Using FIFO compute for the cost of the WIP, end. The following date were provided by Madilim Co.:WIP, begMaterials,WIP, begMaterials, chemicals (?complete)Materials, cans (?Complete)Labor (75% incomplete)Overhead (75%incomplete)Started during the4,000 gallonsWIP, endMaterials, chemicals(100% complete)Materials, cans (?Complete)Labor (20% incomplete)Overhead (20%incomplete)P456,000chemicalsLabor - P100 perhourOverheadP62,500P18,750Cost addedP2,284,00021,000monthgallons20,000Transferred to shippingdepartment during theMaterials, cansP70,000gallonsmonthLabor (P100 perhour)OverheadP350,000P105,000Production begins with the blending of various chemicals, which are added at the beginning of theprocess and ends with canning of the product. Canning occurs when the mixtures reach the 90% stage ofcompletion. The gallon cans are then transferred to the shipping department for crafting and shipment.Direct labor and overhead are added continuously throughout the process. Overhead is allocated on thebasis of direct labor hours at the rate of P30 per hour. Using FIFO compute for the cost of the WIP, end.

Inventory, often known as goods, refers to the items and commodities that a business has on hand in…

The following date were provided by Madilim Co.: WIP, end Materials, chemicals (100% complete) Materials, cans (? Complete) Labor (20% incomplete) Overhead (20% incomplete) WIP, beg Materials, WIP, beg Materials, chemicals (? complete) Materials, cans (? Complete) Labor (75% incomplete) Overhead (75% incomplete) Started during the month 4,000 gallons P456,000 chemicals Labor - P100 per P62,500 hour Overhead P18,750 Cost added P2,284,000 21,000 gallons Transferred to shipping department during the Materials, cans P70,000 20,000 gallons month Labor (P100 per hour) Overhead P350,000 P105,000 Production begins with the blending of various chemicals, which are added at the beginning of the process and ends with canning of the product. Canning occurs when the mixtures reach the 90% stage of completion. The gallon cans are then transferred to the shipping department for crafting and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hours at the rate of P30 per hour. Using FIFO compute for the cost of the WIP, end.

The following date were provided by Madilim Co.: WIP, end Materials, chemicals (100% complete) Materials, cans (? Complete) Labor (20% incomplete) Overhead (20% incomplete) WIP, beg Materials, WIP, beg Materials, chemicals (? complete) Materials, cans (? Complete) Labor (75% incomplete) Overhead (75% incomplete) Started during the month 4,000 gallons P456,000 chemicals Labor - P100 per P62,500 hour Overhead P18,750 Cost added P2,284,000 21,000 gallons Transferred to shipping department during the Materials, cans P70,000 20,000 gallons month Labor (P100 per hour) Overhead P350,000 P105,000 Production begins with the blending of various chemicals, which are added at the beginning of the process and ends with canning of the product. Canning occurs when the mixtures reach the 90% stage of completion. The gallon cans are then transferred to the shipping department for crafting and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hours at the rate of P30 per hour. Using FIFO compute for the cost of the WIP, end.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 7E: The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units...

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The following data were provided by Madilim Co.: WIP, beg Materials, WIP, beg Materials, 4,000 gallons WIP, end Materials, chemicals (100% complete) Materials, cans (? Complete) Labor (20% incomplete) Overhead (20% incomplete) P456,000 chemicals chemicals (? Complete) Materials, cans (? Complete) Labor (75% incomplete) Overhead (75% incomplete) Started during the month Labor – P100 per hour P62,500 Overhead P18,750 Cost added 21,000 gallons Materials, P2,284,000 Transferred to 20,000 gallons chemicals shipping department during the month Materials, cans Labor (P100 per hour) Overhead P70,000 P350,000 P105,000 Production begins with the blending of various chemicals, which are added at the beginning of the process and ends with canning of the product. Canning occurs when the mixtures reach the 90% stage of completion. The gallon cans are then transferred to the shopping department for crafting and shipment. Direct labor and overhead are added continuously throughout the process.…
The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.
The following data from the just completed year are taken from the accounting records of KentonCompany: Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000 Required: 1.Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold 3. Prepare an income statement.
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.Work in Process—Assembly DepartmentBal., 3,000 units, 55% completed10,410To Finished Goods, 69,000 units?Direct materials, 71,000 units @ $1.6113,600Direct labor189,400Factory overhead73,670Bal., ? units, 75% completed?Cost per equivalent units of $1.60 for Direct Materials and $3.70 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places.1. Cost of beginning work in process inventory completed this period$2. Cost of units transferred to finished goods during the period$3. Cost of ending work in process inventory$4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.)$
Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion 450,450 $ 19,350 2,520 $ 21,870 246,330 696,780 Total costs to account for $ 718,650 Direct Materials Conversion Percent Percent Units Complete Beginning work in process inventory 2,000 100% Complete 20% Units started this period 38,500 Completed and transferred out 38,000 Ending work in process inventory 2,500 100% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for
Direction: Attached the computation. 1. Mattheus Company had a beginning Work in Process inventory of 30,000 units on June 1. These units contained Php 120,000 of direct materials and Php 272,000 of conversion cost. The following data relate to activity during June: Production completed (units) Ending work in process, 60% complete (units) Direct Materials used Conversion Cost 70,000 20,000 258,000,00 695,600.00 Mattheus uses a weighted average process costing system. All materials are added at the start of manufacturing process, in contrast, conversion cost is incurred evenly throughout production. . Compute for the total equivalent units for Direct Materials Compute for the total equivalent units for Conversion Cost
A product passes through two process A and B in the manufacturing process. The information related to the input and output for each process is given below: 9,500 units were issued in Process A at a cost of $10 per unit. Process A Process B Material added $29,000 $27,420 Direct Labour $13,000 $11,820 Overheads $9,775 $9,000 Normal loss 5% 4% Normal loss scrap value $5 per unit $6 per unit Output 9000 units 8700 units From the information given above show the recordings in the: Process A account, show all working Process B account, show all working
The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 9,000 units, 70% completed Direct materials, 212,000 units @ $1.8 Direct labor Factory overhead Bal. ? units, 50% completed 28,800 381,600 314,000 122,170 a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. To Finished Goods, 207,000 units 1. Cost of beginning work in process inventory completed this period. 2. Cost of units transferred to finished goods during the period. 3. Cost of ending work in process inventory. 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. $ 0.0.0.0 $ ?
[The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 875,840 $ 27,150 3,658 $ 30,800 552,450 323,390 5906,640 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,500 100% 20% Units started this period 43,500 Completed and transferred out 43,000 Ending work in process inventory 3,000 100% без Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Equivalent units of production Cost per EUP Total costs -Equivalent units of production Cost per equivalent…
How do I find the numbers to the questions marks?Selling expenses $ 211,000Purchases of raw materials $ 266,000Direct labor ?Administrative expenses $ 152,000Manufacturing overhead applied to work in process $ 363,000Actual manufacturing overhead cost $ 350,000Inventory balances at the beginning and end of the year were as follows:Beginning of Year End of YearRaw materials $ 53,000 $ 32,000Work in process ? $ 28,000Finished goods $ 33,000 ?The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 Advertising expense $ 69,000 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,860 Direct labor 184,350 Heat, light, and power-factory 5,950 Indirect labor 24,600 Materials purchased 122,200 Office salaries expense 77,750 Property taxes-factory 4,170 Property taxes-office building 13,200 Rent expense-factory 6,675 Sales 862,000 Sales salaries expense 138,500 Supplies-factory 5,000 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions list…
The following data from the just completed year are taken from the accounting records of Kenton Company: Sales 975000, Direct labor cost 165000, Raw material purchases 229000, Selling expense 48750, Administrative expenses 146250, Manufacturing overhead applied to work in process 180000, Actual manufacturing overhead costs 175050, Inventories: Ending Beginning 18,000 $ Raw materials 17,500 20,000 s Work in process Finished goods 14,750 9,000 S 11,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement