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Please answer the attached accounting questions highlighted in yellow. 1 Rainbow Glass Company manufactures decorative glass products. The firm employs a process-costing system for its
Please answer the attached accounting questions highlighted in yellow.
1 Rainbow Glass Company manufactures decorative glass products. The firm employs a process-costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. The company's production schedule for October follows: Units Work in process on October 1 (60% complete as to conversion) Units started during October Total units to account for Units from beginning work in process, which were completed and transferred out during October Units started and completed during October Work in process on October 31 (45% complete as to conversion) Total units accounted for 6,000 9,500 15,500 6,000 6,400 3,100 15,500 Required: Calculate each of the following amounts using weighted-average process costing. 1. Equivalent units of direct material during October. 2. Equivalent units of conversion activity during October. 2. Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. Work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $ 82,600 119,000 $683,000 661,000 The equivalent units of activity for November were as follows: 8,700 equivalent units of direct material and 2,000 equivalent units of conversion activity. Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing 3. Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing. Conversion: 60% complete Costs incurred during June: Direct material Conversion costs: Direct labor Applied manufacturing overhead Total conversion costs $482,500 $ 86,750 260,250 $347,000 Required: Prepare schedules to accomplish each of the following process-costing steps for the month of June. Use the weighted-average method of process costing. 1. 2. 3. 4. Analysis of physical flow of units. Calculation of equivalent units. Computation of unit costs. Analysis of total costs. 4. Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process. Work in process, April 110,000 units: Direct material: 100% complete, cost of Conversion: 25% complete, cost of Balance in work in process, April 1 Units started during April Units completed during April and transferred out to finished-goods inventory Work in process, April 30: Direct material: 100% complete Conversion: 35% complete Costs incurred during April: Direct material Conversion costs: Direct labor Applied manufacturing overhead Total conversion costs $ 16,000 4,700 $ 20,700 136,000 121,000 $451,200 $ 48,600 138,730 $187,330 Prepare schedules to accomplish each of the following process-costing steps for the month of April. Use the weighted-average method of process costing. Required: Analysis of physical flow of units. 5. Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process. Work in process, April 110,000 units: Direct material: 100% complete, cost of Conversion: 25% complete, cost of Balance in work in process, April 1 Units started during April Units completed during April and transferred out to finished-goods inventory Work in process, April 30: Direct material: 100% complete Conversion: 35% complete Costs incurred during April: Direct material Conversion costs: Direct labor Applied manufacturing overhead Total conversion costs $ 16,000 4,700 $ 20,700 136,000 121,000 $451,200 $ 48,600 138,730 $187,330 Prepare schedules to accomplish each of the following process-costing steps for the month of April. Use the weighted-average method of process costing. 6. Calculation of equivalent units. Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process. Work in process, April 110,000 units: Direct material: 100% complete, cost of Conversion: 25% complete, cost of Balance in work in process, April 1 Units started during April Units completed during April and transferred out to finished-goods inventory Work in process, April 30: Direct material: 100% complete Conversion: 35% complete Costs incurred during April: Direct material Conversion costs: Direct labor Applied manufacturing overhead Total conversion costs $ 16,000 4,700 $ 20,700 136,000 121,000 $451,200 $ 48,600 138,730 $187,330 Prepare schedules to accomplish each of the following process-costing steps for the month of April. Use the weighted-average method of process costing. Computation of unit costs. (Round "Cost per Equivalent Unit" to 2 decimal places.) 7. Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process. Work in process, April 110,000 units: Direct material: 100% complete, cost of Conversion: 25% complete, cost of Balance in work in process, April 1 Units started during April Units completed during April and transferred out to finished-goods inventory Work in process, April 30: Direct material: 100% complete Conversion: 35% complete Costs incurred during April: Direct material Conversion costs: Direct labor Applied manufacturing overhead Total conversion costs $ 16,000 4,700 $ 20,700 136,000 121,000 $451,200 $ 48,600 138,730 $187,330 Prepare schedules to accomplish each of the following process-costing steps for the month of April. Use the weighted-average method of process costing. 4. Analysis of total costs. (Round "Cost per Equivalent Unit" to 2 decimal places.)Step by Step Solution
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