QUESTION:In September, one of the processing departments at FarquerCorporation had beginning work in process inventory of $34,000.During the month, $342,000 of costs were added to productionand the cost of units transferred out of the department was$357,000.Required:Construct a cost reconciliation report for the department for themonth of September.

Step 1: Definition of the Cost ReconciliationA reconciliation statement is used to reconcile the…

Answered: QUESTION: In September, one of the…

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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A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory 30,000 units were started into production in January and there were 8,000 units that were 45% complete in the ending work in process inventory at the end of January. What were the equivalent units of production for materials for the month of January? A) 33,600 equivalent units B) 25,600 equivalent units C) 30,000 equivalent units D) 38,000 equivalent units
Required information [The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,300 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials. Conversion Direct Materials Conversion Units Numerator: Costs to be allocated $ $ 3,200 12,300 10, 200 5,300 Percent Complete for Direct Materials 75% $ 1,143 624 13,827 17,856 13,827 / 17,856 / 90% Percent Complete for Conversion 25% Calculate the Assembly department's cost per equivalent unit of production for materials and for conversion for November. Use the FIFO method. $ 1,767 31,683 Cost per…
In April, one of the processing departments at Terada Corporation had: • beginning work in process inventory of $40,000 • ending work in process inventory of $46,000. . . During the month, $263,000 of costs were added to production • the cost of units transferred out from the department was $257,000. In the department's cost reconciliation report for April, the total cost to be accounted for under the weighted-average method would be: $606,000 $86,000 $303,000 $566,000
a. Calculate the equivalent units for the Forming Department for the month of August. b. Find the cost per equivalent unit of direct materials and conversion associated with the units transferred during the month. (Round your answers to 2 decimal places.)
Units to be Assigned Costs Oak Ridge Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 63,800 tons from the Casting Department. During July, the Rolling Department completed 74,300 tons, including 16,200 tons of work in process on July 1. The ending work in process inventory on July 31 was 5,700 tons. How many tons were started and completed during July?
The debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,326 Conversion costs, 3,000 units, 40% completed 5,749 Materials added during April, 10,000 units 25,598 Conversion costs during April 34,639 Goods finished during April, 12,000 units 0 April 30 work in process, 1,000 units, 40% completed 0 All direct materials are added at the beginning of the process, and the first-in, first-out method is used to cost inventories. The conversion cost per equivalent unit for April is
Required: Prepare the cost of production report of Department B for the month of March assuming the following independent cases: a.) Loss occurred at the start of process; b.) Loss occurred during the process; c.) Loss occurred at the end of process.
Subject : Cost Accounting
Department B received from Department X, 20,000 units in January out of which 1/5 remained incomplete at the end of the month. In Department B, there were 5,000 units on January 1 which were 3/5 incomplete last December. From the total units completed in Department Y 4,000 units were not transferred to the next department at the end of January, and the unfinished units having been 80% unprocessed. 1. What is the EUP of Department of Y under FIFO Method?2. What is the EUP using the WA Method?
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Use this information about Department G to answer the question that follow. Department G had 3,600 units 25% completed at the beginning of the period, 11,000 units were completed during the period, 3,000 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $40,000 Costs added during period: Direct materials (10,400 units at s8) 83,200 Direct labor 63,000 Factory overhead 25,000 All direct materials are placed in process at the beginning of production, and the first-in, first-out method of inventory costing is used. What is the total cost of the units started and completed during the period (do not round unit cost calculations)? Oa. S211,200 Ob. S190.275 Oc. S120.06) Od. S20,934

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