Required Information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process Inventories. The accounting records show the following Information for February. Beginning WIP inventory. Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 21,553 7,105 Quantity Information is obtained from the manufacturing records and includes the following: 123,992 55,520 Cost of goods transferred out Cost of ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,200 units 13,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending Inventory for February using the FIFO method. Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar.

Required Information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process Inventories. The accounting records show the following Information for February. Beginning WIP inventory. Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 21,553 7,105 Quantity Information is obtained from the manufacturing records and includes the following: 123,992 55,520 Cost of goods transferred out Cost of ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,200 units 13,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending Inventory for February using the FIFO method. Note: Do not round Intermediate calculations. Round your final answers to the nearest whole dollar.

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 3CMA: Kimbeth Manufacturing uses a process cost system to manufacture dust density sensors for the mining...

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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:
Tanaka Manufacturing Co. uses the process cost system. The following information for the month of December was obtained from the company’s books and from the production reports submitted by the department heads: Required: Prepare cost of production summaries for the Mixing, Blending, and Bottling (Hint: You must calculate the adjusted unit cost from Blending.) departments. Prepare a departmental cost work sheet. Draft the journal entries required to record the month’s operations. Prepare a statement of cost of goods manufactured for December. (Hint: Goods finished but not transferred to finished goods are considered part of work in process inventory.)
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.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
The charges to Work in ProcessAssembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Determine the following: a. The number of units in work in process inventory at the end of the period b. Equivalent units of production for direct materials and conversion c. Costs per equivalent unit for direct materials and conversion d. Cost of the units started and completed during the period
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Sterlings records show the work in process Inventory had a beginning balance of $4000 and an ending balance of $3,000. How much direct labor was incurred if the records also show :
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Monterrey Products Co. uses the process cost system. A record of the factory operations for the month of October follows: Required: Prepare a cost of production summary, assuming that the production losses are considered to be normal.