Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 18, Problem 20RQ
To determine
Prepare
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.Production: 6,020 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.Manufacturing costs: Materials $29,315; labor $20,600; overhead $31,367.Prepare a production cost report.
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.Production: 7,100 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.Manufacturing costs: Materials $40,400; labor $20,600; overhead $39,460.Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.Production: 6,600 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.Manufacturing costs: Materials $31,680; labor $20,700; overhead $35,460.Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)
QUIK FURNITURE COMPANYSanding DepartmentProduction Cost ReportFor the Month Ended March 31, 2020
Equivalent Units
Quantities
PhysicalUnits
Materials
ConversionCosts
Units to be accounted for
Work in process, March 1
enter a number of units
Started into production
enter a number of units
Total units
enter a total number of units
Units…
Chapter 18 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. 18 - Match each costing system characteristic to job...Ch. 18 - Prob. 2TICh. 18 - Prob. 3TICh. 18 - Match each costing system characteristic to job...Ch. 18 - Prob. 5TICh. 18 - The Cutting Department has 6,500 units in process...Ch. 18 - Prob. 7TICh. 18 - Prob. 8TICh. 18 - Prob. 9TICh. 18 - Prob. 10TI
Ch. 18 - Prob. 11TICh. 18 - Castillo Company has three departments: Mixing,...Ch. 18 - Prob. 13TICh. 18 - Prob. 14TICh. 18 - Prob. 15TICh. 18 - Prob. 16TICh. 18 - Prob. 17TICh. 18 - Which company is least likely to use a process...Ch. 18 - Which characteristic is the same in both job order...Ch. 18 - Conversion costs are a. direct materials plus...Ch. 18 - Burton Company uses the weighted-average method in...Ch. 18 - Burton Company uses the weighted-average method in...Ch. 18 - Burton Company uses the weighted-average method in...Ch. 18 - The Assembly Department had 4,500 units of...Ch. 18 - The Mixing Department incurred the following costs...Ch. 18 - Department 1 completed work on 500 units and...Ch. 18 - The manager of Gilbert Company used the production...Ch. 18 - Which statement is accurate concerning the FIFO...Ch. 18 - What types of companies use job order costing...Ch. 18 - What types of companies use process costing...Ch. 18 - What are the primary differences between job order...Ch. 18 - List ways in which job order costing systems are...Ch. 18 - Describe the flow of costs through a process...Ch. 18 - What are equivalent units of production?Ch. 18 - Why is the calculation of equivalent units of...Ch. 18 - What are conversion costs? Why do some companies...Ch. 18 - What is a production cost report?Ch. 18 - What are the four steps in preparing a production...Ch. 18 - Explain the terms to account for and accounted...Ch. 18 - If a company began the month with 50 units in...Ch. 18 - Most companies using process costing systems have...Ch. 18 - What is the weighted-average method for process...Ch. 18 - Prob. 15RQCh. 18 - What is the purpose of the Costs Accounted For...Ch. 18 - What are transferred in costs? When do they occur?Ch. 18 - Prob. 18RQCh. 18 - Department 1 is transferring units that cost...Ch. 18 - Prob. 20RQCh. 18 - Describe ways the production cost report can be...Ch. 18 - Prob. 22RQCh. 18 - Describe the three groups of units that must be...Ch. 18 - Prob. 24RQCh. 18 - Prob. 1SECh. 18 - The Jimenez Toy Company makes wooden toys. The...Ch. 18 - Prob. 3SECh. 18 - Cadwell manufactures cell phones. The conversion...Ch. 18 - Spring Fresh produces premium bottled water....Ch. 18 - Prob. 6SECh. 18 - Prob. 7SECh. 18 - The Mixing Department of Complete Foods had 62,000...Ch. 18 - Prob. 9SECh. 18 - Refer to Short Exercises S18-8 and S18-9. Use...Ch. 18 - Prob. 11SECh. 18 - Prob. 12SECh. 18 - The Mixing Departments production cost report for...Ch. 18 - Prob. 14SECh. 18 - Spring Fresh produces premium bottled water....Ch. 18 - Prob. 16SECh. 18 - For each of the following products or services,...Ch. 18 - Prob. 18ECh. 18 - Complete the missing amounts and labels in the...Ch. 18 - Prob. 20ECh. 18 - Prob. 21ECh. 18 - Color Explosion prepares and packages paint...Ch. 18 - Shea Winery- in Pleasant Valley, New York, has two...Ch. 18 - Shea Winery- in Pleasant Valley, New York, has two...Ch. 18 - Complete the missing amounts in the following...Ch. 18 - On May 31, the Mixing Department ending...Ch. 18 - Refreshing Water Company produces premium bottled...Ch. 18 - Oxford Company had the following transactions in...Ch. 18 - Hartley Company has a production process that...Ch. 18 - Blue Ridge Mountain Manufacturing had the...Ch. 18 - Brians Frozen Pizzas uses FIFO process costing....Ch. 18 - Dee Electronics makes game consoles in three...Ch. 18 - Roan Paper Co. produces the paper used by...Ch. 18 - Prob. 34APCh. 18 - Carla (Carpet manufactures broadloom carpet in...Ch. 18 - Prob. 36APCh. 18 - Cheerful Colors manufactures crayons in a...Ch. 18 - Work Problem P18-33A using the FIFO method. The...Ch. 18 - Prob. 39BPCh. 18 - Smith Paper Co. produces the paper used by...Ch. 18 - Prob. 41BPCh. 18 - Casey Carpet manufactures broadloom carpet in...Ch. 18 - Sea Worthy uses three processes to manufacture...Ch. 18 - Happy Colors manufactures crayons in a three-step...Ch. 18 - Work Problem P18-40B using the FIFO method. The...Ch. 18 - Prob. 46PCh. 18 - Prob. 1TIATCCh. 18 - Billy Davidson operates Billys Worm Firm in...Ch. 18 - Rick Fines and Joe Lopez are the plant managers...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The cost of direct materials transferred into the Rolling Department of Jabari Company is $3,013,500. The conversion cost for the period in the Rolling Department is $137,800. The total equivalent units for direct materials and conversion are 4,100 tons and 1,060 tons, respectively. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.arrow_forwardPrepare the journal entry to record the transfer of 3,000 units from the packaging department to finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50.arrow_forwardCorazon Manufacturing Company has a purchasing department staffed by five purchasing agents. Each agent is paid 28,000 per year and is able to process 4,000 purchase orders. Last year, 17,800 purchase orders were processed by the five agents. Required: 1. Calculate the activity rate per purchase order. 2. Calculate, in terms of purchase orders, the: a. total activity availability b. unused capacity 3. Calculate the dollar cost of: a. total activity availability b. unused capacity 4. Express total activity availability in terms of activity capacity used and unused capacity. 5. What if one of the purchasing agents agreed to work half time for 14,000? How many purchase orders could be processed by four and a half purchasing agents? What would unused capacity be in purchase orders?arrow_forward
- A production department within a company received materials of $12,000 and conversion costs of $11,000 from the prior department. It added material of $17,600 and conversion costs of $40,840. The equivalent units are 16,000 for material and 14,400 for conversion. What is the unit cost for materials and conversion? When required, round final answers to two decimal places. Unit Cost Materials $ Conversion $arrow_forwardThe cost of direct materials transferred into the Rolling Department of Kraus Company is $3,087,000. The conversion cost for the period in the Rolling Department is $124,600. The total equivalent units for direct materials and conversion are 4,200 tons and 890 tons, respectively. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the direct materials and conversion costs per equivalent unit. Round your answers to the nearest dollar. Direct materials cost per equivalent unit: $fill in the blank 2 per ton Conversion cost per equivalent unit: $fill in the blank 3 per tonarrow_forwardJaka Corporation manufactures and sells concrete blocks for the residential and commercial building. Jaka expects the following sales unit, the price per unit and desired ending inventory for the year 2021. Inventories for both 1st January 2021 and 1st January 2022 are expected to be 100,000 blocks. The raw materials and direct labour required for each concrete block are as follows: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Sales unit 2,000,000 6,000,000 6,000,000 2,000,000 Price/unit ($) 0.70 0.70 0.80 0.80 Ending Inventory 500,000 500,000 100,000 100,000 Units Raw materials 26kg Direct labour 0.015 hour Cost $0.01/kg $14/hour Jaka's policy is to have 5 million kg of raw materials in ending inventory for the third and fourth quarters and 8 million kg of the materials in ending inventory for the first and second quarters. Required: Prepare the following…arrow_forward
- Schoen Corp. manufactures three types of electrical motors. Type A is sold upon completion of the production assembly. Types B and C can be sold after production or sent to a different plant for further processing to add various capabilities to the motors. The following data are available for each of the three types of motors at the beginning of the month: Units to be produced Total costs to produce before further processing Total sales revenue if sold immediately Additional processing costs Total sales revenue if processed further Additional profit (or loss) if B is processed further: $ A 10,000 $240,000 300,000 0 0 B 8,000 $250,000 320,000 30,000 340,000 6,000 $240,000 300,000 20,000 360,000arrow_forwardTo make a batch of 1,000 units of a certain item, it is estimated that 120 direct labor hours are required at a cost of $10/hour. Direct material costs are estimated at $1,500 per batch. The overhead costs are calculated based on an overhead rate of $7.50 per direct labor hour. The item can be readily purchased from a local vendor for $4 per unit. a. Should the item be made or purchased? b. Over what range of overhead rate is your answer in part a valid?arrow_forwardVista Vacuum Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process. Units • Beginning inventory of 3,200 units that are 100 percent complete for materials and 30 percent complete for conversion. 15,500 units started during the period. • Ending inventory of 3,700 units that are 13 percent complete for conversion. Manufacturing Costs • Beginning inventory was $20,000 ($9,700 materials and $10,300 conversion costs). Costs added during the month were $28,600 for materials and $56,600 for conversion ($26,700 labor and $29,900 applied overhead). Assume the company uses Weighted-Average Method. Required: 1. Calculate the number of equivalent units of production for materials and Equivalent Units Physical Units Direct Conversion Materials Units Completed Ending Inventory Total 15,000 37,000 52,000 2. Calculate the cost per equivalent unit for materials and conversion for March. (Round your answers to 5…arrow_forward
- Prepare the journal entry to record the transfer of 3,500 units from the separation department to the mash department if the material cost per unit is $2 and the conversion cost per unit is $5.arrow_forwardDepartment 1 completed work on 500 units and transferred them to Department 2. The cost of the units was $750. What is the journal entry to record the transfer?arrow_forwardThe 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.)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax CollegeCornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Cost Accounting - Definition, Purpose, Types, How it Works?; Author: WallStreetMojo;https://www.youtube.com/watch?v=AwrwUf8vYEY;License: Standard YouTube License, CC-BY