PROBLEM 24: Cost of Production Report (Continuous)RMG Corporation has the following information for the current month:Units started175,00035,000unitsBeginning Work in Process: (65% to be done)Total spoilageSpoilage within tolerance levelEnding Work in Process: (20% incomplete)units14,875unitsunits6,12525,375unitsTransferred out?units Beginning Work in Process Costs:MaterialConversionP46,25060,675Current Costs:P170,625265,335MaterialConversionAll materials are added at the start of the production process. RMG Corporationinspects goods at 100 percent completion as to conversion. Using the methodthat does not commingle the beginning and current period production activityRequired: (Use five decimal places to compute for unit cost)a. What are equivalent units of production for conversion cost?b. Total costs of transferred out unitsc. The amount of work in-process, end

Process costing refers to the process of assigning the costs of production to the produced goods.

Required: (Use five decimal places to compute for unit cost) a. What are equivalent units of production for conversion cost? b. Total costs of transferred out units c. The amount of work in-process, end

Required: (Use five decimal places to compute for unit cost) a. What are equivalent units of production for conversion cost? b. Total costs of transferred out units c. The amount of work in-process, end

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 4BE: The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory...

See similar textbooks

Similar questions

The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory (60% complete) on October 1. During October, 3,900 tons were completed. The ending work in process inventory on October 31 was 300 tons (25% complete). What are the total equivalent units for conversion costs?
Preparation of Process Accounts (Without process losses and no WIP) Practice Problem 1 Following figures show the cost of a product which passes through three processes. In January 2020, 1000 units were produced. Prepare the process accounts and find out cost per unit of each process. Particulars Process I (in RO) Process II (in RO) Process III (in RO) Raw Materials 50,000 30,000 20,000 Wages 30,000 25,000 25,000 Direct Expenses 7,000 3,000 5,000 Overhead expenses were RO 12,000 and it should be apportioned on the basis of wages.
Problem 1. Compute the equivalent production for the month for each of the following situations: Units Completed During Month Units in Process Stage of Completion End of Month 10,000 26,000 12,000 20,000 5,000 8,000 2,000 6,000 4,000 2,000 3,000 /2 e) 45,000 1/5
PROBLEM 23: Cost of Production Report The following information is available for DVC Corporation for the current month: Started this month Beginning WIP (3/5 incomplete) Total spoilage Abnormal spoilage Ending WIP (30% to be done) Transferred out 120,000 11,250 3,000 1,350 Units Units . Units Units ? Units 108,750 Units Beginning Work in Process Costs: Material P 15,600 20,700 Conversion Current Costs: P 180,000 525,915 Material Conversion All materials are added at the start of production and the inspection point is at the end of the process. Using the more accurate method representing the physical flow of units. Required: a. Total costs of units transferred-out b. The amount of work in-process, end c. Cost of abnormal loss units
PROBLEM 15: The following quarterly cost data have been accumulated for NewDDDManufacturing, Inc.: Raw materials, 1/1/2022 10,000 units at P6.00 Purchases of raw materials 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process 21,500 units Work in process, 1/1/2022 5,600 units at P13.50 Direct labor P 250,000 Manufacturing overhead 325,000 Work in process, 3/31/2022 4,200 units at P13.75 If New Delhi uses the FIFO method for valuing raw materials inventories, compute for thecost of goods manufactured for the quarter ended March 31, 2022.
2. 1. Assume process costing is used. Fill two tables given below. SHOW CALCULATIONS IN THE TABLE April $1,100,310 3,001,940 3,601,030 $7,703,280 3,800 March Beginning work in process was 20% complete in March and 65% complete in April. Ending work in process was 50% complete in March and 30% complete in April Direct materials costs $965,460 2,300,260 3,520,640 $6,786,360 6,000 17,500 4,500 Direct Jabor costs Manufacturing overhead applied Total manufacturing costs Units in beginning work in process Units transferred to finished goods Units in ending work in process 22,000 6,100 Express everything in UNITS March Аpril Beginning work in process Started and completed Ending work in process Total equivalent units Аpril Express everything in $ Total manufacturing cost per equivalent unit Direct materials cost per March equivalent unit
Concmt Attemptinesiogites In March, Blossom Company had the following unit production costs: materials $8 and conversion costs $6. On March 1, it had no work in process. During March, Blossom completed and transferred out 17,600 units. As of March 31, 3,200 units that were 40% complete as to conversion costs and 100% complete as to materials were in ending work in process. (a) Compute the total units to be accounted for. Total units
Units produced Production runs per quarter Direct materials cost per unit Direct labor cost per unit Supervision Setup labor Incoming inspection Total overhead Manufacturing overhead in the plant has three main functions: supervision, setup labor, and Incoming material Inspection. Data on manufacturing overhead for a representative quarter follow: $ 288,750 336,000 241,500 $ 866,250 Standard 14,000 a. Using current costing system b. Using proposed ABC system 50 $30 50 Required: a. Compute the unit costs for the two products, Standard and Premium, using the current costing system at Benton (using direct labor costs as the allocation basis for overhead). b. Compute the unit costs for the two products, Standard and Premium, using the proposed ABC system at Benton. Note: For all requirements, do not round Intermediate calculations. Round your answers to 2 decimal places. S S Answer is complete but not entirely correct. Premium 3,500 25 $64 75 Unit cost Standard 120.00 X S 117.67 X S…
provided for the first week in March: Physical flow schedule: Units to account for: Units in BWIP Units started Total units to account for Units accounted for: Units completed: From BWIP Started and completed Units in EWIP Total units accounted for Required: Direct Materials Direct Materials Conversion $30,000 Inputs Unit conversion cost Total unit cost 0 46,000 1. Calculate the equivalent units for each input category. Equivalent Units $ $50,200 60,000 60,000 Conversion Costs 0 46,000 14,000 60,000 2. Calculate the unit cost for each category and in total. If required, round your answers to the nearest cent. Unit direct materials cost $ 3. What if a different type of materials is also added at the end of the process (a candy wrapper), costing $9,200? Calculate the new unit cost. If required, round your answer to the nearest cent. $ per unit
Problem 24: Cost of Production Report (Discrete) The following information is available for Aquaman Corporation for the month of February: Started in Process units WIP beginning (40% complete) Normal spoilage (discrete) Abnormal spoilage WIP ending (70% complete) Completed and Transferred out 320,000 30,000 4,400 3,600 52,000 290,000 Cost Data WIP beginning cost: Materials Conversion 41,600 55,200 Current cost: Materials Conversion 480,000 1,400,000 515
5. The following data refer to the units processed by the Grinding Department for a recent month: Beginning WIP 12,000 units Units started 200,000 units Units completed Ending WIP 192,000 units 20,000 units The beginning work-in-process was 60% complete, and the ending work-in-process is 70% complete. What are the EUP for the month? FIFO Average FIFO Average a. 206,000 198,800 с. 206,000 206,000 b. 198,800 206,000 d. 198,800 198,800
3. Process costing is used. All of the manufacturing activities take place in a single processing department. The following information was available for the month of January: (16 points) Direct materials 85,200 Direct labor 25,000 Manufacturing overhead applied Total cost to account for in January 40,110 150,310 a) Prepare a journal entry to summarize the total manufacturing costs (direct materials, direct labor and manufacturing overhead) applied to productin on January 31, 2020. Date Debit Credit Db Cr b) Prepare the journal entry to transfer completed units from work in process to the finished goods warehouse on January 31,2020. Date Debit Credit Db Cr