FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- In the manufacture of 9,700 units of a product, direct materials cost incurred was $172,400, direct labor cost incurred was $107,300, and applied factory overhead was $43,900. What is the total conversion cost? a. $172,400 b. $323,600 c. $43,900 Od. $151,200arrow_forwardA production department reports the following conversion costs. Equivalent units of production for conversion total 478,000 units this period. Calculate the cost per equivalent unit of production for conversion. The company uses the weighted average method. Costs of beginning work in process $ 1,057,500 Costs added this period 775,000 Cost per equivalent unit of production-Weighted average Costs transferred out Cost of ending work in process Total costs + Equivalent units of production Cost per equivalent unit of production Conversion EUP per EUP Ch.arrow_forwardIn December, Davis Company had the following cost flows: Molding Department Grinding Department Finishing Department Direct materials $112,300 $29,200 $16,800 Direct labor 8,500 13,500 12,100 Applied overhead 9,400 60,800 11,000 Transferred-in cost: From Molding 130,200 From Grinding 233,700 Total cost $130,200 $233,700 $273,600 Required: 1. Prepare the journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods 1. Prepare the Dec. 31 journal entries to transfer costs from (a) Molding to Grinding, (b) Grinding to Finishing, and (c) Finishing to Finished Goods. Refer to the Chart of Accounts for the exact wording of account titles. Question not attempted. PAGE 15 GENERAL JOURNAL Score: 0/76 DATE ACCOUNT POST. REF. DEBIT CREDIT 1 2 3 4 5…arrow_forward
- Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Jabari Company is $6,000,000. The conversion cost for the period in the Rolling Department is $925,200. The total equivalent units for direct materials and conversion are 16,000 tons and 15,420 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: $ Conversion cost per equivalent unit:: per ton per tonarrow_forward2. TheNitrogen Fixation Department d Tomco Company began the month of December with begimng work in process of 4,000 unts that are D0% complete as to materials and 30% complete as to conversion costs. Unts transferred out are 2,000 units. Endng work in process contains 0.000 units that are D0% complete as to materiats and 40% complete as to conversion costs.arrow_forwardCost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Oak Ridge Steel Company is $462,800. The conversion cost for the period in the Rolling Department is $286,700. The total equivalent units for direct materials and conversion are 2,600 tons and 4,700 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: $fill in the blank 1 per ton Conversion cost per equivalent unit: $fill in the blank 2 per tonarrow_forward
- Cost per Equivalent Unit The cost of direct materials transferred into the Filling Department of Ivy Cosmetics Company is $187,380. The conversion cost for the period in the Filling Department is $50,400. The total equivalent units for direct materials and conversion are 69,400 ounces and 72,000 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: $fill in the blank 1 per ounce Conversion costs per equivalent unit: $fill in the blank 2 per ouncearrow_forwardCost Flows Through Jour The Mixing Department performs a series of processes in which a fluid chemical is concentrated. Records indicate that the Mixing Department has been charged with $128,000 of direct labor costs. The manufacturing overhead rate is 150% of direct labor costs. Beginning work in process was $448,000, and ending work in process totaled $68,000. One- half of this period's completed products is sold on account at a price equal to 160% of its cost. Prepare journal entries to record (1) various costs charged to the Mixing Department this period, (2) transfer of this period's completed product, and (3) sale of one-half of this period's production. (2) General Journal Ref. (1) Work in process-Mixing Department Wages payable To record direct labor costs. Work in process-Mixing Department Manufacturing overhead To record manufacturing overhead. Finished goods inventory Work in process-Mixing Department To record completed production Cost of goods sold (3) Description Finished…arrow_forwardUnits to be Assigned Costs Ivy Cosmetics Company consists of two departments, Blending and Filling. The Filling Department received 72,000 ounces from the Blending Department. During the period, the Filling Department completed 68,000 ounces, including 6,000 ounces of work in process at the beginning of the period. The ending work in process inventory was 10,000 ounces. How many ounces were started and completed by the Filling Department during the period?fill in the blank 1 ouncesarrow_forward
- Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Kraus Company is $459,000. The conversion cost for the period in the Rolling Department is $303,800. The total equivalent units for direct materials and conversion are 2,700 tons and 4,900 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: $fill in the blank 1 per ton Conversion cost per equivalent unit: $fill in the blank 2 per tonarrow_forwardCost per Equivalent Unit The cost of direct materials transferred into the Filling Department of Ivy Cosmetics Company is $314,430. The conversion cost for the period in the Filling Department is $186,300. The total equivalent units for direct materials and conversion are 66,900 ounces and 69,000 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: $fill in the blank 1 per ounce Conversion costs per equivalent unit: $fill in the blank 2 per ouncearrow_forwardWeighted-Average Method; Two Departments BDB Company manufactures its one product by a process that requires two departments. The production starts in Department A and is completed in Department B. Direct materials are added at the beginning of the process in Department A.Additional direct materials are added when the process is 50% complete in Department B. Conversioncosts are incurred proportionally throughout the production processes in both departments.On April 1, Department A had 500 units in Work-in-Process estimated to be 30% complete forconversion; Department B had 300 units in Work-in-Process estimated to be 40% complete for conversion. During April, Department A started 2,000 units and completed 2,100 units; Department Bcompleted 2,000 units. The ending Work-in-Process Inventory on April 30 in Department A is estimated to be 50% complete for conversion, and the ending Work-in-Process Inventory in DepartmentB is estimated to be 70% complete for conversion.The cost sheet for…arrow_forward
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