantity O Total cost = $15000+ $32/unit x Quantity #3 Total Cost $191000 с 175000 E 139800 S D $ 4 R G Search or type URL FL 67 5⁰° % 5 MacBook Pro T A 6 G Y & 7 H U Attempts: 0 of 1 used Submit An J Co K о 0
Planned costs of product A - 150000 Planned costs of product B - 250000 Real costs of product A - 120000 Real costs of product B - 240000 \At the end of the month, when the full production cost of production is formed on the account Production process Dr Finished products. A Cr Production process. A - ? Please be more careful wit + / - (in case of storno)
Per Unit Total\\nDirect materials $ 5.00 \\nDirect labor 2.00 \\nSupervision 1.90 $ 123,500\\nDepreciation 1.40 $ 91,000\\nVariable manufacturing overhead 0.60 \\nRent 0.60 $ 39,000\\nTotal product cost $ 11.50 \\n \\n\\nIf Futura decides to make the starters, a supervisor would have to be hired (at a salary of $123,500) to oversee production. However, the company has sufficient idle tools and machinery such that no new equipment would have to be purchased. The rent charge above is based on space utilized in the plant. The total rent on the plant is $81,000 per period. Depreciation is due to obsolescence rather than wear and tear.\\n\\n \\n\\nRequired:\\n\\nWhat is the financial advantage (disadvantage) of making the 65,000 starters instead of buying them from an outside supplier?
1. Leader Company has two support departments (S1 and S2) and two producing departments (P1 and P2). Estimated direct costs and percentages of services used by these departments are as follows: Allocation of support departments SI S2 PI P2 S1 S2 Direct costs 10% 40% 50% 30% £15,000 20% 50% £4,500 £8,000 £10,000 Required: a. Prepare a schedule allocating the support department costs to the producing departments using the direct allocation method. b. Prepare a schedule allocating the support department costs to the producing departments using the sequential allocation method. 2. Describe the differences between support and producing departments. Give two examples of each.
Direct fixed cost controllable by of the period just ended: Contribution margin Period expenses: Manager's salary Depreciation expense Allocated administrative costs25.000 Profit center #1 income Of the foregoing, in all likelihood, Mr. Iglesias controls P350.000 P100,000 40,000 165,000 P185.000 C. P100,000 A. P165.000 В. P185.000 D. P350,000 20. The following is a summarized income statement of CoolKid Co.'s profit cente No. 44 for March: Contribution margin P70,000 Period expenses: Manager's salary Facility depreciation Corporate expense allocation Profit center income P20.000 8.000 5,000 (33,000) P37.000 Which of the following amounts is most likely subject to the control of the p center's manager? А. P70.000 C. P37,000 D. P33,000 В. P50,000
Crayzon Corportion has two service departments, S1 and S2; and two productiondepartments, P1 and P2. The data for April were as follows:Services provided to:Activity Costs S1 S2 P1 P2S1 $100,000 20% 40% 50%S2 $80,000 10% 55% 25%Fixed CostsP1 $400,000P2 $500,000Required:a. Set up algebraic equations in linear form for each activity.Page 4 of 6b. Determine total costs for each department by solving the equations from part(a) above using the reciprocal method.
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The total conversion cost for company XYZ was four times the prime cost. The direct labor cost was $30,000 while the direct materials cost was $20,000. How much was the manufacturing overhead cost ($)? O a. 80,000 O b. 180,000 Oc. 170,000 O d. None of the given answers O e. 200,000O US PAGE NEXT PAGE lump to COURSE OUTLINE SPRING2021
Company XYZ has total prime cost of $12,000 and total conversion cost of $24,000. Assume that manufacturing overhead cost is five times the direct labor cost how much is the direct materials cost Select one: O a. 8,000 O b.4.000 O C. None of the given answers O d. 12.000 O e. 20,000
Problem 2 (Life-Cycle Costing) The following revenue and the cost data are for Round Manufacturing's to radial saws. The RM 200 is for the commercial market and the RM 800 is for industrial customers. Both products are expected to have three-year life cycles. RM200 Year 1 Year 2 Year 3 Revenue Costs P 500,000 1,000,000 300,000 60,000 80,000 20,000 P2,500,000 -0- P2,000,000 Research and development Prototypes Marketing -0- 50,000 320,000 475,000 120,000 808,000 60,000 P 650,000 P 810,000 -0- Distribution 130,000 1,000,000 85,000 Manufacturing Customer service -0- Income P(960,000)
(e) Product Blue Product Red £ £Selling £12.00 £24.00Variable cost £ 4.00 £ 8.00Contribution margin £ 8.00 £16.00Fixed costs apportioned £200,000 £400,000Budgeted Sales Units 140,000 60,000Required:Calculate the breakeven points, for each product and the company as a wholeand comment on your findings
The prime cost for company XYZ was $20,000, while the conversion cost was $25,000. Assume that direct labor cost is three times the direct materials cost and that the manufacturing overhead cost was two times the direct materials cost. Calculate the direct materials cost ($). O a. 15,000 O b. 30,000 O c. 10,000 O d. 5,000 O e. 45,000 JS PAGE NEXT PAGE 11:37 re to search ADA 4x ENG 22-05-2021 hp prt se 144 delete home wnd 7\ 9 + backspace num lock L. E 8 A home D. K enter 50 pause B 1 shift 11 end alt ctrl 立