FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Weighted Average Method, Single-Department Analysis
Refer to the information for Millie Company above.
Required:
Prepare a production report for the assembly department for June using the weighted average
method of costing. The report should disclose the physical flow of units, equivalent units, and
unit costs and should track the disposition of
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- Question: Ebony Company uses the weighted-average method of process costing to assign production costs to the products. Information for April follows. Assume that all materials are added at the beginning of the production process, and that direct labor and factory overhead are added uniformly throughout the process. Complete a process cost summary using the following sections: Beginning WIP Units completed and transferred Units Material Conversion 5000 50000 100000 20000 250000 500000 Ending WIP 80% complete with 7000 respect to conversion and 100% for materials 1. Costs charged to production 2. Unit cost information 3. Equivalent units of production 4. Cost per Equivalent unit of productionarrow_forwardSo I have to finish the Cost of production Report, as you can see I need help with the cost sections below on my report. See attached photo of my work in progress for this reportarrow_forwardKropf Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials. Direct labor Variable manufacturing overhead Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost Standard Quantity or Hours per Unit of Output The company has reported the following actual results for the product for September: Required: a. Compute the materials price variance for September. b. Compute the materials quantity variance for September.. c. Compute the labor rate variance for September. a. Materials price variance b. Materials quantity variance c. Labor rate variance 7.60 liters 0.60 hours 0.60 hours d. Labor efficiency variance e. variable overhead spending variance 1. Variable overhead efficiency variance 9,800 units…arrow_forward
- Savitaarrow_forwardI need to finish with these three questions and need help please. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. 2. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. 3.Discuss the uses of the cost of production report and the results of part (c).arrow_forwardDaosta 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…arrow_forward
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