The following costs were incurred in May: Direct Materials 42,700 Direct Labor 29,400 Manufacturing overhead 27,300 Selling expenses 23,600 Administrative Exepnses 33,700 Conversion costs during the month totaled:

The following costs were incurred in May: Direct Materials 42,700 Direct Labor 29,400 Manufacturing overhead 27,300 Selling expenses 23,600 Administrative Exepnses 33,700 Conversion costs during the month totaled:

Name: The following costs were incurred in May: Direct Materials 42,700Direc
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Description: The following costs were incurred in May: Direct Materials 42,700Direct Labor 29,400Manufacturing overhead 27,300Selling expenses 23,600Administrative Exepnses 33,700Conversion costs during the month totaled:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Department G had 1,920 units 25% completed at the beginning of the period, 13,300 units were completed during the period; 1,600 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $26,700 Costs added during period: Direct materials (12,980 units at $8) 103,840 Direct labor 86,400 Factory overhead 28,800 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of the units started and completed during the period is (do not round unit cost calculations) $91,040 $170,856 $210,764 $190,810
Production costs chargeable to the Finishing Department in June in Hollins Company are materials $15,428, labor $39,952, overhead $18,800. Equivalent units of production are materials 20,300 and conversion costs 19,200. Production records indicate that 18,100 units were transferred out, and 2,200 units in ending work in process were 50% complete as to conversion costs and 100% complete as to materials. Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, eg. 2.25 and final answers to O decimal places, e.g. 125.) Cost Reconciliation Cost accounted for Transferred out Work in process Materials Conversion costs Total cost accounted for e Textbook and Media Save for Later M debe alhilling 64 $ 1530 25 25 Attempts: 0 of 2 used Submit Apcwor
The following information is available for Department Z for the month of July: Work in process, July 1 (70% complete) Direct materials Direct labor Units 2,000 Cost $ 6,000 3,000 Manufacturing overhead 4,000 Total work in process, July 1 $13,000 Started in July 20,000 Costs added: Direct materials Direct labor Manufacturing overhead Total costs added during July Work in process, July 31 (7.5% complete) $18,000 8,000 10,000 $36,000 2,000 Materials are added at the beginning of the process. Department Z's cost of goods transferred out using the FIFO method would be: O a. $44,500. O b. $40,250. Oc. $45,540. Od. $47,056
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Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,700 units, 3/5 completed 14,181 31 Direct materials, 156,600 units 203,580 217,761 31 Direct labor 59,950 277,711 31 Factory overhead 33,722 311,433 31 Goods finished, 158,700 units 301,269 10,164 31 Bal., ? units, 2/5 completed 10,164 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during August $fill in the blank 3 4. Cost of units started and completed during August $fill in the blank 4 5. Cost…
how do you define prime costs? conversion costs? The following costs were incurred in July: Direct Materials $39,500 Direct Labor $30, 400 Manufacturing Overhead $28, 900 Selling Expenses $26, 500 Administrative Expenses $35, 800 What are total conversion costs during the month of July?
Department G had 2,280 units 25% completed at the beginning of the period, 12,600 units were completed during the period, 1,900 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $32,500 Costs added during period: Direct materials (12,220 units at $8) 97,760 Direct labor 73,800 Factory overhead 24,600 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)? a.$17,460 b.$23,677 c.$18,213 d.$15,200
Bettie Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October: Units completed and transferred out Equivalent units: work in process, October 31 Total equivalent units Materials Conversion 50,000 50,000 10,000 4,000 60,000 54,000 Materials $ 9,000 243,000 $ 252,000 Conversion $ 5,400 513,000 $518,400 Costs in work in process on October 1 Costs added to production during October Total cost All materials at Bettie are added at the beginning of the production process. What total amount of cost should be assigned to the units completed and transferred out during October?
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $109,020 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 7,900 units, 60% completed 118,026 30 Direct materials, 72,000 units 979,200 1,097,226 30 Direct labor 62,610 1,159,836 30 Factory overhead 86,450 1,246,286 30 Goods finished, 2 units ? 30 Bal., 6,300 units, 90% completed ? Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during…
Department G had 2,280 units 25% completed at the beginning of the period, 12,700 units were completed during the period, 1,900 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $33,800 Costs added during period: Direct materials (12,320 units at $8) 98,560 Direct labor 81,600 Factory overhead 27,200 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of 2,280 units of beginning inventory which were completed during the period is (do not round unit cost calculations) $33,800 $50,572 $45,698 $48,672
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $33,320 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 3,400 units, 70% completed 38,080 30 Direct materials, 31,000 units 294,500 332,580 30 Direct labor 28,000 360,580 30 Factory overhead 38,675 ? 399,255 30 Goods finished, ? units ? 30 Bal., 2,700 units, 90% completed ? Cost per equivalent units of $9.50 for Direct Materials and $2.10 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers…