Blossom Company manufactures basketballs. The first step is the production of internal rubber bladders. Materials are added at thebeginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the BladderDepartment for July 2025 are as follows.Production Data-BasketballsUnitsPercentCompleteWork in process units, July 157060 %Units started into production1,260Work in process units, July 3160040 %Cost Data-BasketballsWork in process, July 1Materials$780Conversion costs560$1,340Costs added during JulyDirect materials2,880Direct labor1,240Manufacturing overhead1,140

The information you provided is a great starting point for understanding the production costs of the…

Answered: Blossom Company manufactures…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cullumber Company manufactures basketballs. The first step is the production of internal rubber bladders. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the Bladder Department for July 2025 are as follows. Production Data-Basketballs Units Percent Complete Work in process units, July 1 500 60 % Units started into production 1,320 Work in process units, July 31 500 40 % Cost Data-Basketballs Work in process, July 1 Materials $740 Conversion costs 640 $1,380 Costs added during July Direct materials 1,990 Direct labor 380 Manufacturing overhead 1,260 (a1) Calculate the equivalent units of production for materials and conversion costs. Materials Equivalent Units eTextbook and Media Save for Later Conversion Costs Attempts: 0 of 2 used Submit Answer
Blossom Company manufactures basketballs. The first step is the production of internal rubber bladders. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the Bladder Department for July 2025 are as follows. Production Data-Basketballs. Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials Conversion costs Costs added during July Direct materials Direct labor Manufacturing overhead (a1) $700 Equivalent Units 550 Units Materials 400 1,000 500 $1,250 1,960 1,200 1,000 Percent Complete 60 % Calculate the equivalent units of production for materials and conversion costs. 40 % Conversion Costs
Sandhill Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2022 are as follows. Percent Complete Production Data-Basketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials Conversion costs Direct materials Direct labor Manufacturing overhead (a1) $750 600 Equivalent Units Units 520 Materials 1,130 500 $1,350 2.550 2,430 1,020 Calculate the following using the weighted-average machod. 60 % 40 % Calculate the equivalent units of production for materials and conversion costs. Conversion Costs
Ivanhoe Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2022 are as follows. Production Data-Basketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials Conversion costs Direct materials Direct labor Manufacturing overhead $790 640 Inventory turnover Units 470 1,140 500 $1,430 2,108 1,930 1,360 Percent Complete 60 % 40 % Compute the inventory turnover for 2025. (Round answer to 1 decimal place, e.g. 5.1.) times
Coronado Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Production Data—Basketballs Units PercentComplete Work in process units, July 1 560 60 % Units started into production 1,430 Work in process units, July 31 500 40 % Cost Data—Basketballs Work in process, July 1 Materials $700 Conversion costs 550 $1,250 Direct materials 2,882 Direct labor 1,072 Manufacturing overhead 1,420 Calculate the equivalent units of production for materials and conversion costs. Materials Conversion Costs Equivalent Units Calculate the unit costs of…
Mirror Products manufactures mirrors and uses a standard process costing system. The following production and cost data are based on June 2022. This information represents the standard cost of one unit: Direct material 6.50SAR Conversion 12.50SAR Total manufacturing cost 19.00SAR Beginning WIP 20,000 units (100% DM; 80% conversion) Started in June 180,000 units Completed in June 140,000 units Ending WIP ??? (100%DM 60% conversion) Actual costs for June: Direct material 1,500,000SAR Conversion 2,000,000SAR Total actual cost 3,500,000SAR 1. Prepare an equivalent unit of production schedule. 2. Prepare a cost of production report and assign costs to goods transferred and to inventory. 3. Compute the direct material variance and conversion cost variance. Show all work. What is the total amount to be booked against the cost of goods sold? 4. Based on your analysis above, does this product appear to be a good…
Lotus Manufacturing Ltd manufactures toy boats. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows: Production Data – Toy Boats Units Percentage Complete Work in process units, July 1 600 40% Units started into production 1,000 Work in process units, July 31 500 60% Cost Data – Toy Boats Work in process, July 1 Materials $800 Conversion costs 680 $1 480 Direct materials 2,400 Direct labor 1,580 Manufacturing overhead 1,240 Using the weighted average method - Calculate the equivalent units of production for materials and conversion costs Calculate the unit costs of production for materials and conversion costs Calculate the assignment of costs to units transferred out and in process at the end of…
The sanding department of Blossom Furniture Company has the following production and manufacturing cost data for March 2022, the first month of operation. Production: 10,200 units completed and transferred out; 4,280 units in ending work in process are 100% complete in terms of materials and 25% complete in terms of conversion costs. Manufacturing costs: materials $47,784; labour $40,100; overhead $34,282. Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 15.25.)
. In Ramirez 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. Beginning Work in Process Month Beginning Work in Process Units Transferred Out Units % Complete as to Conversion Cost September 0 2,000 7,000 60 December 0 3,000 12,000 30 Compute the equivalent units of production for (1) materials and (2) conversion costs for each month.
In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes: What is the equivalent units of production (EUP) on Materials in Department 1? 15,000 15,100 16,000 14,200 What is the equivalent units of production (EUP) on Materials in Department 2? 15,100 15,000 15,150 14,800
In Wildhorse Company, materials are entered at the beginning of each process, and conversion costs are incurred uniformly throughout the 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 2022 are as follows. Beginning Ending Work in Process Work in Process Conversion Units Completed and Conversion Month Units Cost% Transferred Out Units Cost% January 14,300 2,600 60 March 15,600 3,900 30 May 18,200 9,100 80 July 13,000 1,700 40
Zoey Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers.. For November 2021, Masipag Company presented the following costs on three processes: A. What is the total units to account for (TUTAF) in Department 1? 23,500 22,500 25,000 21,750 B. What is the equivalent units of production (EUP) on Materials in Department 1? 23,500 20,000 25,000 22,500

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS