Please refer the queations to the images attached. Thank you.Required: Compute equivalent units of production.Prepare the cost of production. Round total costs to the nearest peso. Prepare jouürnal entnes to record the transfer of goods from the As-4.sembly Department to the Finishing Department.Prepare journal entries to record the completion of goods and thetransfer to Finished Goods.Problem 10-10: Cost of Production Report and Journal Entries.The departmental heads of Glorieta Factories, Inc., have submitted themonthly production reports for June, 2018. These reports have been sum-marized as follows:TrimmingDepartmentAssemblyDepartmentFinishingDepartmentQuantity:Started in ProcessTransferred inTransfered outWork in Process - End6,000-0--0--0-5,4005,0005,0004,8002005,400600400Stage of Completion of Workin Process - End:MaterialsLaborOverheadComplete95%80%60%75%90%60%85%80%5. 396Chapter 10Problem 10-10-ContinuedCosts are allocated as follows:AllocationMaterialsLaborOverheadTrimming DepartmentAssembly DepartmentFinishing DepartmentP33,60016,7866,400P18,50014,84010,320P9,2177,1204,960Required:Compute equivalent units of production.Prepare the cost of production report. Round total costs to the near-est peso.1.2.Prepare journal entries to record the following:a. To charge materials, labor, and overhead to production.b. To record the transfer of goods from the Trimming Departmentto the Assembly Department.c. To record the transfer of goods from the Assembly Department tothe Finishing Department.d. To record the completion of goods and their transfer to FinishedGoods.3.

Glorieta Factories Month Ending June 18 Trimming Dep Particulars…

Answered: Stage of Completion of Work in Process…

Business

Accounting

Stage of Completion of Work in Process - End: Materials Labor Overhead Complete 60% 95% 80% 75% 90% 60% 85% 80%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The fixed costs for the current year are Rs. 100,000. The estimated sales for the period are valued at Rs. 240,000. The variable cost per unit for the single product made is Rs. 8. If each unit sells at RS.30. and the number of units involved coincides with the expected volume of output, construct the Breakeven Chart by using scale paper then : (i) Determine the breakeven point. (ii) Find out above how many units, the company should produce to seek profit. (iii) Determine the profit earned at a turnover of Rs. 170,000. (iv) Find the margin of safety. (v) Calculate the angle of incidence.
The average contribution margin per unit for products a, b, and c is 9,50, and 44, respectively. The sales mix was already considered in the calculation of the average contribution margin per unit. The sum of those is the weighted average contribution margin. The fixed costs are $3,117,835. What is the break-even point in units, rounding to the nearest whole unit?
Assume you are the department B manager for Marley's Manufacturing. Marley's operates under a cost-based transfer structure. Assume you receive the majority of your raw materials from department A, which sells only to department B (they have no outside sales). After calculating the operating income in dollars and operating income in percentage, analyze the following financial information to determine costs that may need further investigation. The cost that needs further investigation is cost allocated from corporate. In Department A the percentage of cost allocated based on sales is 10% where as in Department B this is 29.41% based on sales. This needs further investigation beacuse of this cost there is operating loss in Department B. Marley's Manufacturing Income Statement Month ending August 31, 2018 Dept. A % Dept. B % Sales…
Answer ALL the questions in this section. Shade the letter that corresponds to the most appropriateanswer on the answer sheet provided.2. Equivalent units of production(A) will always be greater than or equal to the physical units(B) are a measure of the number of complete units that could have been manufacturedfrom start to finish using the costs incurred during the period(C) are calculated for materials but not for conversion costs(D) are units of a new product that are essentially the same as the units of an existingproduct 5. The cash budget is part of the(A) Revenue budget(B) Operating budget(C) Financial budget(D) Budgeted balance sheet 6. Under variable costing, which manufacturing cost is expensed as a period cost?(A) Direct materials(B) Variable manufacturing overhead(C) Fixed manufacturing overhead(D) Direct labour 7. Under variable costing, which of the following costs are assigned to inventory?Variable Selling &Administrative CostsVariable FactoryOverhead Costs(A) Yes…
Based on the image below for a manufacturing company, the correct statement is A. line b graphs total fixed costs B. point c represents the point at which the marginal contribution per unit increases C. line d graphs total costs D. area e (between lines b and d) represents the contribution margin
1. Calculate the contribution margin rate, the sales dollar breakeven point, and the unit sales breakeven point. 2. Use the following information to perform your calculations. a. Net Sales: $50,000.00 b. Contribution Margin: $20,000.00 c. Total Fixed Costs: $15,500.00 d. Unit Sales Price: $25.00 3. Provide the formula and write out the equation that you use for each calculation. a. Contribution Margin Rate: b. Sales Dollar Breakeven Point: C. Unit Sales Breakeven Point:
The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c. Click the icon to view the monthly data. a. Develop a simple linear regression model between billable hours and overhead costs. Overhead Costs = +xBillable Hours X Monthly Overhead Costs and Billable Hours Data (Round the constant to one decimal place as needed. Round the coefficient to four decimal places as needed. Do not include the $ symbol in your answers.) Overhead Costs Billable Hours 0 $315,000 3,000 $365,000 4,000 $395,000 5,000 $447,000 6,000 $530,000 7,000 $550,000 8,000
Ziegler Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows: Units Produced Total Costs 97,500 $27,165,000 112,500 29,715,000 124,500 31,755,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the variable cost per unit and the total fixed cost. Round your answer for variable cost to the nearest cent. Round your answer for total fixed costs to the nearest dollar. Variable cost: $fill in the blank 2 per unit Total fixed cost: $fill in the blank 3 Based on part (a), estimate the total cost for 80,000 units of production. Round your answer to the nearest dollar. Total cost for 80,000 units: $fill in the blank 4
4. Develop a single equation to estimate total costs at various levels of activity. 5. Project the total costs if 3,500 rooms are sold.
Cassien Inc. manufactures products that pass through two or more processes. During June, equivalent units were computed using the weighted average method: Units completed Units in EWIP X Fraction complete (36,000 X 60%) Equivalent units of output June's costs to account for are as follows: BWIP (10,000 units, 80% complete) Materials Conversion costs Total Required: 91,000 21,600 112,600 $50,000 156,000 95,000 $301,000 1. Calculate the unit cost for June using the weighted average method. Round your answer to the nearest cent.
answer with all working like explanation , computation , formulation for all parts with steps answer in text a) Using the High-Low method calculate the fixed cost and the variable rate per unit. Round the variable rate to 2 decimal points. b) Show the cost equation for maintenance expense. c) If the expected production is estimated to be 40,000 units what would be the estimated maintenance expense be?
K Suppose that a company offers quantity discounts. If up to 1,000 units are purchased, the unit price is $12; if more than 1,000 and up to 5,000 units are purchased, the unit price is $8.00; and if more than 5,000 units are purchased, the unit price is $7.50. Develop an Excel template using the VLOOKUP function to find the unit price associated with any order quantity and compute the total cost of the order. Complete the formulas in the spreadsheet below. Select the correct VLOOKUP function in cell C8 to find the unit price for the order quantity. (Type integers or decimals rounded to two decimal places as needed.) 1 2 3 5 6 7 8 6 A B C Purchase Quantity 1 to 1000 1001 to 5000 5001 or more Quantity Ordered Unit Price Total Cost 2400 D Unit Price $ $ $