Prepare all journal entries necessary to record the production of the Finishing Department.Please answer in details. Thank you! Exercise 7-7 NORMAL/ABNORMAL LOSS - FIFOThe firishing department for Puno Company for the month of June reported the following:Costs:Work in Process. beg.Cost from Preceding DepartmentMaterialsP12.0008,40013,680Conversion CostsCosts This DepartmentMaterialsConversion CostsCost from Preceding Dep't This MonthQuantitiesWork in Process, beg.Transferred in trom prior departmentTransterred out to next department518,000940,000740,0001,00036,80034,500Normal Lost Units200Abnormal Lost Units3,000Percentage of completion of Work in ProcessEndBeg100%MaterialsConversion CostThe normal spoilage is discovered at the fime of final inspection of the units as they leave thedepartment and are transtered to finished goods. It is therefore assumed that the units have beenfully processed in the Finishing Department.Prepare al journal entries necessary to record the production of the Finishing Department.50%60%

Work in progress a/c Dr 22080…

Exercise 7-7 NORMAL/ABNORMAL LOSS - FIFO The firishing department for Puno Company for the month of June reported the following: Costs: Work in Process, beg. Cost from Preceding Department Materias P12.000 8,400 13,680 Conversion Costs Costs This Department Materias 518,000 940,000 740,000 Conversion Costs Cost from Preceding Dep't This Month Quantities Work in Process, beg. Transferred in from prior department Transferred out to next department 1,000 36.800 34,500 200 3,000 Beg 100% Normal Lost Units Abnormal Lost Units Percentage of completion of Work in Process Materials End Conversion Cost The normal spoilage is discovered at the fime of final inspection of the units as they leave the department and are transterred to finished goods. it is therefore assumed that the units have been fuly processed in the Finishing Department. Prepare al journal entries necessary to record the production of the Finishing Department. S0% 60%

Exercise 7-7 NORMAL/ABNORMAL LOSS - FIFO The firishing department for Puno Company for the month of June reported the following: Costs: Work in Process, beg. Cost from Preceding Department Materias P12.000 8,400 13,680 Conversion Costs Costs This Department Materias 518,000 940,000 740,000 Conversion Costs Cost from Preceding Dep't This Month Quantities Work in Process, beg. Transferred in from prior department Transferred out to next department 1,000 36.800 34,500 200 3,000 Beg 100% Normal Lost Units Abnormal Lost Units Percentage of completion of Work in Process Materials End Conversion Cost The normal spoilage is discovered at the fime of final inspection of the units as they leave the department and are transterred to finished goods. it is therefore assumed that the units have been fuly processed in the Finishing Department. Prepare al journal entries necessary to record the production of the Finishing Department. S0% 60%

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...

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(Appendix 4A) Unit Cost, Ending Work in Process, Journal Entries During August, Leming Inc. worked on two jobs. Data relating to these two jobs follow: Overhead is assigned on the basis of direct labor hours at a rate of 11. During August, Job 64 was completed and transferred to Finished Goods. Job 65 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Job 64. 2. Compute the ending balance in the work-in-process account. 3. Prepare the journal entries reflecting the completion and sale on account of Job 64. The selling price is 175% of cost. (Note: Round all journal entry amounts to the nearest dollar.)
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 1,200 units, 60% completed 30 Direct materials, 8,300 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 900 units, 70% completed 20,856 124,500 18,950 145,356 164,306 184,502 20,196 ? ? The above information concerns production in theForging Department for November. All direct materials are placed in process at the beginning of production. Do not use S or commas in your answers. What is the Direct Materials Cost Per Equvalent Unit? What is the Conversion cost per equivalent unit? What is the cost of the beginning work in process completed during May? What is the cost of the ending work in process? What is the amount of the costs transfered to Finished Goods (or the next department)?
Problem Compute for the equivalent units of production in each of the following cases: Case A In process, Sept. 1 Placed in process In process, Sept. 30 Case B Stage of completion Stage of completion In process, Oct 1 Case C Stage of completion Transferred to Dept Y In process, Oct. 31 Stage of completion In process, Nov. 1 Stage of completion Transferred to stockroom Placed in process In process, Nov. 30 Stage of completion Department 1 8,000 units 14 50,000 units 6,000 units 1/5 Department X 3,000 units 1/3 26,000 units 4,000 1/5 Department A ? 1/5 35,000 units 12,000 units 1/3 Department 2 5,000 units 1/10 12,000 units 1/6 Department Y 2,000 units 1/5 7,000 2/7 Department B 8,000 units 1/8 38,000 units 3,200 units 1/10
Exercise 10; Cost of Production Report - Uneven Application of Costs Manghud Manufacturing Corp. adds all the materials at the start of the process The production data for October, 19C are as follows: Quantity data: In process, October 1 Placed in process. In process, October 31......... Cost data: In process, October 1 Factory costs, October: Materials Labor Factory overhead rate: 66 2/3% of labor cost Required: Cost of production report V 12,000 units, 1/3 done 40,000 units 5,000 units, 1/4 done P28,470 80,000 26,550
Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 10,100 $ 55,600 $ 34,100 Ending $ 18,500 $ 66,700 $ 43,200 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: $32,000 $ 4,690 $ 59,900 $ 87,300 $ 4,070 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used…
Accounting The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $18,000 of direct materials.
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
ACCOUNT Work in Process—Roasting Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit July 1 Bal., 5,100 units, 80% completed 17,034 31 Direct materials, 204,000 units 571,200 588,234 31 Direct labor 113,000 701,234 31 Factory overhead 28,218 729,452 31 Goods transferred, 205,000 units ? 31 Bal., ? units, 20% completed ? Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount box does not require an entry, leave it blank. When computing cost per equivalent units, round to two decimal places. Mochaccino Express Coffee Company Cost of Production Report-Roasting Department For the Month Ended July 31 Unit Information Units charged to production: Inventory in process, July 1 fill in the blank f90722098f8cf9f_1 Received from materials storeroom fill in the blank f90722098f8cf9f_2 Total units…
8:06 Problem 6A-7 CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June. Equivalent units of production Materials Conversion Cost of ending work in process inventory Cost of units transferred out Required: Assume that the company uses the FIFO method. 1. Determine the equivalent units for June for the first process. Cost Reconciliation Costs to be accounted for Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Costs accounted for as follows: Cost of ending work in process inventory Costs of units transferred out Total cost accounted for Units 64,000 427,000 363,000 128,000 $ 24,500 $477,000 $ Materials…
QUESTION 17 ACCOUNT Work in Process-Forging Department Date Item Nov. 1 Bal., 1,200 units, 60% completed 30 Direct materials, 8,300 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 900 units, 70% completed Debit 124,500 18,950 20,196 Credit ? ACCOUNT NO. What is the Direct Materials Cost Per Equvalent Unit? What is the Conversion cost per equivalent unit? What is the cost of the beginning work in process completed during May? What is the cost of the ending work in process? What is the amount of the costs transfered to Finished Goods (or the next department)? Balance Debit 20,856 145,356 164,306 184,502 ? ? Credit The above information concerns production in the Forging Department for November. All direct materials are placed in process at the beginning of production. Do not use $ or commas in your answers.
Question Content Area Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 269,610 Aug. 31 Goods finished 176,760 31 Direct materials X 31 Direct labor 36,300 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 109,360 Aug. 1 Balance 12,070 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $199,160, what was the amount debited to Work in Process for direct materials in August? a.$59,120 b.$328,310 c.$505,070 d.$106,750