Given the following information, prepare a production report with materials added at the beginning and ending...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Given the following information, prepare a production report with materials added at the beginning and ending work in process inventory being 20% complete with regard to conversion costs. Costs to Account for Units to Account for Beginning inventory: materials Beginning inventory: conversion $4,900 Beginning work in process 1,000 Units started into production 20,160 Transferred out 43,020 12,400 8,000 10,300 $99,780 Enter all amounts as positive values. If required round "Cost per unit" answers to two decimal places. Direct material Direct labor Applied overhead Transferred-in materials Transferred-in conversion Total costs to account for 3,000 84,000 82,500 Completed and transferred out Ending work in process Total units to account for Work in process completion percent Completed and transferred out Ending work in process Total units to account for Production Report 82,500 4,500 87,000 Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Costs to account for 100% 20% Material Units Conversion Units Total Units 165,000 6,000 171,000 Costs to account for Beginning work in process Transferred in Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department S 82,500 4,500 87,000 Materials S 4,900 8,000 20,160 82,500 1,500 फ 84,000 Conversion Total 1,000 $ 5,900 10,300 18,300 55,420 75,580 tA Given the following information, prepare a production report with materials added at the beginning and ending work in process inventory being 20% complete with regard to conversion costs. Costs to Account for Units to Account for Beginning inventory: materials Beginning inventory: conversion $4,900 Beginning work in process 1,000 Units started into production 20,160 Transferred out 43,020 12,400 8,000 10,300 $99,780 Enter all amounts as positive values. If required round "Cost per unit" answers to two decimal places. Direct material Direct labor Applied overhead Transferred-in materials Transferred-in conversion Total costs to account for 3,000 84,000 82,500 Completed and transferred out Ending work in process Total units to account for Work in process completion percent Completed and transferred out Ending work in process Total units to account for Production Report 82,500 4,500 87,000 Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Costs to account for 100% 20% Material Units Conversion Units Total Units 165,000 6,000 171,000 Costs to account for Beginning work in process Transferred in Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department S 82,500 4,500 87,000 Materials S 4,900 8,000 20,160 82,500 1,500 फ 84,000 Conversion Total 1,000 $ 5,900 10,300 18,300 55,420 75,580 tA
Expert Answer:
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
This exercise relates to the Double Diamond Skis' Shaping and Milling Department that was discussed earlier in the chapter. The Excel worksheet form that appears below consolidates data from Exhibits...
-
Process costing becomes more complicated when there are both beginning and ending work in process (BWIP and EWIP) inventories. The costs stored in BWIP were incurred during the prior period. A...
-
The two roots of a quadratic equation ax 2 + bx + c = 0 can be obtained using the following formula: b 2 - 4ac is called the discriminant of the quadratic equation. If it is positive, the equation...
-
What is the difference between accounting controls and administrative controls?
-
Using the appropriate present value table and assuming a 12% annual interest rate, determine the present value on December 31, 2021, of a five-period annual annuity of $5,000 under each of the...
-
Determine the displacement at point \(D\) of the overhang white spruce beam. A -4 ft. 150 lb/ft 300 lb D La -4 ft -B 3 in. H 16 in. Section a-a -4 ft- C
-
1. What will be the expected return and beta for each of the following portfolios? a) Portfolios 1 through 4: All of the funds are invested solely in one asset (the corresponding three stocks or the...
-
Consider a system of a single spin, in thermal equilibrium with a reservoir of temperature T. Once an external magnetic field is applied, the spin can be in one of two states: aligned with the field...
-
Assuming a lower specification limit of 47 grams and an upper specification limit of 53 grams, what is the process capability of this process? How many defects would you expect in one million bags?...
-
The following information relates to next year's projected operating results of the Housewares Division of Nolan Enterprises: Contribution margin Fixed expenses $ 2,450,000.00 $ 2,695,000.00...
-
In 2023, an article in the Economist noted that the value of the Pakistani rupee had weakened against the U.S. dollar. a. When the rupee weakens against the U.S. dollar, does it take more rupees to...
-
In 2023, an article on bloomberg.com discussed a study by Erik Brynjolfsson of Stanford University and Danielle Li and Lindsey Raymond of MIT. The study found that giving customer support agents...
-
An article in the Wall Street Journal in 2023 about bitcoin observed, Cryptos extreme price swings are risky for everyday investors. The article also notes, Some individual investors enduring...
-
During the second quarter of 2020, real inventories declined by $274 billion, by far the largest decline on record. During the third quarter of 2020, real GDP increased by 35 percent, by far the...
-
In 2023, many firms began using sophisticated artificial intelligence (AI) programs, such as Chat GPT, called chatbots. For example, an article in the Wall Street Journal discussed the use of...
-
Difference in income vs. earning capacity when the terms come up in child support calculations - i.e. to modify a child support order, a substantial change in circumstances necessary to allow the...
-
During registration at Tech every quarter, students in the Department of Management must have their courses approved by the departmental advisor. It takes the advisor an average of 4 minutes...
-
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. The overhead that...
-
TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a variance report that...
-
What are some of the possible reasons that actual results may differ from what had been budgeted at the beginning of a period?
-
On 1 January 2024, a company receives gross debenture interest of 1,600 from another UK company and pays net debenture interest of 8,640 to individuals. Explain the corporation tax treatment of each...
-
Visit Transparency Internationals website and check to see how the CPI Index for countries listed in Exhibits 5.4 and 5.6 has changed. After searching TIs databank, explain why the changes have...
-
Identify the accounting periods relating to the following periods of account: (a) year to 30 November 2023 (b) 1 October 2022 to 31 July 2023 (c) 1 January 2024 to 31 January 2024 (d) 33 months to 31...
Study smarter with the SolutionInn App