Exercise 8-52 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5, 6)Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing andRefining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuatessignificantly month to month based on market conditions. Information on costs and operations in the RefiningDepartment for September follow:WIP inventory-RefiningBeginning inventory(17,500 units, 10% complete with respect to Refiningcosts)Transferred-in costs (from Mixing)Refining conversion costsCurrent work (55,300 units started)Mixing costsRefining costs$ 237,0559,676$ 898,625103,140The ending inventory has 22,900 units, which are 90 percent complete with respect to Refining Department costs.Required:a. Complete the production cost report using the FIFO method.Note: Round "Cost per equivalent unit" to 2 decimal places.Flow of units:Units to be accounted for.Beginning WIP inventoryUnits started this periodTotal units to account forUnits accounted for:Completed and transferred outFrom beginning WIP inventoryMixingRefiningStarted and completed currentlyUnits in ending WIP inventoryMixingRefiningTotal units accounted forFlow of costs:Costs to be accounted for:Costs in beginning WIP inventoryCurrent period costsTotal costs to be accounted forCost per equivalent unitMixingRefiningCosts accounted for:Costs assigned to units transferred out:Costs from beginning WIP inventoryCurrent costs added to complete beginning WIPinventoryMixingRefiningCurrent costs of units started and completed:MixingRefiningTotal costs transferred outCost of ending WIP inventoryMixingRefiningTotal costs accounted forPhysicalUnitsTotalEquivalent UnitsMixing RefiningDepartment DepartmentMixing RefiningDepartment DepartmentAssessment Tool iFrame

It is the report that gives information about the total units produced and total cost incurred…

Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 237,055 9,676 $ 898,625 103,140 The ending inventory has 22,900 units, which are 90 percent complete with respect to Refining Department costs.

Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 237,055 9,676 $ 898,625 103,140 The ending inventory has 22,900 units, which are 90 percent complete with respect to Refining Department costs.

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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Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department). WIP inventory—Finishing Beginning inventory (10,600 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) $ 121,600 Finishing conversion costs 4,554 Current work (99,200 units started) Mixing costs 932,480 Finishing costs 468,464 The ending inventory has 14,600 units, which are 60 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs. Required: a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)
PBB Company manufactures high end product. Because of the high volume of this type of product, the company employs a process cost system using the weighted average method to determine costs. Product Parts are manufactured in the Molding Department and transferred to the assembly Department were they are partially assembled. After assembly, the product is sent to packaging department. Cost per unit data for the high end product has been completed through the Molding department. Annual cost and production figures for the assembly Department are presented below: Production Data Beg. Inventory 50% Complete as to Assembly materials; 20% complete 3,000 as to Conversion units 45,000 Transferred In during the year units 40,000 Transferred to Packaging Department units 4,000 Ending Inventory 80% complete units Cost Data: Transferred-In Materials Conversion Current Period P 1,240,800 P 97,020 P 236,470 Work in Process, beginning 82,200 6,660 11,930 Damage product are identified on inspection…
Pure Spring Company produces premium bottled water. In the second department, the Bottling Department, conversion costs are incurred evenly throughout the bottling process, but packaging materials are not added until the end of the process. Costs in beginning Work-in-Process Inventory include transferred in costs of $1,700, direct labor of $600, and manufacturing overhead of $900. March data for the Bottling Department follow: View the data. Read the requirements. Requirement 1. Prepare a production cost report for the Bottling Department for the month of March. The company uses the weighted-average method. (Complete all input fields. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.) UNITS Units to account for: Total units to account for Units accounted for: Total units accounted for Pure Spring Company Production Cost Report - Bottling…
Blue Water Company produces premium bottled water. In the second department, the Bottling Department, conversion costs are incurred evenly throughout the bottling process, but packaging materials are not added until the end of the process. Costs in beginning Work-in-Process Inventory include transferred in costs of $1,200, direct labor of $600, and manufacturing overhead of $530 March data for the Bottling Department follow (Click the icon to view the data.) Read the requirements Divided by: Total EUP Cost per equivalent unit Costs accounted for Mar. 31 $ Finished Goods Inventory Work-in-Process Inventory-Bottling $ 180,000 $ 0.77 $ Completed and transferred out Ending work-in-process Total costs accounted for Requirement 2. Prepare the journal entry to record the cost of units completed and transferred out. (Record debits first, th Date Accounts Credit Debit 203,050 119,350 $ 19,250 138,600 S 155,000 0.18 S Work-in-Process Inventory-Bottling 172,500 0 36 27,900 S 0 27,900 S 55,800 $…
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Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Marigold produces the paint in its mixing department and then transfers the paint to the canning department. The following information is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout the process. One unit is one gallon of paint. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion (a) Your Answer Correct Answer . . Total equivalent units of work done Cost per aquivalent Unit S Units Teep cost of units complete 1,700 Transferred-in 47,500 48,200 1,000 Transferred-In 100% 100% $12,020 $2,020 DM $408,500 $55,800 100% Complete Steps 1-5 of the template for the canning department…
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs The ending inventory has 22,900 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Flow of units: Units to be accounted for. Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed…
Dengo Co. makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory.. Units started and completed... Units completed and transferred out... Ending work in process inventory.... [continued on next page] Units 3,000 19,200 22,200 2,400 [continued from previous page] Required Direct Materials Percent Complete 100% 100% Chapter 16 Process Costing and Analysis Conversion Percent Complete 40% 80% Problem 16-7Aª FIFO: Cost per equivalent unit; costs assigned to products C2 Beginning work in process.. Costs added this period Direct materials. Conversion....... Total costs to account for... $248,400 1,082,970 $ 120,870 1,331,370 $1,452,240 1. Compute equivalent units of production for both direct materials and conversion. 2. Compute…
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