Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Chapter 5, Problem 5.7SE
Summarize total costs to account for (
Kushner Company’s Work in Process Inventory account had a $61,000 beginning balance on March 1 ($36,000 of this related to direct materials used during February, while $25,000 related to conversion costs incurred during February). During March, the following costs were incurred in the department:
| Direct materials used | $107,000 |
| Direct labor | $ 18,000 |
| Manufacturing |
$150,000 |
Summarize the department’s “Total costs to account for.” Prepare a schedule that summarizes the department’s total costs to account for by direct materials and conversion costs.
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Students have asked these similar questions
S5-13 Find unit cost and gross profit on a final product (Learning Objective 5)
Counter Co. produces Formica countertops in two sequential production departments:
Forming and Polishing. The Polishing Department calculated the following costs per
equivalent unit (square feet) on its October production cost report:
Transferred-in
$2.44
Direct Materials Conversion Costs
$0.40
$1.66
Cost per equivalent unit:
During October, 165,000 square feet were completed and transferred out of the
Polishing Department to Finished Goods Inventory. The countertops were subsequently
sold for $13.00 per square foot.
1. What was the cost per square foot of the finished product?
2. Did most of the production cost occur in the Forming Department or in the Polishing
Department? Explain how you can tell where the most production cost occurred.
3. What was the gross profit per square foot?
4. What was the total gross profit on the countertops produced in October?
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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- 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…arrow_forwardRequired information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.]The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 82,000 70% 30% Units started this period 432,000 Completed and transferred out 410,000 Ending work in process inventory 104,000 85% 35% Exercise 3-11A (Algo) FIFO: Costs assigned to output LO C2 The production department had the cost information below. Beginning work in process inventory Direct materials $ 206,850 Conversion 35,490 $ 242,340 Costs added this period Direct materials 1,512,630 Conversion 991,230 2,503,860 Total costs to account for $ 2,746,200 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the…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_forward
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