Preparation of Process Accounts(With opening and Closing WIP)Solved Problem 5The information relating to process 1 of a two-stage production process is asfollows for August 2019.Opening inventory500 units (degree of completion 60%)RO 2,800Cost to dateCosts incurred in August 2019Direct materials (2,500 units introduced)Direct labourRO 13,200RO 6,600RO 6,600Production overheadRO 26,400Closing inventoryThere was no loss in the process. Prepare Process Account for the month of300 units (Degree of completion 80%)august

Process costing: Process costing is included costs like labor, material, and overhead which…

Preparation of Process Accounts (With opening and Closing WIP) Solved Problem 5 The information relating to process 1 of a two-stage production process is as follows for August 2019. Opening inventory Cost to date 500 units (degree of completion 60%) RO 2,800 Costs incurred in August 2019 Direct materials (2,500 units introduced) RO 13,200 RO 6,600 RO 6,600 Direct labour Production overhead RO 26,400 Closing inventory There was no loss in the process. Prepare Process Account for the month of 300 units (Degree of completion 80%) august

Preparation of Process Accounts (With opening and Closing WIP) Solved Problem 5 The information relating to process 1 of a two-stage production process is as follows for August 2019. Opening inventory Cost to date 500 units (degree of completion 60%) RO 2,800 Costs incurred in August 2019 Direct materials (2,500 units introduced) RO 13,200 RO 6,600 RO 6,600 Direct labour Production overhead RO 26,400 Closing inventory There was no loss in the process. Prepare Process Account for the month of 300 units (Degree of completion 80%) august

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

don't give answer in image format
ces Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March Percent Completed Units Pulping 3,000 100% Conversion 80% 7,000 100% 75% $ 885 $ 360 133,900 $ 44,203 $ 21,904 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: For March: 1. Compute the Drying Department's equivalent units of production for pulping and conversion. 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion. 3. Compute the Drying…
Hh1.
Current Attempt in Progress Concord Company decided to analyze certain costs for June of the current year. Units started into production equaled 27000 and ending work in process equale 3500 units. With no beginning work in process inventory, how much is the conversion cost per unit if ending work in process was 20 % complete and total conversion costs equaled $135520? O $4.44. O $2.80. $5.60. e $5.02.
Please do not give solution in image format thanku
Please do not give solution in image format thanku
* Question Completion Status: QUESTION 25 The following data (in thousands of dollars) have been taken from the accounting records of Rudy Corporation for the just completed year. Sales $800 Raw materials inventory - beginning $ 60 $70 Raw materials inventory, ending Purchases of raw materials $180 Direct labor $100 Manufacturing overhead $190 Administrative expenses $110 $150 $70 $80 $120 $160 Selling expenses Work in process inventory beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending The net income for the year (in thousands of dollars) was O $190 $390 O $70 O $130 O $310
Current Attempt in Progress Waterway Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $290000 $516000. $226000. $806000. $504000. 146000 298000 226000 278000 794000 Waterway Company's ending Work in Process Inventory is
The information relating to process1 of a two-stage production process is as fallows for August 2019. Opening inventory 500 units (degree of completion 60%) Cost to date RO 2,800. Costs incurred in August 2019 Direct materials (2,500 units introduced) RO 13,200. Direct labor RO 6,600 Production overhead RO 6,600 Closing inventory 300 units (Degree of completion 80%) There was no loss in the process. Prepare Process Account for the month of august. Prepare (a) Statement of Equivalent Production Equivalent Units Material Output Items Input Units Units Labgur P. Overheads Qty Qty Qty b) Statement of Cost Equivalent Units Element of Cost Cost Cost per unit Material abou Overheads c.) statement of valuation Material Labour Overheads Total Einished Goods Closing WIP
Parts A B C
hre.6
takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse Calculator A company started the month with 8,333 units in work in process inventory. It started 23,146 units and had an ending inventory of 9,322. The units were 100% complete to materials and 67% complete with conversion. How many units were transferred out during the period? Units transferred out Previous Next Email Instructor Submit Test for Grading All work saved. 5:18 PM 10/2/2020 arch O