Masipag Company produces a product that undergoes three processes and the completed items at end of...

 

Transcribed Image Text:

Masipag Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers.. For January 2019, Masipag Company presented the following costs on three processes: Costs incurred: Materials Direct Labor Overhead Materials are added at: Process 1 #100,000.00 #76,000.00 #28,500.00 Process 2 $51,000.00 #34,000.00 #25,500.00 Process 3 #31,650.00 #31,700.00 $23,775.00 100% at the beginning 50% at beginning, 50% 50% at beginning, 30% at 60% complete 16,000 units Started/Transferred In 20,000 units ? units Completed and transferred ou 18,000 units In Process, end 2,000 units 50% complete 2,000 units 50% complete at 70% complete, and remaining 20 at 90% complete. ? units 15,500 units 250 units 80% complete, 250 units 60% complete Required: A. Compute the following: 1. Equivalent units of materials and conversion for Process 1, 2 and 3 (12 points) 2. Unit costs of materials, labor and overhead for process 1, 2 and 3 (3 points) 3. Cost of completed and transferred out, and in-process inventories for process 1, 2 and 3. (6 points) 4. Unit costs of completed and transferred goods to process 2, 3 and to finished goods. (6 points) B. Journalize the transactions for process 1, 2 and 3 (6 points) C. How much is the total manufacturing cost? Finished Goods Inventory? Work-in Process Inventory? (6 points) Cost of Production Report Quantity Schedule Units Started In Process, beginning Units Transferred In TUTAF Units completed Units in Process Units In Process TUAF PROCESS 1 PROCESS 2 Materials Materials Labor & Overhead Actual Work Done EUP Work Done EUP Actual Work Done Cost charged to the Process: Cost from preceding process Cost added in this process Materials Labor Overhead Adjusted for lost units Total cost to be accounted for Cost accounted for as follows: Units completed Units In Process, end: Cost from preceding department Materials Labor Overhead Subtotal Total costs as accounted for PROCESS 3 Labor & Overhead Materials Labor & Overhead EUP Work Done EUP Actual Work Done EUP Work Done EUP 0 0 0 0 0 0 0 0 0 Particulars Debit Credit WIP - Process 1 WIP - Process 2 WIP - Process 3 Raw Materials WIP - Process 1 WIP - Process 2 WIP - Process 3 Accrued Payroll WIP - Process 1 WIP - Process 2 WIP - Process 3 Applied Factory Overhead WIP - Process 2 WIP - Process 1 WIP - Process 3 WIP - Process 2 Finished Goods WIP - Process 3 Materials Labor Overhead Total Manufacturing Cost 0 WIP - Process 1 WIP - Process 2 WIP - Process 3 Total WIP, end Cost of Goods Manufactured (FG) Masipag Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers.. For January 2019, Masipag Company presented the following costs on three processes: Costs incurred: Materials Direct Labor Overhead Materials are added at: Process 1 #100,000.00 #76,000.00 #28,500.00 Process 2 $51,000.00 #34,000.00 #25,500.00 Process 3 #31,650.00 #31,700.00 $23,775.00 100% at the beginning 50% at beginning, 50% 50% at beginning, 30% at 60% complete 16,000 units Started/Transferred In 20,000 units ? units Completed and transferred ou 18,000 units In Process, end 2,000 units 50% complete 2,000 units 50% complete at 70% complete, and remaining 20 at 90% complete. ? units 15,500 units 250 units 80% complete, 250 units 60% complete Required: A. Compute the following: 1. Equivalent units of materials and conversion for Process 1, 2 and 3 (12 points) 2. Unit costs of materials, labor and overhead for process 1, 2 and 3 (3 points) 3. Cost of completed and transferred out, and in-process inventories for process 1, 2 and 3. (6 points) 4. Unit costs of completed and transferred goods to process 2, 3 and to finished goods. (6 points) B. Journalize the transactions for process 1, 2 and 3 (6 points) C. How much is the total manufacturing cost? Finished Goods Inventory? Work-in Process Inventory? (6 points) Cost of Production Report Quantity Schedule Units Started In Process, beginning Units Transferred In TUTAF Units completed Units in Process Units In Process TUAF PROCESS 1 PROCESS 2 Materials Materials Labor & Overhead Actual Work Done EUP Work Done EUP Actual Work Done Cost charged to the Process: Cost from preceding process Cost added in this process Materials Labor Overhead Adjusted for lost units Total cost to be accounted for Cost accounted for as follows: Units completed Units In Process, end: Cost from preceding department Materials Labor Overhead Subtotal Total costs as accounted for PROCESS 3 Labor & Overhead Materials Labor & Overhead EUP Work Done EUP Actual Work Done EUP Work Done EUP 0 0 0 0 0 0 0 0 0 Particulars Debit Credit WIP - Process 1 WIP - Process 2 WIP - Process 3 Raw Materials WIP - Process 1 WIP - Process 2 WIP - Process 3 Accrued Payroll WIP - Process 1 WIP - Process 2 WIP - Process 3 Applied Factory Overhead WIP - Process 2 WIP - Process 1 WIP - Process 3 WIP - Process 2 Finished Goods WIP - Process 3 Materials Labor Overhead Total Manufacturing Cost 0 WIP - Process 1 WIP - Process 2 WIP - Process 3 Total WIP, end Cost of Goods Manufactured (FG)