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I have attached the document. I really need help with it. P35A Chen Company manufactures basketballs. Materials are added at the beginning of the production
I have attached the document. I really need help with it.
P35A Chen Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2008 are as follows. Percent Production DataBasketballs Units Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data Basketballs 500 1,000 600 Work in process, July 1 Materials Conversion costs $750 600 $1,350 Complete 60% 30% Direct materials Direct labor Manufacturing overhead 2,400 1,580 1,060 Calculate the following. 1. The equivalent units of production for materials and conversion. Materials Conversion costs 2. The unit costs of production for materials and conversion costs. Unit costMaterials Unit costConversion costs 3. The assignment of costs to units transferred out and in process at the end of the period. Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs Prepare a production cost report for the month of July for the basketballs. CHEN COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2008 Quantities Equivalent Units Physical Units Units to be accounted for Work in process, July 1 Materials Started into production Total units Units accounted for Transferred out Work in process, July 31 Total units Costs Materials Unit costs Costs in July Unit costs Cost to be accounted for Work in process, July 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs Equivalent units E34 Douglas Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in ProcessCutting $2,900, Work in ProcessAssembly $10,600, and Finished Goods $31,000. During July, the following transactions occurred. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased $62,500 of raw materials on account. Incurred $56,000 of factory labor. (Credit Wages Payable.) Incurred $70,000 of manufacturing overhead; $40,000 was paid and the remainder is unpaid. Requisitioned materials for Cutting $15,700 and Assembly $8,900. Used factory labor for Cutting $29,000 and Assembly $27,000. Applied overhead at the rate of $15 per machine hour. Machine hours were Cutting 1,680 and Assembly 1,720. Transferred goods costing $67,600 from the Cutting Department to the Assembly Department. Transferred goods costing $134,900 from Assembly to Finished Goods. Sold goods costing $150,000 for $200,000 on account. Journalize the transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description/Account Debit 1. Credit 2. 3. 4. 5. 6. (To record cost of goods sold.) 7. 8. 9. (To record sales.) E37 The Sanding Department of Ortiz Furniture Company has the following production and manufacturing cost data for March 2008, the first month of operation. Production: 12,000 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 $33,000; labor $27,000; overhead $36,000. Prepare a production cost report. (If answer is zero, please enter 0. Do not leave any fields blank. Enter answer for unit costs to 2 decimal places, e.g. 5.25. Use rounded amounts for future calculations.) ORTIZ FURNITURE COMPANY Sanding Department Production Cost Report For the Month of March 31, 2008 Quantities Equivalent Units Physical Units Units to be accounted for Work in process, March 1 Materials 0 Conversion Costs Started into production Total units Units accounted for Transferred out Work in process, March 31 Total units Costs Materials Conversion Costs Total Unit costs Costs in March $ $ $ Equivalent units $ 5 $ 7.2 $ 0 Unit costs $ 2.2 Cost to be accounted for Work in process, March 1 Started into production Total costs $ Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, March 31 $ Materials Conversion costs Total costs $ $ E314 Container Shipping, Inc. is contemplating the use of process costing to track the cost of its operations. The operation consists of three segments (departments): receiving, shipping, and delivery. Containers are received at Container's docks and sorted according to the ship they will be carried on. The containers are then loaded onto a ship, which carries them to the appropriate port of destination. The containers are then offloaded and delivered to the receiving company. Container shipping wants to begin to use process costing in the shipping department. Direct materials represent the fuel costs to run the ship, and "Containers in transit" represents work in process. Listed below is information about the shipping department's first month's activity. Containers in Transit April 1 Containers loaded Containers in Transit April 30 Determine the physical flow of containers for the month. Total containers = Compute the equivalent units for direct materials and conversion costs: (Round answers to 0 decimal places, e.g. 125.) Direct Materials Conversion Costs P32A Ortega Industries Inc. manufactures in separate processes furniture for homes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making two products in two different manufacturing plants are as follows. Cutting Department Production Data July Plant 1 Plant 2 T12Tables C10Chairs Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete Cost DataJuly 0 20,000 3,000 60 0 16,000 500 80 Work in process, July 1 Materials Labor $ 0 380,000 234,400 $ 0 288,000 125,900 Overhead 104,000 96,700 $718,400 $510,600 Total For each plant: 1. Compute the physical units of production. (If answer is zero, please enter 0. Do not leave any fields blank.) Physical Units T12 Tables Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for Transferred out Work in process, July 31 Total units 2. Compute equivalent units of production for materials and for conversion costs. Materials T12 Tables C10 Chairs 3. T12 Tables C10 Chairs Determine the unit costs of production. 4. Show the assignment of costs to units transferred out and in process. Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs Prepare the production cost report for Plant 1 for July 2008. (If answer is zero, please enter 0. Do not leave any fields blank.) ORTEGA INDUSTRIES INC. Cutting DepartmentPlant 1 Production Cost Report For the Month Ended July 31, 2008 Quantities Equivalent Units Physical Units Units to be accounted for Work in process, July 1 Materials Started into production Total units Units accounted for Transferred out Work in process, July 31 Total units Costs Materials Unit costs Costs in July Equivalent units Unit costs Cost to be accounted for Work in process, July 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs E39 Podsednik Company has gathered the following information. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Costs incurred: Direct materials Direct labor Overhead 0 36,000 6,000 40% 100% $72,000 $81,000 $97,200 Compute equivalent units of production for materials and for conversion costs. Materials Conversion costs Determine the unit costs of production. Unit costMaterials Unit costConversion costs Show the assignment of costs to units transferred out and in process. Units transferred out $ Units in ending work in process $Step by Step Solution
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