Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN: 9781337115773
Author: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 6, Problem 35BEB
Physical Flow Schedule
Craig Inc. just finished its third month of operations. Craig mass-produces carburetors used in motorcycle engines. The following production information is provided for December:
Required:
Prepare a physical flow schedule.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Physical Flow Schedule
Golding Inc. just finished its second month of operations. Golding mass-produces integrated circuits. The following production information is provided for December:
Units in process, December 1, 80% complete
90,000
Units completed and transferred out
490,000
Units in process, December 31, 60% complete
67,500
Required:
Prepare a physical flow schedule.
Golding Inc.
Physical Flow Schedule
for December
Physical flow schedule:
Units in beginning WIP
Units started
Total units to account for
Units completed and transferred out:
Units started and completed
Units completed from beginning WIP
Units in ending WIP
Total units accounted for
Compute the equivalent units of production for (1) materials and (2) conversion costs for each month.
Materials
Conversion Costs
January
March
May
July
Given: In Shady Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2020 are as follows.
BeginningWork in Process
EndingWork in Process
Month
Units
ConversionCost%
UnitsTransferred Out
Units
ConversionCost%
January
0
—
11,000
2,000
60
March
0
—
12,000
3,000
30
May
0
—
14,000
7,000
80
July
0
—
10,000
1,500
40
Physical Flow Schedule
The following information was obtained for the grinding department ofHarlan Company for May:a. BWIP had 91,500 units, 30% complete with respect tomanufacturing costs.b. EWIP had 25,200 units, 25% complete with respect tomanufacturing costs.c. Started 99,000 units in May.Required:Prepare a physical flow schedule.
Chapter 6 Solutions
Managerial Accounting: The Cornerstone of Business Decision-Making
Ch. 6 - Describe the differences between process costing...Ch. 6 - Prob. 2DQCh. 6 - What are the similarities in and differences...Ch. 6 - Prob. 4DQCh. 6 - How would process costing for services differ from...Ch. 6 - How does the adoption of a JIT approach to...Ch. 6 - What are equivalent units? Why are they needed in...Ch. 6 - Under the weighted average method, how are...Ch. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Prob. 11DQCh. 6 - How is the equivalent unit calculation affected...Ch. 6 - Prob. 13DQCh. 6 - Prob. 14DQCh. 6 - Process costing works well whenever a....Ch. 6 - Job-order costing works well whenever a....Ch. 6 - Prob. 3MCQCh. 6 - To record the transfer of costs from a prior...Ch. 6 - The costs transferred from a prior process to a...Ch. 6 - During the month of May, the grinding department...Ch. 6 - Use the following information for Multiple-Choice...Ch. 6 - Use the following information for Multiple-Choice...Ch. 6 - Use the following information for Multiple-Choice...Ch. 6 - During May, Kimbrell Manufacturing completed and...Ch. 6 - During June, Kimbrell Manufacturing completed and...Ch. 6 - For August, Kimbrell Manufacturing has costs in...Ch. 6 - For September, Murphy Company has manufacturing...Ch. 6 - During June, Faust Manufacturing started and...Ch. 6 - During July, Faust Manufacturing started and...Ch. 6 - Assume for August that Faust Manufacturing has...Ch. 6 - For August, Lanny Company had 25,000 units in...Ch. 6 - When materials are added either at the beginning...Ch. 6 - With nonuniform inputs, the cost of EWIP is...Ch. 6 - Transferred-in goods are treated by the receiving...Ch. 6 - Basic Cost Flows Gardner Company produces 18-ounce...Ch. 6 - Equivalent Units, No Beginning Work in Process...Ch. 6 - Unit Cost, Valuing Goods Transferred Out and EWIP...Ch. 6 - Weighted Average Method, Unit Cost, Valuing...Ch. 6 - Physical Flow Schedule Golding Inc. just finished...Ch. 6 - Production Report, Weighted Average Manzer Inc....Ch. 6 - Nonuniform Inputs, Weighted Average Carter Inc....Ch. 6 - Transferred-In Cost Powers Inc. produces a protein...Ch. 6 - Use the following information for Brief Exercises...Ch. 6 - Use the following information for Brief Exercises...Ch. 6 - Basic Cost Flows Hardy Company produces 18-ounce...Ch. 6 - Equivalent Units, No Beginning Work in Process...Ch. 6 - Unit Cost, Valuing Goods Transferred Out and EWIP...Ch. 6 - Weighted Average Method, Unit Cost, Valuing...Ch. 6 - Physical Flow Schedule Craig Inc. just finished...Ch. 6 - Production Report, Weighted Average Washburn Inc....Ch. 6 - Nonuniform Inputs, Weighted Average Ming Inc. had...Ch. 6 - Transferred-In Cost Vigor Inc. produces an energy...Ch. 6 - Use the following information for Brief Exercises...Ch. 6 - Use the following information for Brief Exercises...Ch. 6 - Basic Cost Flows Linsenmeyer Company produces a...Ch. 6 - Journal Entries, Basic Cost Flows In December,...Ch. 6 - Equivalent Units, Unit Cost, Valuation of Goods...Ch. 6 - Weighted Average Method, Equivalent Units Goforth...Ch. 6 - Cassien Inc. manufactures products that pass...Ch. 6 - Weighted Average Method, Unit Costs, Valuing...Ch. 6 - Physical Flow Schedule The following information...Ch. 6 - Physical Flow Schedule Nelrok Company manufactures...Ch. 6 - Production Report, Weighted Average Mino Inc....Ch. 6 - Nonuniform Inputs, Equivalent Units Terry Linens...Ch. 6 - Unit Cost and Cost Assignment, Nonuniform Inputs...Ch. 6 - Nonuniform Inputs, Transferred-In Cost Drysdale...Ch. 6 - Transferred-In Cost Goldings finishing department...Ch. 6 - (Appendix 6A) First-In, First-Out Method;...Ch. 6 - (Appendix 6A) First-In, First-Out Method; Unit...Ch. 6 - Basic Flows, Equivalent Units Thayn Company...Ch. 6 - Steps in Preparing a Production Report Recently,...Ch. 6 - Recently, Stillwater Designs expanded its market...Ch. 6 - Equivalent Units, Unit Cost, Weighted Average...Ch. 6 - Production Report Refer to the information for...Ch. 6 - Mimasca Inc. manufactures various holiday masks....Ch. 6 - Use the following information for Problems 6-62...Ch. 6 - Use the following information for Problems 6-62...Ch. 6 - Weighted Average Method, Separate Materials Cost...Ch. 6 - Seacrest Company uses a process-costing system....Ch. 6 - Required: 1. Using the FIFO method, prepare the...Ch. 6 - Benson Pharmaceuticals uses a process-costing...Ch. 6 - (Appendix 6A) First-In, First-Out Method Refer to...Ch. 6 - Golding Manufacturing, a division of Farnsworth...Ch. 6 - AKL Foundry manufactures metal components for...Ch. 6 - Consider the following conversation between Gary...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Physical Flow Schedule Golding Inc. just finished its second month of operations. Golding mass-produces integrated circuits. The following production information is provided for December: Required: Prepare a physical flow schedule.arrow_forwardInformation for the Hi-Test company’s production process for September in the attached picture. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Compute each of the following. The number of equivalent units for materials for the month. The number of equivalent units for conversion for the month. The variable cost per equivalent unit of materials for the month.arrow_forwardI need help calculating for each month, the conversion cost and the materialsarrow_forward
- Goode Company has the following production data for selected months. EndingWork in Process Month BeginningWork in Process UnitsTransferred Out Units % Complete as toConversion Cost January –0– 40,300 10,300 42 % March –0– 41,800 9,000 75 July –0– 48,800 20,700 21 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process. Materials Conversion Costs January March Julyarrow_forwardREQUIREMENTS: Units started in the second department during June for Bing Corporation would be Units started in the second department during June for Bing Corporation would be Units completed in the second department during June for Bing Corporation would be Units started and completed in Bing Corporation's second department during June would bearrow_forwardThe following information was obtained for the grinding department of Harlan Company for May: BWIP had 94,500 units, 30% complete with respect to manufacturing costs. EWIP had 25,200 units, 25% complete with respect to manufacturing costs. Started 99,000 units in May. Required: Prepare a physical flow schedule. Harlan CompanyPhysical Flow ScheduleFor the Month of May Units to account for: Units in beginning work in process fill in the blank 1 Units started during the period fill in the blank 2 Total units to account for fill in the blank 3 Units completed and transferred out: Units started and completed fill in the blank 4 Units completed from beginning work in process fill in the blank 5 fill in the blank 6 Units in ending work in process fill in the blank 7 Total units accounted for fill in the blank 8arrow_forward
- es Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 10,100 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion View transaction list Journal entry worksheet Note: Enter debits before credits. Date November 30 Work in process inventory-Painting Work in process inventory-Assembly General Journal Record entry Units 2,000 10,100 9,000 3,100 Clear entry Percent Complete for Direct Materials 70% $896 687 Prepare the November 30 Journal entry to record the transfer of costs from the Assembly department to the Painting department. Use the weighted average method. 10,584 19,173 Record the…arrow_forwardWildhorse Company has the following production data for selected months. Month January March July January January Beginning Work in Process March July -0- -0- -0- Save for Later Materials Units Transferred Out Materials e Textbook and Media 45.500 52,000 58,500 Compute equivalent units of production for materials and conversion costs, assuming that materials are entered at the beginning of the process and that conversion costs are incurred uniformly throughout the process. Ending Work in Process Units 13,000 10,400 20.800 Compute equivalent units of production for materials and conversion costs, assuming that materials are entered at the beginning of the process and that conversion costs are incurred uniformly throughout the process. Conversion Costs % Complete as to Conversion Cost 40% Conversion Costs 75 25 4 Attempts: 0 of 1 used Submit Answerarrow_forwardPhysical Flow Schedule Nelrok Company manufactures fertilizer. Department 1 mixes the chemicals required for the fertilizer. The following data are for the year: BWIP (40% complete) Units started Units in EWIP (60% complete) Required: Prepare a physical flow schedule. Nelrok Company Physical Flow Schedule Units to account for: Units in beginning work in process Units started Total units to account for Units accounted for: Completed from beginning work in process Started and completed Units in ending work in process Total units accounted for 27,500 142,500 35,000arrow_forward
- Required information [The following information applies to the questions displayed below.] Required: a. Adams Company's production cycle starts in Department A. The following information is available for July: Units Work in process, July 1 (60% complete) 80,000 Started in July 370,000 Work in process, July 31 (30% complete) 36,000 Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for materials and conversion costs for the month of July, respectively?arrow_forwardMcCallum Tool Company has two departments, assembly and finishing. The assembly department takes purchased parts and assembles the final product. The finishing department performs testing, adds other materials, and packages the product. Direct materials are added at the end of the process in the finishing department. The following summarizes the finishing department's operations for the month of July. Number of Units Work-in-process, July 1, 50% complete for conversion costs Transferred in during July Completed during July Work-in-process, July 31, 50% complete for conversion costs 4,000 28,000 27,000 5,000 Costs Work-in-process, July 1 (transferred-in costs, $50,000; conversion costs, $30,125) Transferred in from assembly department during July Direct materials added during July Conversion added during July $ 80,125 150,000 60,750 110,000 $ 400,875 Total to account for Required: Calculate each of the following amounts for the finishing department using the weighted-average process…arrow_forwardI need the answer as soon as possiblearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage LearningManagerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
- Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage LearningPrinciples of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax CollegeExcel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Cost Accounting - Definition, Purpose, Types, How it Works?; Author: WallStreetMojo;https://www.youtube.com/watch?v=AwrwUf8vYEY;License: Standard YouTube License, CC-BY