Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Chapter 5, Problem 18EA
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Suppose that manufacturing is performed in sequential production departments. Prepare a journalentry to show a transfer of partially completed units from the first department to the second department. Assume the amount of costs transferred is $50,000.
Company C transfers 3,199 units from the packaging department to finished
goods. The material cost per unit is $6.17 and the conversion cost per unit is
$7.22. What is the total cost transferred? Round to the nearest penny, two
decimal places.
A production department within a company received
materials of $12,000 and conversion costs of $11,000 from
the prior department. It added material of $17,600 and
conversion costs of $40,840. The equivalent units are
16,000 for material and 14,400 for conversion. What is the
unit cost for materials and conversion? When required,
round final answers to two decimal places.
Unit Cost
Materials
$
Conversion $
Chapter 5 Solutions
Principles of Accounting Volume 2
Ch. 5 - Which of the following production characteristics...Ch. 5 - A process costing system Is most likely used by...Ch. 5 - Which of the following is a prime cost? A. direct...Ch. 5 - Which of the following is a conversion cost? A....Ch. 5 - During production, how are the costs in process...Ch. 5 - Which is nor needed to compute equivalent units of...Ch. 5 - What is the cost of direct labor f the conversion...Ch. 5 - What is the conversion cost to manufacture...Ch. 5 - Which of the following lists contains only...Ch. 5 - Direct material costs $3 per unit, direct labor...
Ch. 5 - Beginning inventory and direct material cost added...Ch. 5 - The initial processing department had a beginning...Ch. 5 - There were 1,000 units in ending inventory after...Ch. 5 - The costs to be accounted for consist of which of...Ch. 5 - Which of the following is the step in which...Ch. 5 - The journal entry to record the $500 of work in...Ch. 5 - Assigning indirect costs to departments is...Ch. 5 - In a process costing system, which account shows...Ch. 5 - In a process cost system, factory depreciation...Ch. 5 - Explain how process costing differs from job order...Ch. 5 - Would a pharmaceutical manufacturer use process or...Ch. 5 - Which costs are assigned using the...Ch. 5 - What is the primary purpose of process costing?Ch. 5 - What is the difference between prime costs and...Ch. 5 - Explain conversion costs using an example.Ch. 5 - Why are there conversion costs in both job order...Ch. 5 - What are equivalent units of production, and how...Ch. 5 - How can there be a different number of equivalent...Ch. 5 - Why is the number of equivalent units for...Ch. 5 - What are the four steps involved in determining...Ch. 5 - What is the weighted-average method for computing...Ch. 5 - How does process costing treat the costs...Ch. 5 - Why does each department have its own work in...Ch. 5 - March each term with its description.Ch. 5 - How is manufacturing overhead handled in a process...Ch. 5 - How are predetermined overhead rates used in...Ch. 5 - How many units were started into production in a...Ch. 5 - A company started a new product, and in the first...Ch. 5 - Given the following information, determine the...Ch. 5 - There were 1,700 units in beginning inventory that...Ch. 5 - A company has 1,500 units in ending work in...Ch. 5 - There were 2,400 units in ending work in process...Ch. 5 - How many units must be in ending inventory if...Ch. 5 - How many units must have been completed and...Ch. 5 - Using the weighted-average method, compute the...Ch. 5 - Using the weighted-average method, compute the...Ch. 5 - Mazomanie Farm completed 20,000 units during the...Ch. 5 - What are the total costs to account for if a...Ch. 5 - A company started the month with 8,329 units in...Ch. 5 - A production department within a company received...Ch. 5 - Production data show 35,920 units were transferred...Ch. 5 - Overhead is assigned to the manufacturing...Ch. 5 - Prepare the journal entry to record the factory...Ch. 5 - Prepare the journal entry to record the transfer...Ch. 5 - Prepare the journal entry to record the sale of...Ch. 5 - Given the following information, determine the...Ch. 5 - There were 2.000 units in beginning inventory that...Ch. 5 - A company has 100 units in ending work in process...Ch. 5 - There were 1,500 units in ending work in process...Ch. 5 - Using the weighted-average method, compute the...Ch. 5 - What are the total costs to account for if a...Ch. 5 - A company started the month with 4,519 units in...Ch. 5 - A production department within a company received...Ch. 5 - Production data show 15,200 units were transferred...Ch. 5 - Overhead is assigned to the manufacturing...Ch. 5 - Prepare the journal entry to record the factory...Ch. 5 - Prepare the journal entry to record the transfer...Ch. 5 - Prepare the journal entry to record the sale of...Ch. 5 - The following product Costs are available for...Ch. 5 - The following product costs are available for...Ch. 5 - Pant Risers manufactures bands for self-dressing...Ch. 5 - During March, the following costs were charged to...Ch. 5 - Materials are added at the beginning of a...Ch. 5 - Narwhal Swimwear has a beginning work in process...Ch. 5 - The following data show the units in beginning...Ch. 5 - The finishing department started the month with...Ch. 5 - The packaging department began the month with 500...Ch. 5 - Production information shows these costs and units...Ch. 5 - Given the following information, prepare a...Ch. 5 - Complete this production cost report:Ch. 5 - Selected information from Skylar Studios shows the...Ch. 5 - Loanstar had 100 units in beginning inventory...Ch. 5 - The following product costs are available for...Ch. 5 - The following product costs are available for...Ch. 5 - Vexar manufactures nails. Manufacturing is a...Ch. 5 - During March, the following costs were charged to...Ch. 5 - Ardt-Barger has a beginning work in process...Ch. 5 - The following data show the units in beginning...Ch. 5 - The following data show the units in beginning...Ch. 5 - The following data show the units in beginning...Ch. 5 - The finishing department started the month with...Ch. 5 - The packaging department began the month with 750...Ch. 5 - Production information shows these costs and units...Ch. 5 - Given the following information, prepare a...Ch. 5 - Selected information from Hernandez Corporation...Ch. 5 - Rexar had 1,000 units in beginning inventory...Ch. 5 - How would process costing exist in a service...Ch. 5 - Why are labor and manufacturing overhead grouped...Ch. 5 - How is process costing for a single manufacturing...Ch. 5 - What is different between the journal entries for...
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- Prepare the journal entry to record the transfer of 3,500 units from the separation department to the mash department if the material cost per unit is $2 and the conversion cost per unit is $5.arrow_forwardThe cost of direct materials transferred into the Bottling Department of Mountain Springs Water Company is $27,225. The conversion cost for the period in the Bottling Department is $7,596. The total equivalent units for direct materials and conversion are 60,500 and 63,300, respectively. Determine the direct materials and conversion cost per equivalent unit. Round your answers to the nearest cent. Materials Cost per Equivalent Unit: $ Conversion Cost per Equivalent Unit: $arrow_forwardUsing the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and Cost per material Cost per conversion transferred out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Cost per unit conversion Costs to account for Question: How many units must have been completed and transferred if beginning inventory was 75,000 units, ending inventory was 72,000 units, and 290,000 units were started? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Unitsarrow_forward
- Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending work in process was 60% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units Conversion Unitsarrow_forwardHotwax completed products costing $275,000 and transferred them to finished goods. Prepare the journal entry to record the transfer of units from Shaping to finished goods inventory.arrow_forwardJackson Company has the following information for the current period for the Mixing Department: Costs of beginning work-in-process: Direct materials Conversion costs Costs added during the period: Direct materials Conversion costs Equivalent units of production for: Direct materials Conversion costs $15,000 26,000 100,000 150,000 12,600 units 9,100 units Using the weighted-average method, what is the cost per equivalent unit for conversion costs? A.$ 3.25 B.$ 9.13 C.$ 19.84 D.S 19.34arrow_forward
- A company has 1,900 units in ending work in process that are 30% complete after transferring out 12,000 units. All materials are added at the beginning of the process. If the cost per unit is $3 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? Cost of units transferred out Ending work in process inventory $arrow_forwardA production department within a company received materials of $11,166 and conversion costs of $13,726 from the prior department. It added material of $28,663 and conversion costs of $44,448. The equivalent units are 15,244 for material and 19,876 for conversion. What is the unit cost for materials? Round to the nearest penny, two decimal places.arrow_forwardThe costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $1.65 and $0.55, respectively. The equivalent units to be assigned costs are as follows: The beginning work in process inventory had a cost of $1,340. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.arrow_forward
- Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Units started and completed in Equivalent units conversion Cost of units transferred out production Total units to account for Total ending work in process Ending work in process materials Ending work in process conversion Cost per unit conversion Costs to account for Question: A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Terms Dollars Ending work in process:arrow_forwardThe cost of direct materials transferred into the Filling Department of Ivy Cosmetics Company is $43,200. The conversion cost for the period in the Filling Department is $16,725. The total equivalent units for direct materials and conversion are 72,000 ounces and 66,900 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: $__________ per ounce Conversion costs per equivalent unit: $__________ per ouncearrow_forwardCosts in beginning work in process inventory was $4,500 and $37,800 in costs were added during the period. If there a equivalent unit under the weighted-average method is $ (Enter your answer as a whole number) Need help? Review these concept resources. Read About the Concept 4 7,050 equivalent units, the cost perarrow_forward
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