FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Textbook Question
Chapter 20, Problem 6PSB
Problem 20-6BAFIFO: Costs per equivalent unit; costs assigned to products C2 C4
Harson Co. manufactures a single product in two departments: Forming and Assembly. During May, the Forming department completed a number of units of a product and transferred them to Assembly. Of these transferred units, 62,500 were in process in the Forming department at the beginning of May and 175,000 were started and completed in May. May's Forming department beginning inventory units were 40% complete with respect to materials and 80% complete with respect to conversion. At the end of May, 76.250 additional units were in process in the Forming department and were 80% complete with respect to materials and 20% complete with respect to conversion. The Forming department had $683.750 of direct materials and $446,050 of conversion cost charged to it during May. Its beginning inventory included $99,075 of direct materials cost and $53,493 of conversion cost.
1. Compute the number of units transferred to Assembly.
2. Compute the number of equivalent units with respect to both materials used and conversion used in the Forming department for May using the FB70 method.
Check (2) EU P to r materials, 273,500
3. Compute the direct materials cost and the conversion cost per equivalent unit for the Forming department.
4. Using the FIFO method, assign the Forming department's May costs to the units transferred out and assign costs to its ending work in process inventory.
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Question 18
Jublot Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory 600
Materials costs $ 7,300
Conversion costs $ 2,300
Percent complete with respect to materials 50 %
Percent complete with respect to conversion 10 %
Units started into production during the month 9,400
Units transferred to the next department during the month 8,600
Materials costs added during the month $ 196,300
Conversion costs added during the month $ 315,800
Ending work in process inventory:
Units in ending work in process inventory 1,400
Percent complete with respect to materials 70 %
Percent complete with respect to conversion 40 %
The cost per equivalent unit for materials for the month in the first processing department is closest to:
$14.48
$15.88…
Problem
Problem 1: the activity in Nolan Company's Blending Department for the money of April is
given below:
# of units
Conversion Cost %
Work in process inventory April 1.
Started into process during this month..
Work in process inventory april 30....
All materials are added at the beginning of processing in the Blending Department
8,000
50,000
10,000
50%
70%
Required:
a. What are the equivalent units for materials for the month, using the FIFO
b.
What are the equivalent units for materials for the month, using the Weighted average
method?
Problem 16-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3
[The following information applies to the questions displayed below.]
Victory Company uses weighted-average process costing to account for its production
costs. Direct labor is added evenly throughout the process. Direct materials are added at
the beginning of the process. During November, the company transferred 775,000 units
of product to finished goods. At the end of November, the goods in process inventory
consists of 183,000 units that are 70% complete with respect to labor. Beginning
inventory had $560,430 of direct materials and $180,620 of direct labor cost. The
direct material cost added in November is $3,750,570, and the direct labor cost added is
$3,431,780.
Problem 16-2A Part 1
Required:
Determine the equivalent units of production with respect to direct labor and direct
1.
materials.
Equivalent units of production (EUP)- weighted average method
Units
% Materials EUP- Materials
%…
Chapter 20 Solutions
FUND.ACCT.PRIN.
Ch. 20 - Prob. 1QSCh. 20 - Prob. 2QSCh. 20 - Process vs. job order operations C1 For each of...Ch. 20 - Physical flow reconciliation C2 Prepare a physical...Ch. 20 - Prob. 5QSCh. 20 - A FIFO: Computing equivalent units C4 Refer to QS...Ch. 20 - Prob. 7QSCh. 20 - Prob. 8QSCh. 20 - Prob. 9QSCh. 20 - Prob. 10QS
Ch. 20 - Prob. 11QSCh. 20 - Prob. 12QSCh. 20 - Prob. 13QSCh. 20 - Prob. 14QSCh. 20 - Prob. 15QSCh. 20 - Prob. 16QSCh. 20 - A FIFO: Journal entry to transfer costs P4 Refer...Ch. 20 - Prob. 18QSCh. 20 - Weighted average: Assigning costs to output C3...Ch. 20 - Prob. 20QSCh. 20 - Prob. 21QSCh. 20 - Prob. 22QSCh. 20 - Recording costs of materials P1 Hotwax mates...Ch. 20 - Prob. 24QSCh. 20 - Recording costs of factory overhead P1 P3 Prepare...Ch. 20 - Recording transfer of costs to finished goods P4...Ch. 20 - Prob. 27QSCh. 20 - Prob. 28QSCh. 20 - Prob. 29QSCh. 20 - Exercise 20-1 Process vs. job order operations C1...Ch. 20 - Exercise 20-2 Comparing process and job order...Ch. 20 - Prob. 3ECh. 20 - Prob. 4ECh. 20 - Prob. 5ECh. 20 - Prob. 6ECh. 20 - Prob. 7ECh. 20 - Exercise 20-8 Weighted average: Computing...Ch. 20 - Prob. 9ECh. 20 - Prob. 10ECh. 20 - Prob. 11ECh. 20 - Prob. 12ECh. 20 - Exercise 20-13A
FIFO: Completing a process cost...Ch. 20 - Exercise 20-14 Production cost flow and...Ch. 20 - Exercise 20-15 Recording product costs P1 P2 P3...Ch. 20 - Prob. 16ECh. 20 - Prob. 17ECh. 20 - Prob. 18ECh. 20 - Prob. 19ECh. 20 - Prob. 20ECh. 20 - Prob. 21ECh. 20 - Exercise 20-22 Recording costs of labor P2 Prepare...Ch. 20 - Prob. 23ECh. 20 - Prob. 24ECh. 20 - Exercise 20-25 Recording cost flows in a process...Ch. 20 - Exercise 20-26 Interpretation of journal entries...Ch. 20 - Prob. 27ECh. 20 - Prob. 28ECh. 20 - Prob. 29ECh. 20 - Prob. 30ECh. 20 - Prob. 1PSACh. 20 - Prob. 2PSACh. 20 - Prob. 3PSACh. 20 - Problem 20-4A Weighted average: Process cost...Ch. 20 - Problem 20-5AA FIFO: Process cost summary:...Ch. 20 - Prob. 6PSACh. 20 - Prob. 7PSACh. 20 - Prob. 1PSBCh. 20 - Prob. 2PSBCh. 20 - Prob. 3PSBCh. 20 - Prob. 4PSBCh. 20 - Problem 20-5BA FIFO: Process cost summary;...Ch. 20 - Problem 20-6BAFIFO: Costs per equivalent unit;...Ch. 20 - Problem 20-7BA FIFO: Process cost summary,...Ch. 20 - Prob. 20SPCh. 20 - Prob. 20CPCh. 20 - Prob. 1GLPCh. 20 - Apple has entered into contracts that require the...Ch. 20 - Apple and Google work to maintain high-quality and...Ch. 20 - Prob. 3AACh. 20 - Prob. 1DQCh. 20 - Prob. 2DQCh. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - Explain in simple terms the notion of equivalent...Ch. 20 - Prob. 7DQCh. 20 - Prob. 8DQCh. 20 - Direct labor costs flow through what accounts in a...Ch. 20 - Prob. 10DQCh. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Companies such as Apple commonly prepare a process...Ch. 20 - Prob. 15DQCh. 20 - Prob. 16DQCh. 20 - Prob. 17DQCh. 20 - How could a company manager use a process cost...Ch. 20 - Explain a hybrid costing system. Identify' a...Ch. 20 - Prob. 1BTNCh. 20 - Prob. 2BTNCh. 20 - Many companies use technology to help them improve...Ch. 20 - Prob. 4BTN
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