ACG Chapter 16 - Process Costing Help Save&Exit Submit 3 Check my work Required information Part 1 of 2 The following information applies to the questions displayed below) Company has two manufacturing departments, forming and painting. The The Fields method of process costing. At the beginning of complete as to materials and 35% complete as to conversion costs. The $51,400 of direct materials costs and $19,700 of conversion costs company uses the weighted-average beginning inventory cost of Snoo consisted of 10 points the month the forming department has 32,000 units in ment ry, 65% During the month, the forming department started 410.000 units At the end of the month, the forming department had 30,000 units in ending inventory, 90% complete as to materials and 40% complete as to conversion. Units completed in the forming department are transferred to the Cost information for the forming department is as follows Beginning work in proces, inventory Direct nateriala added daring the month Converaion added during the S73 100 564 120 061,s0D References 1 Calculate the equivalent units of production for the forming department Direct Materials Conversion 3 Required information Part 1 of2 2. Calculate the costs per equivalent unit of production for the forming department 10 Direct Materials per EUP per EUP 3. Using the weighted-average method, assign costs to the forming department's output-specificalty, its units transferred to painting and ts ending work in process inventory Cost per Total cost Direct materials Total costs transferred ou Costs of ening work process 5 0.00 S 000 Direct matesias Total cost of ending work in process a. costs ass gned 808 esc 9 Beginning work in process inventory 71.100 Direet naterials added during the month1,564.120 1,061,500 Conversion added during the month 10 points Assume that Fields uses the FIFO method of process costing 1. Calculate the equivalent units of production for the forming department Direct Materials [conversion 2 Calculate the costs per equivalent unit of production for the forming department. (Round your answers to 2 decimal places.) Direct Materials Conversion per EUP per EUP Prev 4 of 8 MacBookA il F8 2 FS F2 FI Chapter 20 6 Help Save& Exit Su Check my w Required information (The following information applies to the questions displayed below) Buit-Tight is preparing its master budget for the quarter ended September 30, 2017, Budgeted sales and cash payments Part 1 of 2 for product costs for the quarter follow 10 points 56,000 572,000$56,000 15,560 22.84013,1660 budgeted cash paysents for Direct materials Direet labor Factory overhead 440 2.7602.840 19,600 16,200 16.600 Sales are 20% cash and 80% on credit All credit sales are collected in the month folowing the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,400 in accounts receivable: $3.900 in accounts payable: and a $4,400 balance in loans payable. A minimum cash balance of $15.000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loaps are repaid at the end of the month. Operating expenses are paid in the month incurred and consist or sales commisslons (10% of sales, office salaries (53,400 per month and rent $5,900 per month). Refenences (1) Prepare a cash receipts budget for July. August, and September BUIL Cash Receipts Budget For July. August, and September July August September Less: endng accounts receivable Cash receipts from Chapter 20 6 Help Save & Exit 56,000 $72,000 56,000 15 560 12,84013,160 3,440 2,760 9.600 16,200 16,600 2,840 Part 1 of 2 Factory overhead Sales are 20% cash and 80% on credit All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,400 in accounts receivable: $3,900 in accounts payable; and a $4,400 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. f an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions d % of sales), once salar es 53 400 per month, and rent ($5,900 per month) 10 points (1) Prepare a cash receipts budget for July, August and September Print Cash Receipts Budget For July, August, and September References Less: ending accounts receivablke Cash receipts from Total cash receipts Prey 1 2 of 4 l Next > Chapter 20 0 Help Sae 2 Part 2 of 2 For July, August, and September Beginning cash balance 10 points Total cash available Cash payments for Print Total cash payments Preliminary cash balance Ending cash balance Loan balance Loan balance Beginning of month Additional loan (loan repayment Loan balance- End of month K Prev 2 ot 4 Next > ACG Chapter 16 - Process Costing Help Save&Exit Submit 3 Check my work Required information Part 1 of 2 The following information applies to the questions displayed below) Company has two manufacturing departments, forming and painting. The The Fields method of process costing. At the beginning of complete as to materials and 35% complete as to conversion costs. The $51,400 of direct materials costs and $19,700 of conversion costs company uses the weighted-average beginning inventory cost of Snoo consisted of 10 points the month the forming department has 32,000 units in ment ry, 65% During the month, the forming department started 410.000 units At the end of the month, the forming department had 30,000 units in ending inventory, 90% complete as to materials and 40% complete as to conversion. Units completed in the forming department are transferred to the Cost information for the forming department is as follows Beginning work in proces, inventory Direct nateriala added daring the month Converaion added during the S73 100 564 120 061,s0D References 1 Calculate the equivalent units of production for the forming department Direct Materials Conversion 3 Required information Part 1 of2 2. Calculate the costs per equivalent unit of production for the forming department 10 Direct Materials per EUP per EUP 3. Using the weighted-average method, assign costs to the forming department's output-specificalty, its units transferred to painting and ts ending work in process inventory Cost per Total cost Direct materials Total costs transferred ou Costs of ening work process 5 0.00 S 000 Direct matesias Total cost of ending work in process a. costs ass gned 808 esc 9 Beginning work in process inventory 71.100 Direet naterials added during the month1,564.120 1,061,500 Conversion added during the month 10 points Assume that Fields uses the FIFO method of process costing 1. Calculate the equivalent units of production for the forming department Direct Materials [conversion 2 Calculate the costs per equivalent unit of production for the forming department. (Round your answers to 2 decimal places.) Direct Materials Conversion per EUP per EUP Prev 4 of 8 MacBookA il F8 2 FS F2 FI Chapter 20 6 Help Save& Exit Su Check my w Required information (The following information applies to the questions displayed below) Buit-Tight is preparing its master budget for the quarter ended September 30, 2017, Budgeted sales and cash payments Part 1 of 2 for product costs for the quarter follow 10 points 56,000 572,000$56,000 15,560 22.84013,1660 budgeted cash paysents for Direct materials Direet labor Factory overhead 440 2.7602.840 19,600 16,200 16.600 Sales are 20% cash and 80% on credit All credit sales are collected in the month folowing the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,400 in accounts receivable: $3.900 in accounts payable: and a $4,400 balance in loans payable. A minimum cash balance of $15.000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loaps are repaid at the end of the month. Operating expenses are paid in the month incurred and consist or sales commisslons (10% of sales, office salaries (53,400 per month and rent $5,900 per month). Refenences (1) Prepare a cash receipts budget for July. August, and September BUIL Cash Receipts Budget For July. August, and September July August September Less: endng accounts receivable Cash receipts from Chapter 20 6 Help Save & Exit 56,000 $72,000 56,000 15 560 12,84013,160 3,440 2,760 9.600 16,200 16,600 2,840 Part 1 of 2 Factory overhead Sales are 20% cash and 80% on credit All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,400 in accounts receivable: $3,900 in accounts payable; and a $4,400 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. f an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions d % of sales), once salar es 53 400 per month, and rent ($5,900 per month) 10 points (1) Prepare a cash receipts budget for July, August and September Print Cash Receipts Budget For July, August, and September References Less: ending accounts receivablke Cash receipts from Total cash receipts Prey 1 2 of 4 l Next > Chapter 20 0 Help Sae 2 Part 2 of 2 For July, August, and September Beginning cash balance 10 points Total cash available Cash payments for Print Total cash payments Preliminary cash balance Ending cash balance Loan balance Loan balance Beginning of month Additional loan (loan repayment Loan balance- End of month K Prev 2 ot 4 Next >