That's Refreshing makes sports drinks for active people using the process cost system. Beloware the cost and production data from the Mixing Department for July. The beginning inventory onthe first of July was 100% complete as to materials and 15% as to conversions costs.Inventory, July 1st. 54,500 $12,530.00Placed in production in July 141,000 $33,130.00Inventory, July 31st. 71,000UNITSUnits to account for:Beginning work-in-processMaterials ReceivedThe inventory on July 31st was 100 % completed for materials and 38% completed as toconversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all futurecalculations)Total units to account forUnits to be assigned costs:Beginning WIPStarted and CompletedTransferred outUnits Materials Costs Conversion CostsEnding work-in-processTotal units assigned costsCOSTSCosts per Equivalent Unit ofProduction:Total costs for the monthTotal Equivalent UnitsCosts per EUPCosts Assigned to Product:Beginning WIPbeginningCost for the monthTotalCosts allocated to units:located toBeginning WIPEquivalent UnitsWhole Units Transferred In Direct Material Conversion Costs$15.510.00$44,992.00Cost to complete WIPStarted and Completed unitsTransferred outEnding WIPTotal Costs AssignedThat's Refreshing☐☐☐☐☐☐☐That's RefreshingTransferred DirectInMaterialsConversionCosts000000Total Costs▬▬▬▬

The equivalent units are calculated on the basis of the percentage of the work completed during the…

Answered: Prepare a production report using the…

Prepare a production report using the FIFO Method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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That's Refreshing makes sports drinks for active people using the process cost system. Below are the cost and production data from the Mixing Department for July. The beginning inventory on the first of July was 100% complete as to materials and 20% as to conversions costs. Units Materials Costs Conversion Costs Inventory, July 1st. 56,700 $11,230.00 $16,560.00 Placed in production in July 135,000 $34,220.00 $43,616.00 Invetory, July 31st. 65,000 The inventory on July 31st was 100% completed for materials and 33% completed as to conversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 37,400 partially complete gallons. Transferred out, 207,800 gallons. Ending inventory (materials are 20 percent complete; conversion costs are 8 percent complete). Started this month, 239,700 gallons. Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method.
Tomar Company produces vitamin energy drinks. The Mixing Department, the first processdepartment, mixes the ingredients required for the drinks. The following data are for April: Work in process, April 1 —Quarts started 90,000Quarts transferred out 75,000Quarts in EWIP 15,000Direct materials cost $ 84,000Direct labor cost $168,000Overhead applied $336,000 Direct materials are added throughout the process. Ending inventory is 60 percent complete withrespect to direct labor and overhead.Required:1. Why would a manager want a production report?2. Prepare a production report for the Mixing Department for April.
Conlon Chemicals manufactures paint thinner. Information on the work in process follows: • Beginning inventory, 37,000 partially complete gallons. • Transferred out, 215,000 gallons. • Ending inventory (materials are 19 percent complete; conversion costs are 11 percent complete). • Started this month, 238,000 gallons. Assume that beginning inventory is 50 percent complete with respect to materials and 30 percent complete with respect to conversion costs Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO.
Conlon Chemicals manufactures paint thinner. Information on the work in process follows: . • Beginning inventory, 40,700 partially complete gallons. . • Transferred out, 206,500 gallons. • Ending inventory (materials are 21 percent complete; conversion costs are 11 percent complete). Started this month, 238,200 gallons. Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method. a. Materials b. Conversion costs Equivalent Units (gallons)
Conlon Chemicals manufactures palnt thinner. Information on the work in process follows: • Beginning inventory, 38,900 partially complete gallons. • Transferred out, 212,400 gallons. • Ending inventory (materials are 21 percent complete; conversion costs are 10 percent complete). • Started this month, 240,400 gallons. Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method. Equivalent Units (gallons) a. Materials b. Conversion costs
The processing department at Wildhorse Corporation evaluated the costs associated with manufacturing paper towels for the past month. Beginning and newly added costs for May are as follows. Step 3: Account for costs Total costs DM Conversion Costs Costs in beginning WIP Inventory (from last period) $1,780 $1,480 $300 Costs added to WIP Inventory this period 12,020 8,120 3,900 Total costs to account for $13,800 $9,600 $4,200 (a) Show the T-account for Wildhorse’s WIP Inventory reflecting all of the appropriate costs above. WIP Inventory select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option…
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials co Conversion cost Total ● $ 56,000 35,400 $ 91,400 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 80,000 gallons. Units transferred out in July, 90,000 gallons. Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. $ 124,000 372, 600 $ 496,600 X Answer is complete but not entirely correct. Cost of goods transferred out $ 371,400 X Ending inventory $ 95,100 Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.
Bershka Manufacturing Company uses the Materials and in Process (MIP) account. At the end of each month, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted accordingly. Raw Materials are backflushed from MIP account to finished goods account then ultimately to cost of sales. The following data are available for the month of June. DE COBR 28,800 4,080,000 MIP, Jan. 1 Conversion cost debited to various accounts celse P251,400 ont ja1 Debited to MIP account during the 6-months period Conversion costs applied MIP account, Dec 31 31,800 232,200 1. The amount of materials backflushed RIP to finished goods amounted to Enisirsi bridd-oro at violnsvnt
The following cost information is available for July for the Crest Plant at Calvert Company. Beginning work-in-process inventory Materials cost Conversion cost Total . ● Current costs • Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 42,400 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 84,800 gallons. $ 59,360 37,524 $ 96,884 $ 131,440 394,956 $ 526,396 Units transferred out in July, 95,400 gallons. Ending inventory, 31,800 gallons, 40 percent complete with respect to conversion costs. Cost of goods transferred out total Ending inventory total Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations.
Patton Dyes manufactures colorings, primarily for textiles. Information on the work in process follows: Beginning Inventory, 140,000 partially complete liters. Ending inventory, 110,000 liters; units are 25 percent complete with respect to materials and 60 percent complete with respect to conversion costs. • Started this month, 695,000 liters. Assume that beginning inventory is 20 percent complete with respect to materials and 40 percent complete with respect to conversion costs. Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO. a. Materials b. Conversion costs Equivalent Units
Michael Company has a cycle time of 4 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of October: RIP beginning, including $10,000 of conversion cost, $35,000; FG beginning, including $6,800 of conversion cost; $30,000; Raw materials purchased on account, $225,000; RIP end, including $13,700 of conversion cost, $23,500; FG end, including $11,100 of conversion cost, $14,800. Direct labor $175,000; Factory overhead $220,000. What is the amount of materials backflushed from RIP to FG? $240,200 $259,700 $295,700 $220,000