Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Chapter 5, Problem 5.49BE
Complete five-step procedure and journalize result (Learning Objectives 3 &4)
The following information was taken from the ledger of Denver Foundry:
5.3-39 Full Alternative Text
The Forming Department had 10,470 partially complete units in beginning work in process inventory. The department started work on 67,530 units during the month and ended the month with 9,000 units still in work in process. These unfinished units were 60% complete as to direct materials but 20% complete as to conversion work, The beginning balance of $71,110 consisted of $21,510 of direct materials and $49,600 of conversion costs.
Requirement
Journalize the transfer of costs to the Finishing Department. (Hint Complete the five-step
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Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Direct
Materials
Units
Beginning work in process inventory
70,000
Percent
Complete
60%
Conversion
Percent
Complete
40%
Units started this period
372,000
Completed and transferred out
350,000
Ending work in process inventory
92,000
85%
35%
Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory
LO P1
The production department had the cost information below.
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
$158,320
51,716
$ 210,036
1,062,050
750,904
1,812,954
$ 2,022,990
a. Compute cost per equivalent unit for both direct materials and conversion.
Note: Round "Cost per EUP" to 2 decimal places.
b. Using the…
Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Direct
Materials
Percent
Complete
75%
Conversion
Percent
Complete
25%
Units
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
63,000
337,000
315,000
85,000
80%
30%
Exercise 16-8 (Algo) Weighted average: Computing equivalent units of production LO P1
Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average
method.
Equivalent units of production: Weighted average method
Direct Materials
Conversion
Units
Percent
Percent
EUP
EUP
Complete
Complete
Total
Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Direct
Materials
Percent
Complete
75%
Conversion
Percent
Complete
25%
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
63,000
337,000
315,000
85,000
80%
30%
Exercise 16-8 (Algo) Weighted average: Computing equivalent units of production LO P1
Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average
method.
X Answer is complete but not entirely correct.
Equivalent units of production: Weighted average method
Direct Materials
Conversion
Units
Percent
Complete
Percent
EUP
EUP
Complete
Units started this period
315,000
100%
315,000
100%
315,000
Ending work in process
85,000
85%
72,250
35% X
29,750 X…
Chapter 5 Solutions
Managerial Accounting (5th Edition)
Ch. 5 - (Learning Objective 1) Which of the following is...Ch. 5 - (Learning Objective 2) Conversion costs consist of...Ch. 5 - (Learning Objective 2) Which of the following is...Ch. 5 - (Learning Objective 3) Which of the following is...Ch. 5 - Prob. 5QCCh. 5 - (Learning Objective 4) The journal entry needed to...Ch. 5 - (Learning Objective 4) A company has two...Ch. 5 - Prob. 8QCCh. 5 - Prob. 9QCCh. 5 - Prob. 10QC
Ch. 5 - Compare job costing and process costing (Learning...Ch. 5 - Prob. 5.2SECh. 5 - Prob. 5.3SECh. 5 - Determine the physical flow of units (process...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Summarize total costs to account for (process...Ch. 5 - Prob. 5.8SECh. 5 - Prob. 5.9SECh. 5 - Prob. 5.10SECh. 5 - Prob. 5.11SECh. 5 - Prob. 5.12SECh. 5 - Prob. 5.13SECh. 5 - Prob. 5.14SECh. 5 - Prob. 5.15SECh. 5 - Prob. 5.16SECh. 5 - Continuation of S5-16: Record journal entry and...Ch. 5 - Compute equivalent units in second department...Ch. 5 - Prob. 5.19SECh. 5 - Prob. 5.20SECh. 5 - Prob. 5.21SECh. 5 - Prob. 5.22SECh. 5 - Analyze flow of costs through inventory T-accounts...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.25AECh. 5 - Prob. 5.26AECh. 5 - Continuation of E5-26A: Journal entries (Learning...Ch. 5 - Complete the production cost report in first...Ch. 5 - Prob. 5.29AECh. 5 - Analyze costs and gross profit in a process...Ch. 5 - Prob. 5.31AECh. 5 - Compute equivalent units and assign costs...Ch. 5 - Complete five-step procedure in first department...Ch. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Exercises Group B E5-37B Analyze flow of costs...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.39BECh. 5 - Complete five-step procedure in first department...Ch. 5 - Prob. 5.41BECh. 5 - Prob. 5.42BECh. 5 - Prob. 5.43BECh. 5 - Prob. 5.44BECh. 5 - Record journal entries (Learning Objective 4)...Ch. 5 - Compute equivalent units and assign costs...Ch. 5 - Prob. 5.47BECh. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.53APCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.55APCh. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.58BPCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.60BPCh. 5 - Prob. 5.61SCCh. 5 - Discussion Questions 1. What characteristics of...Ch. 5 - Prob. 5.63ACTCh. 5 - Prob. 5.64ACTCh. 5 - Process costing and hybrid costing issues...
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- Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 84,000 442,000 420,000 106, 000 Direct Materials Percent Complete 80% 80% Conversion Percent Complete 20% 30%arrow_forwardRequired Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units started and completed Units 69,000 367,000 345,000 91,000 Equivalent units of production Percent Complete 80% 80% Exercise 16-10A (Algo) FIFO: Computing equivalent units of production LO C2 Units (a) Compute the number of units started and completed this period for the first production department. Equivalent units of production: FIFO method Direct Materials Percent Added Conversion TO Percent Complete (b) Compute the number of equivalent units of production for both direct materials and conversion for the first production depar for April using the FIFO method. 20% 30% EUP Conversion Percent Added EUP A:arrow_forwardRequired information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Show Transcribed Text Units 72,000 382,000 360,000 94,000 The production department had the cost information below. Beginning work in process inventory Direct materials Costs added this period Direct materials Conversion Total costs to account for 3 Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 Direct Materials Percent Complete 70% $ 167,920 38,028 80% 1,115,920 777,192 C Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 $ 205,948 Conversion 1,893,112 $ 2,099,060 Percent Complete a. Compute cost per…arrow_forward
- Badgersize Company has the following information for its Forming Department for the month of August. Work in Process Inventory, August 1: 20,000 units Direct materials: 100% complete $ 80,000 Conversion: 20% complete 24,000 Balance in work in process, August 1 $ 104,000 Units started during August 47,000 Units completed and transferred in August 58,000 Work in process (70% complete), August 31 ? Costs charged to Work in Process in August Direct materials $ 161,000 Conversion costs: Direct labor $ 110,000 Overhead applied 135,000 Total conversion $ 245,000 Assume materials are added at the start of processing. Required: a. Calculate the equivalent units for the Forming Department for the month of August. b. Find the cost per equivalent unit of direct materials and conversion associated with the units transferred during the month. (Round your answers to 2 decimal places.)arrow_forwardS18-13 Preparing journal entry Learning Objective 5 The Mixing Department's production cost report for May shows $12,500 in total costs, of which $2,500 will remain in the department assigned to the units still in process at the end of the month. Prepare the journal entry to record the transfer of costs from the Mixing Department to the Packaging Department.arrow_forwardplease solve it using weighted average method while showing T-accounts and every step. solve it ASAP! S C Smith Company reported the following activity in the Assembly Department for the month of June: Work in process, June 1 Units started into production in June Units completed and transferred out of Department A during June Work in process, June 30 Units 300 6,000 5,400 900 Percent Completed Materials Conversion 20% 40% 60% 30%arrow_forward
- Process Costing A department begins the month with 100 units at a cost of $7,500 and 25% complete in goods in process. An additional 1,000 units are started during the month and additional costs incurred are $12,500. At the end of the month, there are 200 units still in the process which are 50% complete. Using FIFO, the ending balance in the Work in Process Inventory isarrow_forwardUse the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Conversion Percent Complete 25% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 63,000 337,000 315,000 85,000 80% 30% Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials $ 131,555 24,120 Conversion $ 155,675 Costs added this period Direct materials 825,945 707,955 1,533,900 $ 1,689,575 Conversion Total costs to account for a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign…arrow_forwardBadgersize Company has the following information for its Forming Department for the month of August. Work in Process Inventory, August 1: 20,000 units Direct materials: 100% complete Conversion: 20% complete Balance in work in process, August 1 Units started during August Units completed and transferred in August Work in process (70% complete), August 31 Costs charged to Work in Process in August Direct materials Conversion costs: Direct labor Overhead applied Total conversion a. b. Assume materials are added at the start of processing. Required: a. Calculate the equivalent units for the Forming Department for the month of August. b. Find the cost per equivalent unit of direct materials and conversion associated with the units transferred during the month. (Round your answers to 2 decimal places.) Equivalent units Cost per equivalent unit Direct Materials $ 80,000 24,000 $ 104,000 48,000 60,000 ? Conversion $ 130,000 $ 105,000 149,000 $ 254,000arrow_forward
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