- Google DriveX 4 My Drive - Google Drive+Front Desk Operations 2020 - Go X +Assignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inprogress%-false* TpAsk0 TVCC EmailP My Math LabLog In to CanvasX Mathway | Calculus..N Netflix Cengage Login LoginReaEquivalent Units and Related Costs; Cost of Production Report; EntriesDover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, thematerials pass through the Reaction and Filling departments, emerging as finished chemicals.The balance in the account Work in Process-Filling was as follows on January 1:Work in Process-Filling Department(3,500 units, 30% completed):Direct materials (3,500 x $10.60)$37,100Conversion (3,500 x 30% x $6.80)7,140$44,240The following costs were charged to Work in Process-Filling during January:Direct materials transferred from ReactionDepartment: 45,200 units at $10.30 a unit$465,560Direct labor173,540Factory overhead166,732During January, 44,800 units of specialty chemicals were completed. Work in Process-Filling Department on January 31 was 3,900 units, 90% completed.Required:1. Prepare a cost of production report for the Filling Department for January. If an amount is zero, enter "0". If required, round your cost per equivalent unit answers to two decimalplaces.Dover Chemical CompanyCost of Production Renort-Filling DenartmentPrevious rive - Google DriveX My Drive - Google DriveX t Front Desk Operations 2020 - Go X +akeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator=&inprogress=falseTpixo2 TVCC EmailP My Math Lab* Log In to CanvasEX Mathway | Calculus...N NetflixCengage Login * LoginReacStarted and completed in JanuaryTransferred to finished goods in JanuaryInventory in process, January 31Total costs assigned by the Filling Department2. Journalize the entries for (1) costs transferred from Reaction to Filling and (2) the costs transferred from Filling to Finished Goods.(1)(2)3. Determine the increase or decrease in the cost per egquivalent unit from December to January for direct materials and conversion costs. If required, round your answers to twodecimal places.Increase or DecreaseAmountChange in direct materials cost per equivalent unitChange in conversion cost per equivalent unitv and. The report can also be used to control4. The cost of production report may be used as the basis for allocating product costs betweencosts by holding each department head responsible for the units entering production and the costs incurred in the department. Any differences in unit product costs from one month toanother, such as those in part (3), can be studied carefully and any significant differences investigated.Previous%24

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Cost Production is prepared to allocate the costs incurred to the beginning units, units completed,…

Business

Accounting

Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process-Filling was as follows on January 1: Work in Process-Filling Department (3,500 units, 30% completed): Direct materials (3,500 x $10.60) $37,100 Conversion (3,500 x 30% x $6.80) 7,140 $44,240 The following costs were charged to Work in Process-Filling during January: Direct materials transferred from Reaction Department: 45,200 units at $10.30 a unit $465,560 Direct labor 173,540 Factory overhead 166,732 During January, 44,800 units of specialty chemicals were completed. Work in Process-Filling Department on January 31 was 3,900 units, 90% completed. Required: 1. Prepare a cost of production report for the Filling Department for January. If an amount is zero, enter "0". If required, round your cost per equivalent unit answers to two decimal places. Dover Chemical Company

Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process-Filling was as follows on January 1: Work in Process-Filling Department (3,500 units, 30% completed): Direct materials (3,500 x $10.60) $37,100 Conversion (3,500 x 30% x $6.80) 7,140 $44,240 The following costs were charged to Work in Process-Filling during January: Direct materials transferred from Reaction Department: 45,200 units at $10.30 a unit $465,560 Direct labor 173,540 Factory overhead 166,732 During January, 44,800 units of specialty chemicals were completed. Work in Process-Filling Department on January 31 was 3,900 units, 90% completed. Required: 1. Prepare a cost of production report for the Filling Department for January. If an amount is zero, enter "0". If required, round your cost per equivalent unit answers to two decimal places. Dover Chemical Company

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Equivalent units and related costs; cost of production report: entriesWhite Diamond Flour Company manufactures flour by a series of threeprocesses, beginning with wheat grain being introduced in the MillingDepartment. From the Milling Department, the materials pass throughthe Sifting and Packaging departments, emerging as packaged refinedflour.Work in Process-Sifting Department (900 units, 3/5 completed): Direct materials (900 x $2.05) $ 1,845 Conversion (900 x K x $0.40) 216 $2,061 The following costs were charged to Work in Process-SiftingDepartment during July: Direct materials transferred from Milling Department; 15,700 units at $2.15 a unit $33,755 Direct labor 4,420 Factory overhead 2,708 During July, 15,500 units of flour were completed. Work in Process-Sifting Department on July 31 was 1, 100 units, 4/5 completed.Instructions1. Prepare a cost of production report for the Sifting Department for July.2. Journalize the entries for costs transferred from…
Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process—Rolling on September 1 and debits to the account during September were as follows: Bal., 1,000 units, 20% completed: Direct materials (1,000 x $5.3) $ 5,300 Conversion (1,000 x 20% x $2.2) 440 $ 5,740 From Smelting Department, 24,200 units $130,680 Direct labor 35,940 Factory overhead 19,352 During September, 1,000 units in process on September 1 were completed, and of the 24,200 units entering the department, all were completed except 2,400 units that were 60% completed. Charges to Work in Process—Rolling for October were as follows: From Smelting Department, 27,800 units $155,680 Direct labor 44,660 Factory overhead 24,052 During October, the units in process at the beginning of…
added when the units are one-half completed. Labor and factory overhead are applied evenly during the process. Make the following computations for each case: a. Unit cost of materials, labor, and factory overhead for the month b. Cost of the units finished and transferred during the month Cost of the units in process at the end of the month C. E6-4 Calculating equivalent units Conte Chemnical Co. uses the weighted average cost method. All materials are added at the start of the production process. Labor and overhead are added evenly at the same rate throughout the process. Conte's records indicate the following data for May: Beginning work in process, May 1 (50% completed). Started in May..... 1,000 units 5,000 units Completed and transferred 4,000 units Ending work in process, on May 31, is 75% completed as to labor and factory overhead. Make the following calculations: a. Equivalent units for direct materials b. Equivalent units for labor and overhead (Hìnt first determine the ending…
Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 33,500 70% 30% Units started this period 470,000 Completed and transferred out 468,500 Ending work in process inventory 35,000 90% 50% Production cost information for the forming department follows. Beginning work in process Direct materials $ 55,000 Conversion 22,100 $ 77,100 Costs added this period Direct materials 1,745,000 Conversion 1,154,020 2,899,020 Total costs to account for $ 2,976,120 Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Calculate the costs per equivalent unit of…
Entries for Flow of Factory Costs for Process Costing Keoni Inc. manufactures a sugar product by a continuous process, involving three production departments—Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $900,000, $375,000, and $2,860,000, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $175,000, and work in process at the end of the period totaled $220,000. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the transfer of production costs to the second department, Sifting. If an amount box does not require an entry, leave it blank.
Vaasa Chemicals makes a product by way of two processes – Mixing & Refining. Its process costing system in the Mixing Department has two direct cost categories (Chemical P & Chemical Q) and one conversion costs pool. Chemical P is introduced at the start of the operations in the Mixing Department and Chemical Q is added when the product is three- fourths (75%) completed in the Mixing Department. The following information pertains to the Mixing department for July: Units Work in process inventory, July 1 0 Started production 50,000 Completed and transferred to Refining Department 35,000 Ending work in process inventory [two-thirds(66⅔%) of the way through the Mixing process] 15,000 Costs Beginning WIP inventory $0 Costs added during July: Chemical P 250,000 Chemical Q 70,000 Direct Labour 32,000 Manufacturing overhead 103,000 Required: i) Compute the equivalent units in the Mixing Department for direct materials and for conversion costs ii) Compute:…
Equivalent Units of Production The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0". Worley Company Number of Equivalent Units of Production Direct Materials Conversion Whole Units Equivalent Units Equivalent Units Inventory in process, beginning 640 160 Started and completed 12,960 X 12,960 12,960 X Transferred to Packing Department 12,600 12,960 X 13,120 720 X 720 X 216 X Inventory in process, ending Total 14,320 13,680 X 13,336 X Feedback V Check My Work When are the materials added to the units? How much more…
Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals.The balance in the account Work in Process—Filling was as follows on January 1:Work in Process—Filling Department(3,400 units, 60% completed):Direct materials (3,400 × $9.58) $32,572Conversion (3,400 × 60% × $3.90) 7,956 $40,528The following costs were charged to Work in Process—Filling during January:Direct materials transferred from ReactionDepartment: 52,300 units at $9.50 a unit $496,850Direct labor 101,560Factory overhead 95,166During January,…
White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process-Sifting Department was as follows on July 1: Work in Process-Sifting Department (800 units, 3/5 completed): Direct materials (800 × $2.25) $1,800 Conversion (800 × 3/5 × $0.40) 192 $1,992 The following costs were charged to Work in Process-Sifting Department during July: Direct materials transferred from Milling Department: 16,400 units at $2.35 a unit $38,540 Direct labor 4,480 Factory overhead 2,945 During July, 16,100 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,100 units, 4/5 completed. Required: 1. Prepare a cost of production report for the Sifting Department for July. If an…
White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process-Sifting Department was as follows on July 1: Work in Process-Sifting Department (900 units, 3/5 completed) on July 1 Cost Source Direct Materials (900 x $3.15) Conversion (900 x 3/5 x $0.30) Total Materials and Conversion I Dollar Amount $2,835 162 2,997 The following costs were charged to Work in Process-Sifting Department during July: Work in Process-Sifting Department Cost Source Direct materials transferred from Milling Department: 15,700 units at $2.30 a unit Direct Labor Factory Overhead Dollar Amount $36,110 5,420 2,384 During July, 15,500 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,100 units, 4/5 completed.
Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process—Filling was as follows on January 1: Work in Process—Filling Department (5,600 units, 40% completed): Direct materials (5,600 x $12.20) $68,320 Conversion (5,600 x 40% x $7.90) 17,696 $86,016 The following costs were charged to Work in Process—Filling during January: Direct materials transferred from Reaction Department: 72,200 units at $12.00 a unit $866,400 Direct labor 292,660 Factory overhead 281,176 During January, 71,600 units of specialty chemicals were completed. Work in Process—Filling Department on January 31 was 6,200 units, 10% completed. Required:…
Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process—Filling was as follows on January 1: Work in Process—Filling Department (3,500 units, 80% completed): Direct materials (3,500 x $14.90) $52,150 Conversion (3,500 x 80% x $9.60) 26,880 $79,030 The following costs were charged to Work in Process—Filling during January: Direct materials transferred from Reaction Department: 45,200 units at $14.60 a unit $659,920 Direct labor 219,930 Factory overhead 211,314 During January, 44,800 units of specialty chemicals were completed. Work in Process—Filling Department on January 31 was 3,900 units, 40% completed. Required:…