question from book managerial accounting page 205: Q mike jones director of accounting at acme brands has calculated that there 6250 equivalent units of production for materials inthe mixing department at the end of thecurrent month assuming begining work in process inventory cost for material were $7250 and $10750 of additional material cost were added inthe period calculate the cost per equivalent units for materials for the mixing department using weighted average method

question from book managerial accounting page 205: Q mike jones director of accounting at acme brands has calculated that there 6250 equivalent units of production for materials inthe mixing department at the end of thecurrent month assuming begining work in process inventory cost for material were $7250 and $10750 of additional material cost were added inthe period calculate the cost per equivalent units for materials for the mixing department using weighted average method

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 32P: Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory (60% complete) on October 1. During October, 3,900 tons were completed. The ending work in process inventory on October 31 was 300 tons (25% complete). What are the total equivalent units for conversion costs?
QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement
еBook Show Me How Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $1.95 and $0.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 2,200 Started and completed during October 44,000 44,000 Transferred out of Rolling (completed) 44,000 46,200 Inventory in process, October 31 4,000 2,000 Total units to be assigned costs 48,000 48,200 The beginning work in process inventory on October 1 had a cost of $1,470. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department Previous Next Check My Work 2 more Check My Work uses remaining. 4:3 我口中0 2 2/2 a $…
Diskit Shi is reviewing the cost structure of different products. The following information relate a product. Direct Materials Inventory, beginning of the year $5,500 Direct Materials Inventory, end of the year 3,000 Direct Materials purchased during the year 45,000 Work in Process Inventory, beginning of the year 9,000 Manufacturing overhead applied during the year 20,000 Work in Process Inventory, end of the year 14,000 Predetermined overhead rate—200% of direct labour costCalculate the amount of direct labour cost incurred during the year.
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow: Estimated consulting overhead cost for the year Estimated direct labor cost for the year (@ $9/hr.) Actual manufacturing overhead cost for January Actual direct labor cost for January (1,200 hours) $360,000 180,000 19,500 11,000 Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. 0 % b. Prepare a journal entry that applies consulting overhead for January. General Journal Description Debit Credit Work in process inventory 0 0 Consulting overhead c. By what amount is consulting overhead over- or underapplied in January? 0 0 Consulting overhead was over-applied by $ 0 in January.
Assume the following information from a schedule of cost of goods manufactured: Beginning work in process inventory $ 30,000Direct materials used in production $ 50,000Direct labor $ 60,000Total manufacturing costs to account for $ 207,000Ending work in process inventory $ 72,000 What is the manufacturing overhead applied to work in process?
ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) A company is going to use process costing to calculate the cost of its products. The following information has been accumulated: Units Beginning work in process 2,000 Materials 0%, Conversion 20% Units completed and transferred out 10,000 Ending work in process Materials 90%, Conversion 60% 1,800 Beginning inventory cost consists of $2,000 for materials and $3,000 for conversion. The cost per equivalent unit of materials is $4.00 and the cost per equivalent units of conversion is $6.00.What is the amount of material costs that was added during the period using the weighted average method?
Current Attempt in Progress Oriole Company has the following data: Direct labor Direct materials used Total manufacturing overhead Ending work in process inventory Beginning work in process inventory (a) Compute total manufacturing costs. Total manufacturing costs $ $83,600 92,400 71,500 33,000 49,500