Please do not give solution in image format thanku Complete this question by entering your answers in the tabs below.Required Required RequiredABCCalculate the costs per equivalent unit of production for both direct materials andconversion for the forming department.Costs of beginning work in processCosts added this periodTotal costs+ Equivalent units of production (frompart a)Cost per equivalent unit of productionCost AssignmentCompleted and transferred outDirect materialsConversionTotal Completed andDirect Materials< Required Atransferred outEnding work in processDirect materialsConversionTotal costs accounted forComplete this question by entering your answers in the tabs below.Required Required RequiredABCUsing the weighted average method, assign costs to the forming department's output-specifically, its units transferred to painting and its ending work in process inventory.EUPEUPperEUPEUP< Required BRequired C >ConversionCost perEUPCost perEUPEUPperEUP$ 0.00$0.00Required CTotal costTotal cost0.000.00 Required informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below.]Fields Company has two manufacturing departments, forming and painting. The company uses the weightedaverage method and it reports the following unit data for the Forming department. Units completed in theforming department are transferred to the painting department.Units36,000520,000516,00040,000Beginning work in processinventoryUnits started this periodCompleted and transferredoutEnding work in processinventoryProduction cost information for the forming department follows.Beginning work in processDirect materialsConversionCosts added this periodDirect materialsConversionTotal costs to account forRequired Required RequiredABс$ 58,00024, 1001,889,0001,226,700Completed and transferredoutEnding work in processUnitsDirectMaterials ConversionPercentComplete70%85%$82,100PercentComplete3,115,700Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department.b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Formingdepartment.< Required Ac. Using the weighted average method, assign costs to the forming department's output-specifically, its unitstransferred to painting and its ending work in process inventory.$3,197,800Complete this question by entering your answers in the tabs below.Direct MaterialsEUPCalculate the equivalent units of production for both direct materials and conversion for theforming department.PercentComplete30%35%ConversionPercentCompleteRequired B >EUP

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Description: Please do not give solution in image format thanku Complete this question by entering your answers in the tabs below.Required Required RequiredABCCalculate the costs per equivalent unit of production for both direct materials andconversion for the fo

Under the weighted average method the degree of completion of units completed and transferred out…

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Required Required Required A B C Calculate the costs per equivalent unit of production for both direct materials onversion for the forming department. osts of beginning work in process LAL! Direct Materials Conversion

Required Required Required A B C Calculate the costs per equivalent unit of production for both direct materials onversion for the forming department. osts of beginning work in process LAL! Direct Materials Conversion

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 17E: K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the...

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Reducir, Inc., produces two different types of hydraulic cylinders. Reducir produces a major subassembly for the cylinders in the Cutting and Welding Department. Other parts and the subassembly are then assembled in the Assembly Department. The activities, expected costs, and drivers associated with these two manufacturing processes are given below. Note: In the assembly process, the materials-handling activity is a function of product characteristics rather than batch activity. Other overhead activities, their costs, and drivers are listed below. Other production information concerning the two hydraulic cylinders is also provided: Required: 1. Using a plantwide rate based on machine hours, calculate the total overhead cost assigned to each product and the unit overhead cost. 2. Using activity rates, calculate the total overhead cost assigned to each product and the unit overhead cost. Comment on the accuracy of the plantwide rate. 3. Calculate the global consumption ratios. 4. Calculate the consumption ratios for welding and materials handling (Assembly) and show that two drivers, welding hours and number of parts, can be used to achieve the same ABC product costs calculated in Requirement 2. Explain the value of this simplification. 5. Calculate the consumption ratios for inspection and engineering, and show that the drivers for these two activities also duplicate the ABC product costs calculated in Requirement 2.
Explain how each activity in this list can be associated with the corresponding unit or batch level provided. A. Assembling products: batch level B. Issuing raw materials: unit level C. Machine setup: unit level D. Inspection: batch level E. Loading the labeling machine: unit level F. Equipment maintenance: unit level G. Printing a banner: batch level H. Moving material: unit level i. ordering a part: unit level
Use the following information for Brief Exercises 4-34 and 4-35: Sanjay Company manufactures a product in a factory that has two producing departments, Assembly and Painting, and two support departments, S1 and S2. The activity driver for S1 is square footage, and the activity driver for S2 is number of machine hours. The following data pertain to Sanjay: Brief Exercises 4-35 (Appendix 4B) Sequential Method Refer to the information for Sanjay Company on the previous page. Now assume that Sanjay uses the sequential method to allocate support department costs. S1 is allocated first, then S2. Required: 1. Calculate the cost assignment ratios to be used under the sequential method for S2, Assembly, and Painting. Carry out your answers to four decimal places. 2. Allocate the overhead costs to the producing departments by using the sequential method.
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct MaterialsConversion Percent Percent Complete Complete 40% Units 5,700 100% 41,040 42,180 4,560 100% $ 37,620 421,686 $ 459,306 943,920 4,115,286 5,059,206 5,518,512 olem 3-4A (Algo) FIFO: Production cost report LO C2, P4 $ 80% me that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. ired: Prepare the Forming department's production cost report for May using FIFO. Prepare…
Varlous activitles at Ming Corporation, a manufacturing company, are listed below. Each activity has been classified as a unit-level, batch-level, product-level, or customer-level activity. Required: Complete the table by providing an example of an activity measure for each activity. Activity Activity Classification Examples of Activity Measures a. Direct labor workers assemble a product. b. Products are designed by engineers. c. Equipment is set up. d. Machines are used to shape and cut materials. e. Monthly bills are sent out to regular customers. f. Materials are moved from the receiving dock to production lines. g. All completed units are inspected for defects. Unit Product Batch Unit Customer Batch Unit
Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Zia Company makes flowerpots from recycled plastic in two departments, Molding and Packaging. Zia uses the weighted average method, and units completed in the Molding department are transferred to the Packaging department. Production unit Information for the Molding department follows. Molding-Direct Materials Beginning work in process inventory Units started this period Ending work in process inventory Units 3,900 27,500 3,000 Completed and transferred out Direct materials Ending work in process Direct materials Direct materials costs accounted for Percent Complete 70% Production cost Information for the Molding department for the same period follows. Beginning work in process inventory (direct materials) Direct materials added this period. EUP Cost assignment-Weighted average (Direct Materials Only) Cost per EUP 80% QS 16-19 (Algo) Weighted average:…
Required information [The following information applies to the questions displayed below.) The first production department in a process manufacturing system reports the following unit data. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Prepare the production department's equivalent units of production for direct materials under each of the following three separate assumptions using the weighted average method for process costing. Total Equivalent Units of Production (EUP)-Weighted Average Method 1. All direct materials are added to products when processing begins. Total Units 25,800 units 60,200 units 86,000 units 16,300 units Units Direct Materials 2. Beginning inventory is 30% complete as to direct materials costs. Ending inventory is 80% complete as to direct materials costs. Units Percent Complete Direct Materials Percent Complete EUP 3. Beginning inventory is 70% complete as to direct materials…
For each of the following activities, select the most appropriate cost driver. Each cost driver may be used only once. Activity Cost Driver 1. Pay vendors Answer 2. Evaluate vendors Answer 3. Inspect raw materials Answer 4. Plan for purchases of raw materials Answer 5. Packaging Answer 6. Supervision Answer 7. Employee training Answer 8. Clean tables Answer 9. Machine maintenance Answer 10. Move in-process product from one work station to the next Answer
Activity Levels and Cost Drivers Shroeder Machine Shop has the following activities: Machine operation Machine setup Production scheduling Materials receiving Research and development Machine maintenance Product design Parts administration Final inspection of a sample of products Materials handling Required Classify each of the activities as a unit-level, batch-level, product-level, or facility-level activity. Identify a potential cost driver for each activity in requirement 1.
Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Zia Company makes flowerpots from recycled plastic in two departments, Molding and Packaging. Zia uses the weighted average method, and units completed in the Molding department are transferred to the Packaging department. Production unit Information for the Molding department follows. Molding-Direct Materials Beginning work in process inventory Units started this period Ending work in process inventory Production cost information for the Molding department for the same period follows. Units Beginning work in process inventory (direct materials) Direct materials added this period 3,900 27,500 3,000 Req A Req B and C Percent Complete QS 16-18 (Algo) Weighted average: Computing equivalent units and cost per EUP (direct materials) LO P1
Way Cool produces two different models of air conditioners. The company produces the mechanical systems in its components department. The mechanical systems are combined with the housing assembly In Its finishing department. The activities, costs, and drivers associated with these two manufacturing processes and the production support process follow. Process Activity Components Changeover Machining Setups Finishing Welding Support Inspecting Rework Purchasing Providing space Providing utilities Units produced Welding hours Batches Number of inspections Machine hours Setups Rework orders Purchase orders Required 1 Overhead Cost $ 559,650 411,510 74,000 $1,045,160 $ 288,640 257,600 55,000 601,240 $ $ 194,540 30,800 37,960 $ 263,300 Additional production Information concerning its two product lines follows. Required 2 Model 145 1,200 1,200 455 475 3,350 20 150 365 Driver Number of batches Machine hours Number of setups Required 3 Welding hours Number of inspections Rework orders Purchase…