Complete the missing amounts in the following production report. Materials are added at the beginning of the process; conversion costs are incurred evenly; the ending inventory is 56% complete. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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- The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.Complete the missing amounts in the following production report. Materials are added at the beginning of the process; conversion costs are incurred evenly; the ending inventory is 57% complete.(Round your answers to two decimal places when needed and use rounded answers for all future calculations). Gannon CompanyProduction Cost Report―FINISHING DEPARTMENTMonth Ended September 30, 2021 Equivalent Units UNITS Whole Units Transferred In Direct Material Conversion Costs Units to account for: Beginning work-in-process 850 Started in production 1460 Total units to account for Units accounted for: Completed and transferred out n/a Ending work-in-process 850 n/a Total units accounted for n/a Gannon CompanyProduction Cost Report―FINISHING DEPARTMENTMonth Ended September 30, 2021 COSTS Transferred In Direct Materials Conversion Costs Total Costs Costs to account for: Beginning work-in-process n/a…
- Complete the missing amounts in the following production report. Materials are added at the beginning of the process; conversion costs are incurred evenly; the ending inventory is 60% complete.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).Gannon CompanyProduction Cost Report―FINISHING DEPARTMENTMonth Ended September 30, 2021 Equivalent Units UNITS Whole Units Transferred In Direct Material Conversion Costs Units to account for: Beginning work-in-process 960 Started in production 1490 Total units to account for Units accounted for: Completed and transferred out n/a Ending work-in-process 960 n/a Total units accounted for n/a Gannon CompanyProduction Cost Report―FINISHING DEPARTMENTMonth Ended September 30, 2021 COSTS Transferred In Direct Materials Conversion Costs Total Costs Costs to account for: Beginning work-in-process n/a…The following data show the units in beginning work in process inventory, the number of snits started, the number of units transferred, and the penant completion of the beginning of the process. Beginning Transferred Conversion Quarter WIP Started Out (1) 134,200 133,400 132,591 132,490 25 24 20 133,245 133,464 480 134,843 134,132 22 What are the equivalent units for material and conversion costs for each quarter using the weighted average method Assume that the quarters are Quarter 2 Quarter 3 Quarter 4 2 3 524 339 Units for material costs Units for conversion costs Quarter 1Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials Beginning inventory: conversion Direct material Direct labor Applied overhead Total costs to account for Units to Account For Beginning work in proces Units started into production Transferred out Completed and transferred out Ending work in process Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Transferred out costs End work in process: materials Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department End work in process: conversion $11,000 18,000 49,000 76,000 21,184 $175,184 End work in…
- The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process. Beginning Quarter WIP Started 1 134,350 133,250 132,591 132,516 133,247 133,437 491 134,844 134,035 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 2 Quarter 3 2 3 4 525 340 Units for material costs Transferred Conversion Out (%) Units for conversion costs Quarter 1 25 24 20 23 Quarter 4Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials Beginning inventory: conversion Direct material Direct labor Applied overhead Total costs to account for Units to Account For Beginning work in process Units started into production Transferred out Completed and transferred out Ending work in process Total units to account for Transferred out costs Completed and transferred out Ending work in process Total units to account for Work in process completion percent End work in process: materials End work in process: conversion $11,000 Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department End work in process: total 18,000 Costs to account for…Case 6-20 Effect of Incorrect Costing across Departments-Weighted-Average Me LO5] Tavia Limited manufactures a plastic gasket that is used in automobile engines. The gaskets go through th Mixing, Forming, and Stamping. The company's accountant (who is very inexperienced) has prepared a su costs for the Forming Department for October, as follows: Work in process inventory, October 1 (10,500 units; materials 100% complete; conversion 7/8 complete) Costs transferred in from the Mixing Department Material added during October (added when processing is 50% complete in the Forming Department) Conversion costs added during October Total departmental costs Forming Department costs assigned to: Units completed and transferred to the Stamping Department (120,000 units at $3.81451 each) Work in process inventory, October 31 (5,500 units, conversion 2/5 complete) Total departmental costs assigned $ 45,045* 148,130 Required: 56,880 207,686 $457,741 $457,741 0 $457,741 *Consists of cost transferred…
- Tonbridge Corporation makes a health beverage named Tonbridge that is manufactured in a two-stage production process. The drink is first created in the Conversion Department where material ingredients (natural juices, supplements, preservatives, etc.) are combined. On July 1, Year 2, the company had a sufficient quantity of partially completed beverage mix in the Conversion Department to make 50,000 containers of Tonbridge. This beginning inventory had a cost of $80,000. During July, the company added ingredients necessary to make 190,000 containers of Tonbridge. The cost of these ingredients was $400,000. During July, liquid mix representing 180,000 containers of the beverage was transferred to the Finishing Department. The beverage mix is poured into containers and packaged for shipment in the Finishing Department. Beverage that remained in the Conversion Department at the end of July was 20 percent complete. At the beginning of July the Finishing Department had 10,000 containers of…The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work process for conversion. Given that materials are added at the beginning of the process. Beginning Quarter WIP Transferred Conversion (%) 134,350 133,550 25 522 132,593 132,515 24 337 133,245 133,432 20 487 134,845 134,032 23 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4 1 2 3 4 - Started Out Units for material costs Units for conversion costsPart A The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted - average method? Assume that the quarters are independent. \table [[Beginning ,,], [Quarter, \table [[Work in], [Process]], Started, Out, (%)],[1,, 255, 000, 235,50], [2, 2, 500, 275, 000, 250, 40], [3, 3, 600, 290, 000, 275,000, 45], [4, 6, 500, 300,000, 280, 000,60]]