A sporting goods manufacturer buys wood as a direct material for baseball bats. The Forming department processes the baseball bats, and transfers the bats to the Finishing department where additional work is applied. The Forming department began manufacturing 10,000 bats during the month of May. There was no beginning inventory. Costs for The Forming department for the month of May follows: Direct materials Conversion costs P 33,000 17,000 A total of 8,000 bats were completed and transferred to the Finishing department, the remaining 2,000 bats were still in process at the end of the month. All of the Forming department's direct materials were placed in process, but on average, only 25% of the conversion cost was applied to the ending work in process inventory. 15. The cost allocated to units transferred to the Finishing department a P 50,000 b. P 40,000 c. P 53.000 d. P42,400 16. The cost allocated to the units in process at the end of the month a. P2,200 6. P4,000 c. P 4,800 d. P7,600

A sporting goods manufacturer buys wood as a direct material for baseball bats. The Forming department processes the baseball bats, and transfers the bats to the Finishing department where additional work is applied. The Forming department began manufacturing 10,000 bats during the month of May. There was no beginning inventory. Costs for The Forming department for the month of May follows: Direct materials Conversion costs P 33,000 17,000 A total of 8,000 bats were completed and transferred to the Finishing department, the remaining 2,000 bats were still in process at the end of the month. All of the Forming department's direct materials were placed in process, but on average, only 25% of the conversion cost was applied to the ending work in process inventory. 15. The cost allocated to units transferred to the Finishing department a P 50,000 b. P 40,000 c. P 53.000 d. P42,400 16. The cost allocated to the units in process at the end of the month a. P2,200 6. P4,000 c. P 4,800 d. P7,600

Name: A sporting goods manufacturer buys wood as a direct material for base
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: A sporting goods manufacturer buys wood as a direct material for baseball bats. TheForming department processes the baseball bats, and transfers the bats to the Finishingdepartment where additional work is applied. The Forming department beganmanufa

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in- process in December follows: ● Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 77,000 units. Units transferred out in December, 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the weighted-average method. Materials Conversion Costs Equivalent Units
The Blending Department for Westiana Paints started October with 1,200 gallons in process and started in production 9,700 gallons. During the month, 7,200 gallons were completed and transferred to the next department. Ending work-in-process was 3,700 gallons (100% comple with respect to direct materials and 30% complete for conversion costs). The department uses the weighted-average method. The Blending Department incurred the following costs: (Click the icon to view the costs.) 7. Prepare a production cost report for the Blending Department for the month of October. (Enter cost per equivalent units to the nearest cent. Abbreviations: EUP = Equivalent Units of Production.) UNITS Units to account for Total units to account for Units accounted for Total units accounted for COST: Costs to account for: Total costs to account for Cost per equivalent unit Costs accounted for: Total costs accounted for Westiana Paints Production Cost Report - Blending Department Month Ended October 31…
Glencove Co. makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginning of the manufacturing process. Information for the month of September follows: Units Costs Beginning work in process (40% complete) ? Direct materials $ 1,336,500 Conversion cost 625,800 Total cost of beginning work in process $ 1,962,300 Number of units started 36,400 Number of units completed and transferred to finished goods 34,800 Ending work in process (75% complete) 21,850 Current period costs Direct materials $ 2,402,400 Conversion cost 1,266,500 Total current period costs $ 3,668,900 Required: 1. Using the weighted-average method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in…
Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs.Beginning WIP included: 4,400 units, which amounted to $23,600. Spacely Sprockets used direct materials for $251,000 and had conversions costs of $142,900 to place 80,500 sprockets into production. Ending WIP amounted to 8,500 units, which were 100% completed for materials and 20% completed 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).
A Chair Company manufactures a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 85,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 15,000 chairs in ending inventory. All direct materials are added at the beginning of the production cycle. How many chairs were in inventory at the beginning of the month? Using weighted-average costing, what were the equivalent units for materials for February? Using FIFO costing, what were the equivalent units for direct materials for February? Using weighted average costing, what were the equivalent units for conversion costs for February if the beginning inventory was 70% complete as to conversion costs, and the ending inventory was 40% complete as to conversion costs?
Q-toric Company manufactures a single product, mushroom soup, which undergoes three production processes (chopping, mixing and packaging) before it can be transferred to finished goods. In the month of February, the chopping department incurred $8,100 and $8,500 for material cost and conversion cost respectively during the month. Beginning inventory was 40 % complete as to conversion costs and materials are added at the beginning of the period at each department. Beginning work in process inventory has 13,733 units, which are attached with $4,400 material costs and $530 conversion costs. The chopping department started 7,100 units during the period. There are 3,600 units remaining in the chopping process at the end of the month, which are 55 % complete as to conversion cost. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole unit or whole dollar. a) Calculate the number of units transferred from the chopping department to the mixing…
The Swivel Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 155,000 chairs. During the month, the firm completed 183,000 chairs and transferred them to the Finishing Department. The firm ended the month with 23,000 chairs in ending inventory. All direct materials costs are added at the beginning of the production cycle. Weighted-average costing is used by Swivel. How many chairs were in inventory at the beginning of the month? Conversion costs are incurred uniformly over the production cycle. A) 46,000 chairs B) 23,000 chairs C) 42,500 chairs D) 51,000 chairs
Re - Tire produces bagged mulch from recycled tires. Production involves shredding tires and packaging the pieces in the Bagging department. All direct materials enter in the Shredding process. A predetermined overhead rate of 185% of direct labor costs is used in both departments. The following describes production operations for October. Direct materials used (Shredding) $ 224,000 Direct labor used (Shredding) 37, 800 Direct labor used (Bagging) 70, 200 Costs transferred from Shredding to Bagging 202,000 Costs transferred from Bagging to Finished Goods 596, 000 Sales (on credit) for the month total $450,000 and cost of goods sold for the month is $250,000. Prepare journal entries dated October 31 to record October production activities for (1) direct materials usage, (2) direct labor usage, (3) overhead applied, (4) costs transfer from Shredding to Bagging, (5) costs transfer from Bagging to finished goods, (6) credit sales, and (7) cost of goods sold.
Cheetah Accessories uses four departments to produce handles for kitchen cabinets: Forming requires mixing the raw materials, Moulding, Spraying and Drying. After leaving the Drying Department, the handles are packaged and sent to the Finished Goods warehouse for shipment to retail outlets. The following data relates to the Spraying Department for the month of June: During the month, 2,000 handles valued at $275 each were transferred from the Molding Department to the Spraying Department. Other production costs incurred during the month are summarized as follows: Direct Materials Added Direct Manufacturing Wages Manufacturing Overhead $171,000 $425,600 $205,200 Process inspection occurs during the process and normally no losses are expected at this stage. However, during the month 200 handles were rejected at inspection. Rejected units from this department are sold as scrap at $400 each. These units had reached the following degree of completion: Transfer from Moulding 100% Direct…