Elmo has the following information for the month of October, its first month of operations Work in Process October 1 0 Units completed & transferred out in October 120,000 Work in process October 30 32,000 100% completed for materials 80% completed for conversion costs Costs added in October Materials $145,900 Direct Labor $96,000 Overhead $108,000 what is meant by the term

Elmo has the following information for the month of October, its first month of operations Work in Process October 1 0 Units completed & transferred out in October 120,000 Work in process October 30 32,000 100% completed for materials 80% completed for conversion costs Costs added in October Materials $145,900 Direct Labor $96,000 Overhead $108,000 what is meant by the term

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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PROBLEM 3 Bart Co. adds materials at the end of the process in Department M. the following information pertain to Department M's work in process during April: UNITS Work in process, April 1 (60% complete as to conversion cost) Started in April Completed Work in process, April 30 (75% complete as to conversion cost) 3, 000 25, 000 20, 000 8, 000 3. What are the equivalent units of production (both for materials and conversion) for the month of April using FIFO method? 4. What are the equivalent units of production (both for materials and conversion) for the month of April using weighted average method?
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior dept. 70,000 In process, February 28 ? 12,000 Stage of completion 2/5…
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Question Content Area Use this information about Department G to answer the question that follows. Department G had 2,040 units 25% completed at the beginning of the period, 12,400 units were completed during the period, 1,700 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $33,300 Costs added during period: Direct materials (12,060 units at $9) 108,540 Direct labor 85,610 Factory overhead 24,460 All direct materials are added at the beginning of the process, and the first-in, first-out cost flow method is used. Determine the total cost of the inventory in process at the end of the period. Round the unit cost computation to the nearest cent. a. $18,360 b. $23,868 c. $15,300 d. $17,680
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Question Content Area Department G had 2,400 units 25% completed at the beginning of the period, 13,500 units were completed during the period, 2,000 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $27,200 Costs added during period: Direct materials (13,100 units at $8) 104,800 Direct labor 79,800 Factory overhead 26,600 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)? a.$18,400 b.$19,200 c.$16,000 d.$24,960
Q2: Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available: Work in process, August 1 (60% complete with respect to conversion).... Started in August. Completed Work in process, August 31 (30% complete with respect to conversion). 72,000 480,000 480,000 72,000 Required 1. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. Solution
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Problem 1 Delta Corporation uses a process cost system and the FIFO cost flow assumption. Production begins in the Assembly Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On December 1, the beginning work in process inventory consisted of 20,000 units, which were 25% complete (conversion costs) and had a cost of $80,000. During March, the following occurred: Materials added Conversion costs incurred Units started during March Units in ending work in process March 31 (30% complete) Required: Prepare a Production Cost Report for the month ended December 31, 2017. $260,000 $75,000 65,000 19,000
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…

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Work in Process October 1	0
Units completed & transferred out in October	120,000
Work in process October 30	32,000
100% completed for materials
80% completed for conversion costs