FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing …
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In compari…
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) ) Hatch Company Fabrication Department Production Report for June Unit Information Units to account for: Total units to account for Units accounted for: Total units accounted for Costs to account for: Cost Information Total costs to account for Costs to account for: Cost Information Total costs to account for Physical Flow Cost per equivalent unit Costs accounted for: Units transferred out: Units, beginning work in process: Prior-period costs Current costs to finish units Units started and completed Total cost transferred out Units, ending work in process Total costs accounted for $ $ $ Equivalent Units Manufacturing Costs $ Manufacturing Costs
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Transcribed Image Text:) ) Hatch Company Fabrication Department Production Report for June Unit Information Units to account for: Total units to account for Units accounted for: Total units accounted for Costs to account for: Cost Information Total costs to account for Costs to account for: Cost Information Total costs to account for Physical Flow Cost per equivalent unit Costs accounted for: Units transferred out: Units, beginning work in process: Prior-period costs Current costs to finish units Units started and completed Total cost transferred out Units, ending work in process Total costs accounted for $ $ $ Equivalent Units Manufacturing Costs $ Manufacturing Costs
Hatch Company produces a product that passes through three processes: Fabrication, Assembly, and Finishing. All manufacturing costs are added uniformly for all processes. The following information was obtained for the Fabrication Department for June: a. Work in process, June 1, had 90,000 units (40 percent completed) and the following costs: Direct materials $72,720 107,000 Overhead 36,000 b. During the month of June, 190,000 units were completed and transferred to the Assembly Department, and the following costs were added to production: Direct materials Direct labor $223,000 144,000 165,000 Overhead c. On June 30, there were 45,000 partially completed units in process. These units were 80 percent complete. Required: Direct labor Prepare a cost of production report for the Fabrication Department for June using the FIFO method of costing. Round the cost per equivalent unit to the nearest cent.
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Transcribed Image Text:Hatch Company produces a product that passes through three processes: Fabrication, Assembly, and Finishing. All manufacturing costs are added uniformly for all processes. The following information was obtained for the Fabrication Department for June: a. Work in process, June 1, had 90,000 units (40 percent completed) and the following costs: Direct materials $72,720 107,000 Overhead 36,000 b. During the month of June, 190,000 units were completed and transferred to the Assembly Department, and the following costs were added to production: Direct materials Direct labor $223,000 144,000 165,000 Overhead c. On June 30, there were 45,000 partially completed units in process. These units were 80 percent complete. Required: Direct labor Prepare a cost of production report for the Fabrication Department for June using the FIFO method of costing. Round the cost per equivalent unit to the nearest cent.
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