11
7
6
11 Re-Tire produces bagged mulch made from recycled tires. Production involves shredding tires and packaging the pieces for sale in the bagging department. All direct materials enter in the first process. The following describes production operations for October. 19 points Direct materials used Direct labor used 358 in Shredding; 656 in Bagging. Predetermined overhead rate (based on direct labor) Transferred to Bagging Transferred to finished goods $222,000 $133,000 1658 $203,000 $599,000 eBook Hint The company's revenue for the month totaled $450,000 from credit sales, and its cost of goods sold for the month is $246,000. Prepare summary journal entries dated October 31 to record its October production activities for (1) direct materials usage. (2) direct labor incurred (3) overhead applied, (4) goods transfer from Shredding to Bagging. (5) goods transfer from Bagging to finished goods, (6) credit sales, and 7) cost of goods sold. Print View transaction list 11 labor incurred (3) overhead applied, (4) goods transfer from Shredding to Bagging, (5) goods transfer from Bagging to finished (6) credit sales, and (7) cost of goods sold. Answer is not complete. ts No Transaction General Journal Debit Credit 1 1 222,000 Work in process inventory Shredding Raw materials inventory 222.000 2 2 Work in process inventory-Shredding Work in process inventory-Bagging Factory wages payable 46,550 86,450 133,000 3 3 Work in process inventory Shredding Work in process inventory_Bagging Factory overhead 4 4 Work in process inventory--Bagging Work in process inventory-Shredding 5 5 Finished goods inventory Work in process inventory-Bagging 6 6 No Transaction Recorded 7 7 No Transaction Recorded 7 Oslo Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for May. 1.81 points Units Beginning work in process inventory Started Ending work in process inventory Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Costs 4,100 Beginning work in process inventory 12,500 Direct materials 3,200 Conversion $ 2,978 5.620 Direct materials added 1001 Direct labor added 304 Overhead applied (90% of direct labor) Total costs to account for Ending work in process inventory $ 8,606 205,350 129,680 116,712 $460,348 $ 52,661 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal S Total costs to account for: Costs incurred this period Costs of beginning work in process Total costs to account for: IS 0 Total costs accounted for Difference due to rounding 0 cost/unit Unit reconciliation: Units to account for: Units started this period Beginning work in process inventory Total units to account for Total units accounted for: Units completed and transferred out Ending work in process Total units accounted for Equivalent units of production (EUP)-weighted average method % EUP. Units Materials Materials % Conversion EUP- Conversion Total units Cost per equivalent unit of production Materials Conversion Costs EUP 0 0 Total costs Costs - Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Cost per Cost of units transferred out: EUP EUP Direct materials Conversion Total costs transferred out Cost per Costs of ending work in process EUP EUP Total cost Total cost Total un inted Equivalent Units of Production (EUP)-Weighted Average Method Units % Materials EUP Materials % EUP- Conversion Conversion Total units Cost per Equivalent Unit of Production Materials Conversion Costs EUP 0 0 Total cost Total costs Costs Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) Total Costs Accounted for: Cost of units transferred out: EUP Cost per EUP Direct materials Conversion Total costs transferred out Costs of ending work in process EUP EUP Direct materials S 0.00 Conversion S 0.00 Total cost of ending work in process Total costs accounted for Cost per Total cost 6 Elliott Company produces large quantities of a standardized product. The following Information is available for the first process in its production activities for March 181 points Skipped Units Beginning work in process 1,000 inventory Started 10,000 Ending work in process inventory 2,000 Costs Beginning work in process inventory Direct materials Conversion $ 2,000 3,240 eBook Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete $ 5,240 81,820 74, 110 103,754 Hint 405 Direct materials added 100% Direct labor added Overhead applied (1408 of direct labor) Total costs to account for Ending work in process inventory $264,924 Print $ 30,024 References Prepare a process cost summary report for this process using the weighted average method. (Round "Cost per EUP to 2 decimal places.) Total Costs to Account for: S Total costs to account for: Total costs accounted for Difference due to rounding costunit Unit Reconciliation: Units to account for: S Total units to account for Total units accounted for: Total units accounted for Equivalent Units of Production (EUP)-Weighted Average Method % Units EUP- % Materials EUP. Materials Conversion Conversion Total units Cost per Equivalent Unit of Production Materials Conversion Costs EUP Total costs Costs Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) Total Costs Accounted for: Costner 0 -- points Ending work in process inventory $ 30,024 Skipped Prepare a process cost summary report for this process using the weighted average method. (Round "Cost per EUP to 2 decimal places.) eBook # Hint S 0 Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit Reconciliation: Units to account for: s 0 Print References Total units to account for Total units accounted for: Total units accounted for Equivalent Units of Production (EUP)-Weighted Average Method Units % Materials EUP. EUP- Materials Conversion Conversion Total units Cost per Equivalent Unit of Production Materials Conversion Costs EUP 0 0 Total cost Total costs Costs Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) Total Costs Accounted for: Cost per Cost of units transferred out: EUP EUP Direct materials Conversion Total costs transferred out EUP Costs of ending work in process Cost per EUP Direct materials S 0.00 Conversion S 0.00 Total cost of ending work in process Total costs accounted for Total cost
