Reed Company has two departments, a machining department and a finishing department. The following information relates...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Reed Company has two departments, a machining department and a finishing department. The following information relates to the finishing department: Work-in-Process, November 1, was 22 units, 40% completed, consisting of $160 transferred-in costs, $104 direct materials costs, and $64 conversion costs. Production completed for November totaled 82 units; Work-in-Process, November 30, is 8 units, 50% completed. All finishing department direct materials are introduced at the start of the process; conversion costs are incurred uniformly throughout the process. Transferred-in costs from the machining department during November were $1,088; costs of direct materials added were $840; conversion costs incurred were $1,232. Following is the summary data of Reed Company's finishing department: Work-in-process, November 1, 22 units: Transferred-in: 100% complete Direct materials: 1008 complete Conversion: 40% complete 160 104 64 Total costs 2$ 328 68 units Units transferred in from machining department during November Units completed during November and transferred out to finished goods inventory Work-in-process, November 30 Transferred-in: 100% complete Direct materials: 1008 complete Conversion : 50% complete Costs incurred during November 82 units Transferred-in $ 1,088 Direct materials 840 Conversion 1,232 Total current costs $ 3,160 Required: 1. Prepare a production cost report for November using the weighted-average method. 2. Prepare a production cost report for November using the FIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a production cost report for November using the weighted-average method. (Round "Cost per unit" to 2 decimal places and other answers to the nearest whole dollar amount.) REED COMPANY Finishing Department Weighted-Average Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Step 2: Calculate Equivalent Units Units Physical Units Transferred in Direct Materials Conversion Costs Input Work-in-process, November 1 Started this month Total units to account for Output Completed Work-in-process, November 30 Total accounted for Total work done to date Unit Cost Determination Step 3: Determine Total Costs to Account for Transferred-in Direct Materials Conversion Total Work-in-process, November 1 $ 328 Current costs 3,16 Total costs to account for $ 3,488 Step 4: Compute Unit Costs Cost per unit Cost Assignment Completed and Ending Work- Transferred Out in-Process Step 5: Assign Total Manufacturing Costs Total Units completed and transferred out Ending work-in-process Transferred-in Materials Conversion Total costs accounted for REED COMPANY Finishing Department FIFO Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Units Physical Units Step 2: Calculate Equivalent Units Transferred in Direct Materials Conversion Costs Input Work-in-process, November 1 Started this month Total units to account for Output Completed Work-in-process, November 30 Total accounted for Total work done to date Work-in-process, November 1 Total work done this month - FIFO equivalent units 68 77 Unit Cost Determination Transferred Direct Step 3: Determine Total Costs to Account for Work-in-process, November 1 Conversion Costs Total in Materials Current cost Total costs to account for Step 4: Compute Unit Costs Cost per unit Completed and Transferred Out Ending Work-in- Process Step 5: Assign Total Manufacturing Costs Total Units completed and transferred out Beginning work-in-process Current cost to complete Total from beginning work-in-process Units started and finished Total cost completed and transferred out Ending work-in-process Transferred-in Materials Conversion Total costs accounted for Reed Company has two departments, a machining department and a finishing department. The following information relates to the finishing department: Work-in-Process, November 1, was 22 units, 40% completed, consisting of $160 transferred-in costs, $104 direct materials costs, and $64 conversion costs. Production completed for November totaled 82 units; Work-in-Process, November 30, is 8 units, 50% completed. All finishing department direct materials are introduced at the start of the process; conversion costs are incurred uniformly throughout the process. Transferred-in costs from the machining department during November were $1,088; costs of direct materials added were $840; conversion costs incurred were $1,232. Following is the summary data of Reed Company's finishing department: Work-in-process, November 1, 22 units: Transferred-in: 100% complete Direct materials: 1008 complete Conversion: 40% complete 160 104 64 Total costs 2$ 328 68 units Units transferred in from machining department during November Units completed during November and transferred out to finished goods inventory Work-in-process, November 30 Transferred-in: 100% complete Direct materials: 1008 complete Conversion : 50% complete Costs incurred during November 82 units Transferred-in $ 1,088 Direct materials 840 Conversion 1,232 Total current costs $ 3,160 Required: 1. Prepare a production cost report for November using the weighted-average method. 2. Prepare a production cost report for November using the FIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a production cost report for November using the weighted-average method. (Round "Cost per unit" to 2 decimal places and other answers to the nearest whole dollar amount.) REED COMPANY Finishing Department Weighted-Average Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Step 2: Calculate Equivalent Units Units Physical Units Transferred in Direct Materials Conversion Costs Input Work-in-process, November 1 Started this month Total units to account for Output Completed Work-in-process, November 30 Total accounted for Total work done to date Unit Cost Determination Step 3: Determine Total Costs to Account for Transferred-in Direct Materials Conversion Total Work-in-process, November 1 $ 328 Current costs 3,16 Total costs to account for $ 3,488 Step 4: Compute Unit Costs Cost per unit Cost Assignment Completed and Ending Work- Transferred Out in-Process Step 5: Assign Total Manufacturing Costs Total Units completed and transferred out Ending work-in-process Transferred-in Materials Conversion Total costs accounted for REED COMPANY Finishing Department FIFO Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Units Physical Units Step 2: Calculate Equivalent Units Transferred in Direct Materials Conversion Costs Input Work-in-process, November 1 Started this month Total units to account for Output Completed Work-in-process, November 30 Total accounted for Total work done to date Work-in-process, November 1 Total work done this month - FIFO equivalent units 68 77 Unit Cost Determination Transferred Direct Step 3: Determine Total Costs to Account for Work-in-process, November 1 Conversion Costs Total in Materials Current cost Total costs to account for Step 4: Compute Unit Costs Cost per unit Completed and Transferred Out Ending Work-in- Process Step 5: Assign Total Manufacturing Costs Total Units completed and transferred out Beginning work-in-process Current cost to complete Total from beginning work-in-process Units started and finished Total cost completed and transferred out Ending work-in-process Transferred-in Materials Conversion Total costs accounted for
Expert Answer:
Related Book For
Introduction to Management Accounting
ISBN: 978-0133058789
16th edition
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
Posted Date:
Students also viewed these accounting questions
-
The Power Company has two departments, a Machining Department and a Finishing Department. The following information relates to the Finishing Department: Work-in-process, November 1, was 20 units 70%...
-
The following information relates to the debt securities investments of Yellow jackets Company. 1. On February 1, the company purchased 12% bonds of Hilton Paris Co. having a par value of $500,000 at...
-
The following information relates to Dane City during its fiscal year ended December 31, 20X2: 1. On October 31, 20X2, to finance the construction of a city hall annex, Dane issued 8 percent, 10-year...
-
Find reactions of support 1,2 and 3 F=10KN, a=2m, ?a=60 (45%) F 2a
-
List and describe the eight types of non-depository financial institutions.
-
A rigid steel tank of mass 2.5 kg contains 0.5 kg R-410a at 0Cwith a specific volume of 0.01m 3 /kg. The system heats up to the room temperature, 25C. Find the process heat transfer and the entropy...
-
Using the Internet, locate and review these sites: a. National Fraud Center b. The Fraud Detectives Consultant Network c. Milberg Weiss Bershad Hynes & Lerach d. Mark R. Simmons e. Communications...
-
On January 1, 2017, the ledger of Accardo Company contains the following liability accounts. Accounts Payable ....... $52,000 Sales Taxes Payable....... 7,700 Unearned Service Revenue..... 16,000...
-
Suppose that Mullen Co, a U.S. based MNC, knows that it will need 100,000 pounds in one year in order to purchase supplies. It is considering a forward call option to hedge these payables. Currency...
-
Prepare a Consolidated Balance Sheet for Big Lake Bakeries which owns 100% of Marble Falls Orchards. The fair value of Marble Falls net fixed assets are $2,675,000. Big Lake aquired 100% of Marble...
-
Supervisor: "I will increase your salary from $12,000.00 to $15,000.00 per year if you are able to maintain your current performance level." Employee: "I will certainly work hard to maintain my...
-
1. Sam saw his good friend Nick at the bar on a Friday night. Nick was so drunk, that he did not know the nature and consequences of his actions. While they were at the bar, Nick signed a contract...
-
Complete the statement of sources and uses of cash from the following entries: Net income Dividends Additions to inventory $ 2,900 800 260 Additions to receivables 290 Depreciation 230 Reduction in...
-
The Lewis Law Firm is a small legal practice that provides family law services. Lewis uses a normal cost accounting system to track service costs to the income statement, and has the following...
-
X Corp. adopts a plan of complete liquidation. It distributes land held as an investment to its shareholders that has a fair market value of $300,000 and an adjusted basis of $200,000. If the land is...
-
Alexei is a permanent resident (PR) who was convicted of armed robbery. He obtained PR via family sponsorship at a young age. Removal order 36(1)(a) was issued by the ID. There is a removal order...
-
QUESTION For each of the following scenarios, indicate the type of opinion that should be issued. Unless otherwise stated, assume the matter at hand is material. Type in the number that represents...
-
Troy is a qualified radiologist who operates a successful radiology practice from purpose- built rooms attached to his house. Troy works in the practice three days a week, and the other two days he...
-
Distinguish between the quantitative and qualitative aspects of decisions.
-
Sales for Harlem Tool & Die during 20X1 were $600,000, 75% of them on credit and 25% for cash. During the year, accounts receivable increased from $56,000 to $67,000, an increase of $11,000. What...
-
Variable costs are controllable and fixed costs are uncontrollable. Do you agree? Explain.
-
The bidask spread (II) Consider the spot quotations in pounds per dollar (/\($)\) and dollars per pound (\($/)\) in Table 3.15: a. Compute the bid quotations in American and European terms. b....
-
Interest rate parity Consider Figure 3.29, which indicates (approximately) the difference between interest rates in the United States and the UK, Rus Ruk on a one-year T-bill (i.e. a two-year bill...
-
Points quotations In Table 3.16, consider the spot quotations in dollars per pound (\($/)\) and the forward quotations in basis points (1/10,000). On the basis of the points quotations in Table 3.16,...
Study smarter with the SolutionInn App