Following is a partial production cost report for Mitchell MarEquivalent units of production (EUP) Direct MaterialsUnitsCompleted and transferred outEnding Work in ProcessCost per EUPCost of beginning work in process $40,500Costs added this period136,000Total costs$ 176,500% EUP from part (a)Cost per EUPO $135,500.O $136,000.O $176,500.50,00015,000O $176,150.O $196,000.Conversion65,000$2.71Percent Complete EUP Percent Complete EUP100%50,000 100%50,000100%15,000 80%12,00065,00062,000Direct Materials ConversionThe total direct materials costs transferred out of the Canning department equals:per EUP$ 59,700183,100$ 242,80062,000$3.92per EUP

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Description: Following is a partial production cost report for Mitchell MarEquivalent units of production (EUP) Direct MaterialsUnitsCompleted and transferred outEnding Work in ProcessCost per EUPCost of beginning work in process $40,500Costs added this period13

Total material cost transferred out is a measure of the cost of raw materials and components used in…

Business

Accounting

Equivalent units of production (EUP) Direct Materials Units Completed and transferred out 50,000 Ending Work in Process 15,000 Cost per EUP Cost of beginning work in process $ 40,500 Costs added this period 136,000 Total costs $ 176,500 % EUP from part (a) Cost per EUP Conversion Direct Materials Conversion 65,000 $2.71 Percent Complete EUP Percent Complete EUP 100% 50,000 100% 50,000 100% 15,000 80% 12,000 65,000 62,000 per EUP $59,700 183,100 $ 242,800 62,000 $ 3.92 per EUP

Equivalent units of production (EUP) Direct Materials Units Completed and transferred out 50,000 Ending Work in Process 15,000 Cost per EUP Cost of beginning work in process $ 40,500 Costs added this period 136,000 Total costs $ 176,500 % EUP from part (a) Cost per EUP Conversion Direct Materials Conversion 65,000 $2.71 Percent Complete EUP Percent Complete EUP 100% 50,000 100% 50,000 100% 15,000 80% 12,000 65,000 62,000 per EUP $59,700 183,100 $ 242,800 62,000 $ 3.92 per EUP

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Following is a partial process cost summary for Mitchell Manufacturing's Canning Department. Equivalent Units of Production Direct Materials Conversion Units Completed and transferred out 80,000 80,000 Units in Ending Work in Process: Direct Materials (12,000 × 100%) 12,000 Conversion (12,000 × 70%) 8,400 Equivalent Units of Production 92,000 88,400 Cost per Equivalent Unit Costs of beginning work in process $ 41,600 $ 61,200 Costs incurred this period 139,400 187,600 Total costs $ 181,000 $ 248,800 Cost per equivalent unit $ 1.97 per EUP $ 2.81 per EUP The total materials costs transferred out of the Canning Department equals:
In using the average method how many units were completed from process 1 and transferred to process 2 and its average unit cost? 15,000 units at an average unit cost P8.65. 15,000 units at an average unit cost P8.70. 14,600 units at an average unit cost P9.00. 14,800 units at an average unit cost P8.80.
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PR 17-2A Cost of Production Report Obj. 2, 4 Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department Date July Item 1 Bal., 30,000 units, 10% completed 31 Direct materials, 155,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 149,000 units 31 Bal.,? units, 45% completed Instructions Answer Check Figure: Conversion cost per equivalent unit, $0.76 Debit Credit 620,000 90,000 33,272 PICTIO ? ACCOUNT NO. Balance Debit Credit 121,800 741,800 831,800 865,072 1. Prepare a cost of production report, and identify the missing amounts for Work in Process -Roasting Department. ? 2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the…
The Baker Company manufactures a product in a single process. The following information isavailable:Input material 5,000 kilos valued at $18,000Material added $4,000Direct labour cost incurred $14,000Manufacturing overhead incurred $20,500Normal losses 10% of inputScrap value of losses $5.00 per unitUnits completed and transferred out 4,300 unitsi) Calculate the cost per completed unitii) What is the value of the units completed and transferred to finished goods?iii) What is the value of the unexpected losses?iv) What is the manufacturer’s true loss?v) Prepare the journal entries necessary to record the assignment of direct materials anddirect labour and the allocation of manufacturing overhead to the process. Also, give thejournal entries for the transfer of units completed to Finished Goods Inventory.
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Question Content Area Department A had 4, 800 units in Work in Process that were 79% completed at the beginning of the period at a cost of $6, 100. During the period, 25,000 units of direct materials were added at a cost of $55,000, and 27,700 units were completed. At the end of the period, 2, 100 units were 36% completed. All materials are added at the beginning of the process. Direct labor was $25,200 and factory overhead was $4,200. The cost of the 2,100 units in process at the end of the period if the first - in, first-out method is used to cost inventories was a. $5,521 b. $6, 422 c. $5,071 d. $4,620
Using The FIFO Method of Process Costing, prepare journal entries