Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Chapter 5, Problem 5.52AP
The Timberbrook Furniture Company produces dining tables in a three-stage process: Sawing, Assembly, and Staining. Costs incurred in the Sawing Department during September are summarized as follows:
5.4-40 Full Alternative Text
Direct materials (lumber) are added at the beginning of the sawing process, while conversion costs are incurred evenly throughout the process. September activity in the Sawing Department included sawing of 12,000 meters of lumber, which were transferred to the Assembly Department. Also, work began on 3,000 meters of lumber, which on September 30 were 70% of the way through the sawing process.
Requirements
- 1. Draw a time line for the Sawing Department.
- 2. Use the time line to help you compute the number of equivalent units and the cost per equivalent unit in the Sawing Department for September.
- 3. Show that the sum of (a) cost of goods transferred out of the Sawing Department and (b) ending Work in Process Inventory—Sawing equals the total cost accumulated in the department during September.
- 4. Journalize all transactions affecting the company’s sawing process during September, including those already posted. Assume the wages are unpaid.
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S18-13 Preparing journal entry
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The Mixing Department's production cost report for May shows $12,500 in total
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process at the end of the month. Prepare the journal entry to record the transfer
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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.
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…
Preparing production cost report, second department with beginning WIP; journal entries
Carla Carpet manufactures broadloom carpet in seven processes: spinning, dyeing, plying, spooling, tufting, latexing, and shearing. In the Dyeing Department, direct materials (dye) are added at the beginning of the process. Conversion costs are incurred evenly throughout the process. Information for November 2018 follows:
Requirements
Prepare the November production cost report for Carla’s Dyeing Department. The company uses the weighted-average method.
Journalize all transactions affecting Carla’s Dyeing Department during November, including the entries that have already been posted. Assume labor costs are accrued and not yet paid.
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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