Stage of Completion of Work in Process - End: Materials Labor Overhead Complete 60% 95% 80% 75% 90% 60% 85% 80%
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Please refer the queations to the images attached. Thank you.
Required:
- Compute equivalent units of production.
- Prepare the cost of production. Round total costs to the nearest peso.
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- Tanaka Manufacturing Co. uses the process cost system. The following information for the month of December was obtained from the company’s books and from the production reports submitted by the department heads: Required: Prepare cost of production summaries for the Mixing, Blending, and Bottling (Hint: You must calculate the adjusted unit cost from Blending.) departments. Prepare a departmental cost work sheet. Draft the journal entries required to record the month’s operations. Prepare a statement of cost of goods manufactured for December. (Hint: Goods finished but not transferred to finished goods are considered part of work in process inventory.)The controller at Bethune Chemicals asks for your help in sorting out some cost information. You receive the following sheet for the most recent year: Cost of goods manufactured Cost of goods sold Direct labor costs Direct materials inventory, December 31 Direct materials purchased Finished goods inventory, December 31 Prime costs for the year Total manufacturing costs Work-in-process inventory, January 11 Required: Compute: a. Direct materials used. b. Direct materials inventory, January 1. c. Conversion costs. d. Work-in-process inventory, December 31. e. Manufacturing overhead. 1. Finished goods inventory, January 1. a. Direct materials used b. Direct materials inventory c. Conversion costs d. Work-in-process inventory e. Manufacturing overhead f. Finished goods inventory $ 906,000 727,400 184,000 52,000 263,200 236,400 466,600 914,400 26,200Partially completed T-accounts and additional information for Dumfries Designs for the month of August follow: Materials Inventory Debit Credit BB (8/1) 166,800 683,800 611,800 Work-in-Process Inventory Debit Credit BB (8/1) 308,800 Labor 762,200 Finished Goods Inventory Debit Credit BB (8/1) 590,800 967,200 779,300 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit 647,880 Applied Manufacturing Overhead Debit Credit 638,600 Additional information for August follows: The labor wage rate was $37 per hour. During the month, sales revenue was $1,748,000, and selling and administrative costs were $326,400. This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor-hours. Required: What was the cost of direct materials issued to production…
- complete a production cost report for the mixing department for the month of september 2018 to determine the cost of the units completed and transferred out and the cost of the ending Work-in-Process Inventory - Mixing. Assume Kirtland paints uses the weighted-average method. please include explanations.The debits to Work-in - Process for Department #2 for the month of April of the current year, together with information concerning production, are presented below. All direct materials come from Department #1. The units completed include the 1, 200 in process at the beginning of the period. Department #2 uses FIFO costing. Work-in - Process - Department #2 Debit Credit 1, 200 units, 1/4 completed $ 1,200 Product X, 6,200 units ? ? ? ? From Department 1, 6,000 units 3,600 Direct Labor 8,000 Factory OH 4,800 1,000 units, (1)/(2) complete ? ? ? ? The cost of goods transferred to finished goods is:Partially completed T-accounts and additional information for Dumfries Designs for the month of August follow: Work-in-Process Inventory Finished Goods Inventory Debit Credit Credit Materials Inventory Debit BB (8/1) 167,400 684,400 Cost of Goods Sold Credit Debit 612,400 Credit Debit BB (8/1) Labor 309,400 824,000 Manufacturing Overhead Control Debit Credit 709,740 BB (8/1) 591,400 969,600 • This company has no indirect materials or supplies. • The company applies manufacturing overhead on the basis of direct labor-hours. Required: a. What was the cost of direct materials issued to production during August? b. What was the over- or underapplied manufacturing overhead for August? c. What was the manufacturing overhead application rate in August? Additional information for August follows: • The labor wage rate was $40 per hour. • During the month, sales revenue was $1,754,000, and selling and administrative costs were $327,000. 779,900 Applied Manufacturing Overhead Debit Credit 700,400…
- ournal Entries and Simple Cost Sheet Based on the following information. you are réquired to preparc the following Journal entries b T-account for work in process c Simple cost sheets d. Proof of work in process inventory. end The Reuben Appliances Corp. started its operations in 200B It uses the job order costing method and has adopted the voucher system to effectively control the flowof resources. inventories and payables. The transactions for the first quarter of the year are as follows: ) Materials purchases on account. P 50.000 2) Materials issued: Job Order No. B-001 B-002. P 7,500 13.000 B-003 6.250 3) Indirect materials issued. P 5.250 4) Payroli charges include indirect labor of P7.800. Dircct labor costs are as follows Job Order No. B-001. P 5.300 8.000 B-002. .... B-003. 4.750 5) Factory overhead is charged to production at P3 per machine hour. Machine hours utilized are as follows: Job Order No. B-901..... B-002... 1,200 machine hours 2.050 machi.e hours 1.400 machine hours…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…Required information [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 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for The production department had the cost Information below. Required a. Cost per equivalent unit of production: FIFO method Costs added this period - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b Cost assignment-FIFO Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Units 80,000 422,000 Completed and transferred out Ending work in process Direct materials Conversion. 400,000 102,000 Total costs…
- Required: 1. Enter the balance as of April 1 in a four-column account for Work in Process-Filling. Record the debits and credits in the account for April. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion; (b) cost per equivalent unit; (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in April; and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Filling Department DATE ITEM Apr. 1 Bal., 600 units, 80% completed 30 Cooking Dept., 14,340 units at $7.30 30 Direct labor 30 Factory overhead 30 Finished goods 30 Bal., 1,400 units, 30% completed ACCOUNT NO. BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 5,760 14,682 27,162 14,626 If an amount box does not require an entry, leave it blank. Round cost per unit answers to the nearest cent.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 40Required: Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. Key your entries to the items (a) through (g) below. a. Raw materials used in production. b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire factory, S 626,000. (Credit Accounts Payable.) d. Manufacturing overhead was applied to production using a predetermined overhead rate. e. Units completed in the Refining Department were transferred to the Blending Department, $672,000. f. Units completed in the Blending Department were transferred to Finished Goods, $720,000. g. Completed units were sold on account, S1, 410,000. The Cost of Goods Sold was $660,000. Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March. (The beginning balance in the Refining Department's Work in Process is given in the T-account shown above.) \table [[Raw materials.$209,600