Would like to know how to find cost assigned to work in process june 30. Answer is 24400

Do It! Review 16-1 Your answer is correct. Indicate whether each of the following statements is true or false. 1. 2. 3. 4. Many hospitals use job order costing for small, routine medical procedures. A manufacturer of computer flash drives would use a job order cost system. A process cost system uses multiple work in process accounts. A process cost system keeps track of costs on job cost sheets. False False True False Question 8 Your answer is correct. Mark Haley is uncertain about the steps used to prepare a production cost report. State the procedures that are required in the sequence in which they are performed. (1) Compute the physical unit flow. (2) Compute equivalent units of production. (3) Compute unit production costs. (4) Prepare a cost reconciliation schedule. Question 14 Your answer is correct. Hindi Co. started 3,000 units during the period. Its beginning inventory is 500 units one-fourth complete as to conversion costs and 100% complete as to materials costs. Its ending inventory is 300 units one-fifth complete as to conversion costs and 100% complete as to materials costs. How many units were transferred out this period? Units transferred out 320 0 Exercise 16-5 Your answer is correct. In Wayne Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2014 are as follows. Beginning Work in Process Month January March May July Units 0 0 0 0 Conversion Cost% Ending Work in Process Units Transferred Out 9,000 12,000 16,000 10,000 Units 2,000 3,000 7,000 1,500 Conversion Cost% 60 30 80 40 (a) Compute the physical units for January and May. January May Units to be accounted for Beginning work in process Started into production Total units 11000 11000 2300 0 2300 0 Units accounted for Transferred out 9000 Ending work in process 2000 Total units 11000 1600 0 7000 2300 0 (b) Compute the equivalent units of production for (1) materials and (2) conversion costs for each month. January March May July Material s 11000 15000 23000 11500 Conversion Costs 10200 12900 21600 10600 Exercise 16-6 Your answer is correct. The Cutting Department of Cassel Company has the following production and cost data for July. 1. 2. Production Transferred out 12,000 units. Started 3,000 units that are 60% Costs Beginning work in process Materials $0 45,000 complete as to conversion Labor 16,200 costs and 100% complete as Manufacturing overhead 18,300 to materials at July 31. Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. (a) Determine the equivalent units of production for (1) materials and (2) conversion costs. Total equivalent units of production Material s 15000 Conversion Costs 13800 (b) Compute unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.) Materials Conversion costs $3 $ 2.5 Prepare a cost reconciliation schedule. Cost Reconciliation Costs accounted for $ 6600 0 Transferred out Work in process, July 31 $ 900 0 Materials Conversion costs Total costs 4500 13500 $ 7950 0 Exercise 16-13 Your answer is correct. The Welding Department of Thorpe Company has the following production and manufacturing cost data for February 2014. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Materials Conversion costs Materials Beginning work in process 15,000 units, 1/10 complete Units transferred out 49,000 $32,175 Units started 45,000 180,000 Ending work in process 11,000 units, 1/5 complete $18,000 14,175 Labor 52,380 Overhead 61,445 Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.) THORPE MANUFACTURING COMPANY Welding Department Production Cost Report For the Month Ended February 28, 2014 Equivalent Units Physica Conversio l Material n Quantities Units s Costs Units to be accounted for Work in process, February 1 15000 Started into production 45000 Total units Units accounted for Transferred out Work in process, February 28 Total units Costs Unit costs Total Costs Equivalent units Unit costs 60000 49000 11000 49000 11000 49000 2200 60000 60000 51200 Material s Conversio n Costs $ 198000 $ 128000 60000 $ 3.3 51200 $ 2.5 Costs to be accounted for Work in process, February 1 Started into production Total $ 32600 0 $ 5.8 $ 32,175 293825 $ 32600 0 Total costs Cost Reconciliation Schedule Costs accounted for $ 28420 0 Transferred out Work in process, February 28 Materials Conversion costs Total costs Exercise 16-15 $ 36300 5500 41800 $ 32600 0 Royale Mortgage Company uses a process cost system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September. 1. 2. 3. 4. Applications in process on September 1, 100 Applications started in September, 900 Completed applications during September, 800 Applications still in process at September 30 were 100% complete as to materials (forms) and 60% complete as to conversion costs. Beginning WIP: Direct materials Conversion costs $1,000 3,960 September costs: Direct materials Direct labor Overhead $4,500 12,000 9,340 Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. Your answer is correct. Determine the equivalent units of service (production) for materials and conversion costs. The equivalent units of service (production) Material s 1000 Conversion Costs 920 Your answer is correct. Compute the unit cost. (Round unit costs to 2 decimal places, e.g. 2.25.) Unit costs Material s $ 5.5 Conversion Costs $ 27.50 Your answer is correct. Prepare a cost reconciliation schedule. Costs accounted for: $ 2640 0 Transferred out Work in process, September 30 Materials $ 110 0 Conversion costs 3300 Total costs 4400 $ 3080 0 Exercise 16-3 The ledger of Custer Company has the following work in process account. Work in ProcessPainting 5/1 Balance 3,590 5/31 5/31 Materials 5,160 5/31 Labor 2,740 5/31 Overhead 1,380 5/31 Balance Transferred out ? ? Production records show that there were 400 units in the beginning inventory, 30% complete, 1,400 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Your answer is correct. (a) How many units are in process at May 31? Work in process, May 31 30 units 0 (b) What is the unit materials cost for May? (Round unit cost to 3 decimal places, e.g. 2.257.) The unit materials cost for May $ 4 (c) What is the unit conversion cost for May? (Round unit cost to 3 decimal places, e.g. 2.257.) The unit conversion cost for May $ 3.5 Your answer is correct. (a) What is the total cost of units transferred out in May? (Round answer to 0 decimal places, e.g. 1,225.) The total cost of units transferred out in May $ 1125 0 (b) What is the cost of the May 31 inventory? (Round answer to 0 decimal places, e.g. 1,225.) Work in process $ 162 0 Problem 16-2A Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2014 are presented below. Production Data Beginning work in process units Units started into production Ending work in process units Percent completeending inventory June 0 22,000 2,000 40 % Cost Data Materials Labor Overhead $ 198,000 53,600 112,800 Total $ 364,400 Your answer is correct. Prepare a schedule showing physical units of production. Physical units Units to be accounted for Work in process, June 1 Started into production Total units 0 2200 0 2200 0 Units accounted for Transferred out Work in process, June 30 Total units 2000 0 2000 2200 0 Your answer is correct. Determine the equivalent units of production for materials and conversion costs. Total equivalent units Material s 22000 Conversion Costs 20800 Your answer is correct. Compute the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.) Unit Costs Material s $9 Conversion Costs $8 Total Unit Cost $ 17 Your answer is correct. Determine the costs to be assigned to the units transferred and in process for June. Transferred out $ 34000 Work in process, June 30 0 $ 24400 Your answer is correct. Prepare a production cost report for the Molding Department for the month of June. ROSENTHAL COMPANY Molding Department Production Cost Report For the Month Ended June 30, 2014 Equivalent Units Physica Conversio l Material n Quantities Units s Costs Units to be accounted for Work in process, June 1 Started into production 22000 Total units Units accounted for Transferred out Work in process, June 30 Total units Costs Unit costs Total Costs Equivalent units Unit costs 22000 20000 2000 20000 2000 20000 800 22000 22000 20800 Material s Conversio n Costs $ 19800 0 22000 $ 9 $ 166400 $ 364400 20800 $ 8 $ 17 Costs to be accounted for Work in process, June 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, June 30 Materials Conversion costs Total costs Problem 16-3A Total $ 364400 $ 364400 $ 340000 $ 18000 6400 24400 $ 364400 Seagren 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 Plant 1 T12-Tables Production DataJuly Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete 0 19,000 3,000 60 Plant 2 C10-Chairs 0 16,000 500 80 $0 380,000 234,200 104,000 $0 288,000 110,000 96,700 $718,200 $494,700 Cost DataJuly Work in process, July 1 Materials Labor Overhead Total Your answer is correct. For each plant: (1) Compute the physical units of production. T12 Tables C10 Chairs Units to be accounted for 19000 16000 (2) Compute equivalent units of production for materials and for conversion costs. T12 Tables C10 Chairs Material s 19000 16000 Conversion Costs 17800 15900 (3) Determine the unit costs of production. (Round unit costs to 0 decimal places, e.g. 25.) Unit costs-T12 Tables Unit costs-C10 Chairs Material s $ 20 $ 18 Conversion Costs $ 19 $ 13 Total Costs $ 39 $ 31 (4) Show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out $ 62400 0 Work in process $ 6000 0 Materials Conversion costs 34200 94200 $ 71820 0 Total costs C10 Chairs Costs accounted for: $ 48050 0 Transferred out Work in process Materials Conversion costs $ 900 0 5200 Total costs 14200 $ 49470 0 Your answer is correct. Prepare the production cost report for Plant 1 for July 2014. SEAGREN INDUSTRIES INC. Cutting DepartmentPlant 1 Production Cost Report For the Month Ended July 31, 2014 Equivalent Units Physica Conversio l Material n Quantities Units s Costs Units to be accounted for Work in process, July 1 Started into production 19000 Total units Units accounted for Transferred out Work in process, July 31 Total units Costs Unit costs Total Costs Equivalent units 19000 16000 3000 16000 3000 16000 1800 19000 19000 17800 Material s Conversio n Costs $ 380000 $ 338200 19000 17800 Total $ 71820 0 Unit costs $ 20 $ 19 Costs to be accounted for Work in process, July 1 Started into production $ 39 $ 718200 $ 71820 0 Total costs Cost Reconciliation Schedule Costs accounted for $ 62400 0 Transferred out Work in process, July 31 Materials Conversion costs $ 60000 34200 Total costs 94200 $ 71820 0 Problem 16-5A Morse 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 2014 are as follows. Production DataBasketballs Units Work in process units, July 1 500 Units started into production 1,250 Work in process units, July 31 600 Percent Complete 60 % 40 % Cost DataBasketballs Work in process, July 1 Materials $750 Conversion costs 600 $1,350 Direct materials 2,400 Direct labor 1,580 Manufacturing overhead 1,295 Your answer is correct. Calculate the following. (1) The equivalent units of production for materials and conversion costs. Material s Equivalent Units 1750 Conversion Costs 1390 (2) The unit costs of production for materials and conversion costs. (Round unit costs to 3 decimal places, e.g. 2.257.) Cost per unit Material s $ 1.8 Conversion Costs $ 2.5 (3) The assignment of costs to units transferred out and in process at the end of the accounting period. (Round answers to 0 decimal places, e.g. 2,250.) Costs accounted for: $ 494 5 Transferred out Work in process, July 31 Materials Conversion costs Total costs $ 108 0 600 1680 $ 662 5 Your answer is correct. Prepare a production cost report for the month of July for the basketballs. (Round unit costs to 3 decimal places, e.g. 2.257 and all other answers to 0 decimal places, e.g. 2,250.) MORSE COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2014 Equivalent Units Physica Conversio l Material n Quantities Units s Costs Units to be accounted for Work in process, July 1 500 Started into production 1250 Total units Units accounted for Transferred out Work in process, July 31 Total units Costs Unit costs Costs in July Equivalent units Unit costs 1750 1150 600 1150 600 1150 240 1750 1750 1390 Material s Conversio n Costs $ 3150 $ 3475 1750 $ 1.8 1390 $ 2.5 Total $ 662 5 $ 4.3 Costs to be accounted for $ 135 0 5275 $ 662 5 Work in process, July 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for $ 494 5 Transferred out Work in process, July 31 Materials Conversion costs $ 1080 600 Total costs 1680 $ 662 5 Problem 16-6A Hamilton Processing Company uses a weighted-average process cost system and manufactures a single producta premium rug shampoo and cleaner. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the mixing and cooking department is shown below. Your answer is correct. Prepare a schedule that shows how the equivalent units were computed so that you can complete the \"Quantities: Units accounted for\" equivalent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.) HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Physica Conversio l Material n Units s Costs Quantities Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) Started into production Total units Units accounted for Transferred out Work in process, October 31 (60% materials, 40% conversion costs) Total units accounted for Costs 20,000 150,000 170,000 120,000 120000 120000 50,000 30000 20000 170,000 150000 140000 Material Conversio n Total s Unit costs Total Costs Equivalent units Unit costs $240,000 150000 $ 1.6 Costs to be accounted for Work in process, October 1 Started into production Total costs Costs $105,000 $345,000 140000 $ .75 $ 2.35 $30,000 315,000 $345,000 Your answer is correct. Complete the \"Cost Reconciliation Schedule\" part of the production cost report below. Cost Reconciliation Schedule Costs accounted for $ 28200 0 Transferred out Work in process, October 31 Materials Conversion costs Total costs $ 4800 0 15000 63000 $ 34500 0 Exercise 16-4 Your answer is correct. Schrager 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 $60,000 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 $33,000 and Assembly $27,000. Applied overhead at the rate of $18 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and . Explanation Debit 1. 62500 Raw Materials Inventory Accounts payable 2. Factory Labor 62500 60000 Factory Wages Payable 3. 4. Manufacturing Overhead 60000 70000 Cash 40000 Accounts payable 30000 Work in Process - Cutting Work in Process - Assembly 15700 8900 Raw Materials Inventory 5. 24600 Work in Process - Cutting 33000 Work in Process - Assembly 27000 Factory Labor 6. 60000 Work in Process - Cutting 30240 Work in Process - Assembly 30960 Manufacturing Overhead 7. Work in Process - Assembly 61200 67600 Work in Process - Cutting 8. Finished Goods Inventory 67600 13490 0 13490 0 Work in Process - Assembly 9. Credit Cost of Goods Sold 15000 0 15000 0 Finished Goods Inventory (To record the cost of goods sold.) Accounts Receivable Sales (To record the sale.) 20000 0 20000 0 Problem 16-1A Your answer is correct. Conwell Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2014, inventories consisted of Raw Materials $26,000, Work in ProcessMixing $0, Work in ProcessPackaging $250,000, and Finished Goods $289,000. The beginning inventory for Packaging consisted of 10,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 50,000 units were started into production in the Mixing Department and the following transactions were completed. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased $300,000 of raw materials on account. Issued raw materials for production: Mixing $210,000 and Packaging $45,000. Incurred labor costs of $258,900. Used factory labor: Mixing $182,500 and Packaging $76,400. Incurred $810,000 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $24 per machine hour. Machine hours were 28,000 in Mixing and 6,000 in Packaging. Transferred 45,000 units from Mixing to Packaging at a cost of $979,000. Transferred 53,000 units from Packaging to Finished Goods at a cost of $1,315,000. Sold goods costing $1,604,000 for $2,500,000 on account. Journalize the October transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and . Explanation Debit 1. 300000 Raw Materials Inventory Accounts Payable 2. Work in Process - Mixing Work in Process - Packaging 300000 210000 45000 Raw Materials Inventory 3. Factory Labor 255000 258900 Factory Wages Payable 4. Work in Process - Mixing Work in Process - Packaging 258900 182500 76400 Factory Labor 5. Manufacturing Overhead 258900 810000 Accounts Payable 6. 810000 Work in Process - Mixing 672000 Work in Process - Packaging 144000 Manufacturing Overhead Credit 816000 7. Work in Process - Packaging 979000 Work in Process - Mixing 8. 979000 131500 0 Finished Goods Inventory 131500 0 Work in Process - Packaging 9. 250000 0 Accounts Receivable 250000 0 Sales (To record the sale.) 160400 0 Cost of Goods Sold 160400 0 Finished Goods Inventory (To record the cost of goods sold.) Broadening Your Perspective 16-3 Harris Furniture Company manufactures living room furniture through two departments: Framing and Upholstering. Materials are entered at the beginning of each process. For May, the following cost data are obtained from the two work in process accounts. Framing Work in process, May 1 Materials Conversion costs Costs transferred in Costs transferred out Work in process, May 31 $0 450,000 261,000 0 600,000 111,000 Upholsterin g $? ? 330,000 600,000 ? ? Answer the following questions. Your answer is correct. (a) If 3,000 sofas were started into production on May 1 and 2,500 sofas were transferred to Upholstering, what was the unit cost of materials for May in the Framing Department? Unit cost of materials for may $ 15 0 Your answer is correct. (b) Using the data in (a) above, what was the per unit conversion cost of the sofas transferred to Upholstering? Conversion cost per unit $ 90 per unit Your answer is correct. (c) Continuing the assumptions in (a) above, what is the percentage of completion of the units in process at May 31 in the Framing Department? (Round answer to 0 decimal places, e.g. 25%.) Percentage of completion of units in process 80 % Matching Question 196 Your answer is correct. Match the items in the two columns below by entering the appropriate number in the space provided. A summary of both production quantity and cost data for a production department. 4 Shows that the total costs accounted for equal the total costs to be accounted for. 5 Work done during a period expressed in fully completed units. 2 Costs expressed in terms of equivalent units of production. 7 Actual units to be accounted for during a period, irrespective of any work performed. 8 Units transferred out during the period plus units in ending work in process. 3 Unit materials costs plus unit conversion costs. 1 Total units accounted for minus units in ending work in process. 6 1. Total manufacturing cost per unit 2. Equivalent units of production 3. Total units accounted for 4. Production cost report 5. Cost reconciliation schedule 6. Units transferred out 7. Unit production costs 8. Physical units