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Thank you so much to anyone who can do these for me :) Cost of Units Transferred Out and Ending Work in Process The costs
Thank you so much to anyone who can do these for me :)
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $2.60 and $0.75, respectively. The equivalent units to be assigned costs are as follows: The beginning work in process inventory on July 1 had a cost of $2,080. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Process Cost Journal Entries In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $587,000. The conversion cost for the period in the Rolling Department is $105,400 ( $63,900 factory overhead applied and $41,500 direct labor). The total cost transferred to Finished Goods for the period was $570,000. The Rolling Department had a beginning inventory of $25,600. a1. Journalize the cost of transferred-in materials. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods. b. Determine the balance of Work in Process-Rolling at the end of the period. Entries for Flow of Factory Costs for Process Cost System Sweeties, Incy, manufactures a sugar product by a continuous process; involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $492,400,$172,300, and $113,300, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $27,600, and work in process at the end of the period totaled $34,000. a. Joumalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. 1 2 2 b. Journalize the entry to record the transfer of production costs to the second department, sifting. Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $762,500, and total direct labor costs would be $610,000. During May, the actual direct labor cost totaled $52,000, and factory overhead cost incurred totaled $67,600 a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. %0 b. Journalize the entry to apply factory overhead to production for May. c. What is the May 31 balance of the account Factory Overhead-Blending Department? Anoune: Debe or Crool d. Does the balance in part (c) represent overapplied or underapplied factory overhead Step by Step Solution
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