FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Physical Flow, Equivalent Units, Unit Costs, No Beginning WIP Inventory,Activity-Based Costing Lacy, Inc., produces a subassembly used in the production of hydraulic cylinders. The subassemblies are produced in three departments: Plate Cutting, Rod Cutting, and Welding. Materialsare added at the beginning of the process. Overhead is applied using the following drivers andactivity rates: Required:1. Prepare a physical flow schedule.2. Calculate equivalent units of production for:a. Direct materialsb. Conversion costs3. Calculate unit costs for:a. Direct materialsb. Conversion costsc. Total manufacturing4. Provide the following information:a. The total cost of units transferred outb. The journal entry for transferring costs from Plate Cutting to Weldingc. The cost assigned to units in ending inventoryarrow_forwardIn process costing, costs are accounted for by a. year. b. process. c. job. d. batcharrow_forwardAssigning indirect costs to departments is completed by ________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventory In a process costing system, which account shows the overhead assigned to the department? cost of goods sold • finished goods inventory raw material inventory work in process inventory A print shop produces custom paintings. It has received four different orders (a/B/C/D) The total cost for the four orders is labor $6000, materials $10,000 and overheads for 5,000. What processes/systems would you implement if you wanted to know the cost for each of the orders which are not similar.arrow_forward
- Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials. Conversion Total costs to account for Units 4,400 20, 600 25,000 3,800 $314, 760 1,374,948 Direct Materials Conversion Percent Percent Complete Complete 100% 30% 100% $ 124,790 1,689, 708 $ 1,814, 498 70%arrow_forwardIn a process costing system, the purpose of a production cost report is to allocate production costs incurred in a process to which of the following? Group of answer choices To finished goods inventory To the units completed and transferred to the next process and incomplete units left in the ending work-in-process inventory account To direct costs and indirect costs To individual jobs completed during a periodarrow_forwardWhich of the following describes cost allocation? a. serves as the basis for recording materials used O b. process by which factory overhead is assigned to a cost object serves as the basis for recording direct labor on a job cost sheet O c. O d. completed when materials that have been ordered are received and inspectedarrow_forward
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