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I need help for complete my test i'm almost finished . I need only the answers please Weighted Average Process Costing Minot Processing Company manufactures

I need help for complete my test i'm almost finished . I need only the answers please

image text in transcribed Weighted Average Process Costing Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beginning of work on the product in the Processing Department. During December 2009, the following events occurred in the Processing Department: Units started 16,000 units Units completed and transferred to Finishing Department 15,000 units Costs assigned to processing: Raw materials (one unit of raw materials for each unit of product started) $142,900 Manufacturing supplies used 18,000 Direct labor costs incurred 51,000 Supervisors' salaries 12,000 Other production labor costs 14,000 Depreciation on equipment 6,000 Other production costs 18,000 Additional information follows: Minot uses weighted average costing and applies manufacturing overhead to Workin Process at the rate of 100 percent of direct labor cost. Ending inventory in the Processing Department consists of 3,000 units that are onethird converted. Beginning inventory contained 2,000 units, onehalf converted, with a cost of $41,500 ($29,900 for materials and $11,600 for conversion). (a) Prepare a cost of production report for the Processing Department for December. Minot Processing Company: Processing Department Cost of Production Report For the Month Ending December 31, 2009 Summary of units in process: Beginning Answer 2000 Minot Processing Company: Processing Department Cost of Production Report For the Month Ending December 31, 2009 Answer 16000 Units started Answer 18000 In process Answer -15000 Completed Answer 3000 Ending Minot Processing Company: Processing Department Cost of Production Report For the Month Ending December 31, 2009 Equivalent units in process: Materials Answer Conversion Answer 15000 Units completed 15000 Answer Answer 3000 Plus equivalent units in ending inventory 1000 Answer Answer 18000 Equivalent units in process Total 16000 Total cost to be accounted for and cost per equivalent unit in process: $Answer Beginning workinprocess $Answer $Answer Minot Processing Company: Processing Department Cost of Production Report For the Month Ending December 31, 2009 Answer Total cost in process Answer $Answer Current costs Answer $Answer $Answer Answer Equivalent units in process Answer $Answer Cost per equivalent unit in process $Answer $Answer Accounting for total costs: Transferred out $Answer Minot Processing Company: Processing Department Cost of Production Report For the Month Ending December 31, 2009 Ending workinprocess: $Answer 28800 Materials Answer Answer 7100 Conversion $Answer 286400 Total cost accounted for (b) Prepare an analysis of all changes in WorkinProcess. Workinprocess: Beginning $Answer 41500 Current manufacturing costs: $Answer 142900 Direct materials Answer 51000 Direct labor Answer Answer 51000 Applied overhead $Answer 286400 Total Answer -250500 Cost of goods manufactured $Answer 35900 Ending Absorption and Variable Costing Comparisons Peachtree Company manufactures peach jam. Because of bad weather, its peach crop was small. The following data have been gathered for the summer quarter of 2009: Beginning inventory (cases) 0 Cases produced 10,000 Cases sold 9,000 Sales price per case $60 Direct materials per case $7 Direct labor per case $9 Variable manufacturing overhead per case $3 Total fixed manufacturing overhead $400,000 Variable selling and administrative cost per case Fixed selling and administrative cost $2 $48,000 (a) Prepare a functional income statement for the quarter using absorption costing. (Do not use negative signs with your answers, EXCEPT if you calculate a net loss.) Peachtree Company Functional (Absorption Costing) Income Statement For the Summer Quarter 2009 $Answer 540000 Sales Cost of goods sold: Variable costs $Answer 190000 Peachtree Company Functional (Absorption Costing) Income Statement For the Summer Quarter 2009 Answer 400000 Fixed costs Answer 590000 Goods available Answer Answer Ending inventory Answer Gross profit Operating expenses: Variable selling and administrative $Answer 18000 Peachtree Company Functional (Absorption Costing) Income Statement For the Summer Quarter 2009 Answer Answer 48000 66000 Fixed selling and administrative $Answer Net income (loss) (b) Prepare a contribution income statement for the quarter using variable costing. (Do not use negative signs with your answers, EXCEPT if you calculate a net loss.) Peachtree Company Contribution (Variable Costing) Income Statement For the Summer Quarter 2009 $Answer 540000 Sales Variable expenses: Manufacturing $Answer Peachtree Company Contribution (Variable Costing) Income Statement For the Summer Quarter 2009 Answer Answer Selling and administrative Answer Contribution margin Fixed expenses: $Answer Manufacturing overhead Answer Answer Selling and administrative Net income (loss) $Answer Peachtree Company Contribution (Variable Costing) Income Statement For the Summer Quarter 2009 (c) What is the value of ending inventory under absorption costing? $Answer (d) What is the value of ending inventory under variable costing? $Answer (e) The difference in the value of ending inventory in parts (c) and (d) is explained by the following difference between absorption an variable costing: Variable costing assigns only variable manufacturing costs to products while absorption costing assigns both variable and fixed manufacturing costs to products. Variable costing treats all manufacturing costs as variable costs while absorption costing treats only variable manufacturing costs as variable costs. Absorption costing treats fixed costs as period costs while variable costing treats fixed costs as product costs. Absorption costing treats all manufacturing costs as period costs while variable costing treats only variable manufacturing costs as period costs. Manufacturing Cost Flows with Machine Hours Allocation On November 1, Robotics Manufacturing Company's beginning balances in manufacturing accounts and finished goods inventory were as follows: Raw Materials $9,000 Manufacturing Supplies 500 Work-in-Process 5,000 Finished Goods 25,000 During November, Robotics Manufacturing completed the following manufacturing transactions: 1. Purchased raw materials costing $60,000 and manufacturing supplies costing $3,000 on account. (Single Transaction) 2. Requisitioned raw materials costing $40,000 to the factory. 3. Incurred direct labor costs of $26,000 and indirect labor costs of $4,800. 4. Used manufacturing supplies costing $3,000. 5. Recorded manufacturing depreciation of $15,000. 6. Miscellaneous payables for manufacturing overhead totaled $3,700. 7. Applied manufacturing overhead, based on 2,100 machine hours, at a predetermined rate of $10 per machine hour. 8. Completed jobs costing $83,000. 9. Finished goods costing $90,000 were sold. (a) Prepare "T" accounts showing the flow of costs through all manufacturing accounts, Finished Goods Inventory, and Cost of Goods Sold. WorkinProcess Inventory Answer 5000 Answer 83000 WorkinProcess Inventory 5000 Answer 40000 83000 Answer 0 Answer 26000 Answer 0 Answer 21000 Answer 0 Bal Answer Answer 0 WorkinProcess Inventory

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