uantity data: Beginning WIP 40,000 40% complete as to materials and 25% for conversion cost Received preceding department 120,000 Completed and Transferred 130,000 Ending WIP 30,000 20% complete as to materials and 30% for conversion cost Beginning ost data: Balance TMC Cost this department Raw Materials P13,680.00 P72,000.00 Conversion Cost 5,780.00 38,700.00 Cost preceding department 40,000.00 96,000.00 Total P59,460.00 P206,700.00 repare the Cost of Production Report under a. FIFO b. Average

uantity data: Beginning WIP 40,000 40% complete as to materials and 25% for conversion cost Received preceding department 120,000 Completed and Transferred 130,000 Ending WIP 30,000 20% complete as to materials and 30% for conversion cost Beginning ost data: Balance TMC Cost this department Raw Materials P13,680.00 P72,000.00 Conversion Cost 5,780.00 38,700.00 Cost preceding department 40,000.00 96,000.00 Total P59,460.00 P206,700.00 repare the Cost of Production Report under a. FIFO b. Average

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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Q2: Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available: Work in process, August 1 (60% complete with respect to conversion).... Started in August. Completed Work in process, August 31 (30% complete with respect to conversion). 72,000 480,000 480,000 72,000 Required 1. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. Solution
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What is the total costs transferred from Department A to Department B? a.P327,240 b.P313,500 c.P289,750 d.P323,400
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Q. 2
Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
how can I resolve this problem? Percent Completed Units Materials Conversion Work in process, beginning 50,000 70% 40% Started into production 265,000 Completed and transferred out 255,000 Work in process, ending 60,000 75% 25% Materials Conversion Work in process, beginning $ 16,600 $ 5,000 Cost added during June $ 178,400 $ 105,700 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.
A-1
es Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 59,000 38,000 $ 97,000 $ 150,000 400,000 $ 550,000 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. ⚫ Units started in July, 83,000 gallons. • Units transferred out in July. 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit Direct Materials $ 1.19 Conversion Costs $ 4.44
Using The FIFO Method of Process Costing, prepare journal entries