Ending Beginning Purchases Available for use Debit Ending Beginning Direct materials used Direct labor Overhead Ending Debit Work Raw Materials Inventory Debit Beginning Cost of goods manufactured Available for sale. Direct materials: 10, 100 50,500 60, 600 13, 100 in Process Inventory 16, 200 47,500 34,100 63,000 160,800 14,400 Finished Goods Inventory 19,600 146,400 166,000 20,800 Direct materials used Direct materials used Raw materials available for use Factory overhead: Total manufacturing costs Total cost of work in process Cost of goods manufactured Credit Cost of goods manufactured 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Credit Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the schedule of cost of goods manufactured for the year. Beck Manufacturing Schedule of Cost of Goods Manufactured For Year Ended December 31 0 Credit Cost of goods sold 145,200 $ $ 0 47,500 146,400 0 0 0

Ending Beginning Purchases Available for use Debit Ending Beginning Direct materials used Direct labor Overhead Ending Debit Work Raw Materials Inventory Debit Beginning Cost of goods manufactured Available for sale. Direct materials: 10, 100 50,500 60, 600 13, 100 in Process Inventory 16, 200 47,500 34,100 63,000 160,800 14,400 Finished Goods Inventory 19,600 146,400 166,000 20,800 Direct materials used Direct materials used Raw materials available for use Factory overhead: Total manufacturing costs Total cost of work in process Cost of goods manufactured Credit Cost of goods manufactured 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Credit Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the schedule of cost of goods manufactured for the year. Beck Manufacturing Schedule of Cost of Goods Manufactured For Year Ended December 31 0 Credit Cost of goods sold 145,200 $ $ 0 47,500 146,400 0 0 0

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter6: Process Costing

Section: Chapter Questions

Problem 20MCQ: Transferred-in goods are treated by the receiving department as a. units started for the period. b....

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Current Attempt in Progress When are costs of raw materials debited to Work in Process Inventory? O when the materials are ordered O when the materials are received O when the bill for the materials is paid O when the materials are put into production
Required information[The following information applies to the questions displayedbelow.]We discuss how to prepare the process costing production reportusing the weighted-average method. In addition, we discuss that aproduction report is a summary of what occurs in the productionprocess, and includes information about the number of physicalunits, number of equivalent units, cost per equivalent unit, and areconciliation of the cost of Work in Process Inventory. Knowledge Check 01Paula's Fab Tee Company, which prints T-shirts, has three processingdepartments (printing, labeling, and packaging). The total cost per equivalentunit was $17.80 for the printing department, $0.80 for the labeling department,and $0.40 for the packaging department. The total cost of the 1,450 units thatwere transferred out of the Work in Process Inventory (Packaging) account tothe Finished Goods Inventory account was:
ilrn/takeAssignment/takeAssignmentMain.do?invoker%-&takeAssignmentSessionLocator3&inprogress%3false ps Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Date Unit Price Amount Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 $4 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Previous Next
Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Amount $ 12,000 Direct materials Conversion costs $ 310,200 396,800 Total costs added $ 707,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000…
Which of the following would be included in the journa record the requisition of indirect materials? O a. Debit to Work in process inventory O b. Debit to Finished Goods Inventory Oc. Debit to Manufacturing Overhead O d. Debit to Materials inventory
Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200
TB MC Qu. 3-30 (Static) The final step in recognizing the... The final step in recognizing the completion of production requires a company to: Multiple Choice add direct materials to Finished-Goods Inventory. add direct labor to Work-in-Process Inventory. add direct materials, direct labor, and manufacturing overhead to Work-in-Process Inventory. debit Finished-Goods Inventory and credit Work-in-Process Inventory. debit Work-in-Process Inventory and credit Finished-Goods Inventory.
Please refer to the pictures for parts A and B. Part C is below: Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Total Completed and transferred out Ending work in process EUP Cost per EUP Total cost Direct materials $0.00 0.00 Conversion $0.00 0.00 Total costs accounted for Fields Company
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct MaterialsConversion Percent Percent Complete Complete 40% Units 5,700 100% 41,040 42,180 4,560 100% $ 37,620 421,686 $ 459,306 943,920 4,115,286 5,059,206 5,518,512 olem 3-4A (Algo) FIFO: Production cost report LO C2, P4 $ 80% me that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. ired: Prepare the Forming department's production cost report for May using FIFO. Prepare…
Requirements: A. What is the total Equivalent production for Materials? B. What is the total Equivalent production for Conversion? C. What is the total Cost per unit to be used for allocation? D. What is the total cost of completed and transferred that will be carried to the next department/finished goods inventory? E. What is the total cost of in process ending for the period? F. What is the equivalent production of In process, end for Conversion? G. What is the equivalent production of competed and transferred for Materials? H. How much cost from losses will be added to completed and transferred?
Appropriate base to allocate purchase department cost to different products is? A. Machine Hour B. Purchase Order C. Closing stock of Material D. Units of output
Riverbed Company has gathered the following information. Units in beginning work in process inventory Units started into production Units in ending work in process inventory Percent complete for conversion costs in ending work in process inventory Costs incurred: Direct materials Direct labor Overhead 0 57,240 10,600 60% $ 171.720 $99.640 $138.860