21:29 A×bartleby.combartlebySEARCHWork in process, 1 MayUnits started during MayUnits completed andtransferred out during MayWork in process, 31 MayTotal units accounted forWork in process, 1 MayCosts incurred during MayTotal costs to account forASKProduction report, MayBusiness » Accounting » Q&A Library » Rigby Ltd ac...Rigby Ltd accumulates costs for its single product using process costing. Direct material is added at thebeginning of the production process, and conversion activity occurs uniformly throughout the process.The following is a partially completed production report for May.Physicalunits|||25,00030,00055,00035,00020,00055,000Percentage ofcompletion withrespectto conversion40%80%Q4.TSDirect material$143,000$165,000$308,000CHAT VX MATHļEquivalent unitsDirectmaterials35,00020,000Required:a) Complete the following process costing steps using the weighted average method:i Calculation of equivalent units.ii Calculation of unit costs.=Conversion35,00016,000ConversionTotal$474,700$617,700$2,009,000 $2,174,000$2,483,700 $2,791,700<Transcribed mage Text. Rigby Llu accumulates costsfor its single product using process costing. Directmaterial is added at the beginning of the productionprocess, and conversion activity occurs uniformlythroughout the process. The following is a partiallycompleted production report for May. Productionreport, May Percentage of completion with PhysicalEquivalent units units Direct Conversion materialsrespect to conversion Work in process, 1 May Units●●●iii Analysis of total costs.b) Prepare a journal entry to record the transfer of the cost of goods completed and transferred outduring May.

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Description: 21:29 A×bartleby.combartlebySEARCHWork in process, 1 MayUnits started during MayUnits completed andtransferred out during MayWork in process, 31 MayTotal units accounted forWork in process, 1 MayCosts incurred during MayTotal costs to account forASK

Process Costing- Process costing system refers to the technique for gathering and allocating…

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Rigby Ltd accumulates costs for its single product using process costing. Direct material is added at beginning of the production process, and conversion activity occurs uniformly throughout the proce The following is a partially completed production report for May. Work in process, 1 May Units started during May Units completed and transferred out during May Production report, May Physical units 25,000 30,000 55,000 35,000 Percentage of completion with respect to conversion 40% Equivalent units Direct materials 35,000 Conversion 35,000

Rigby Ltd accumulates costs for its single product using process costing. Direct material is added at beginning of the production process, and conversion activity occurs uniformly throughout the proce The following is a partially completed production report for May. Work in process, 1 May Units started during May Units completed and transferred out during May Production report, May Physical units 25,000 30,000 55,000 35,000 Percentage of completion with respect to conversion 40% Equivalent units Direct materials 35,000 Conversion 35,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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Problem Compute for the equivalent units of production in each of the following cases: Case A In process, Sept. 1 Placed in process In process, Sept. 30 Case B Stage of completion Stage of completion In process, Oct 1 Case C Stage of completion Transferred to Dept Y In process, Oct. 31 Stage of completion In process, Nov. 1 Stage of completion Transferred to stockroom Placed in process In process, Nov. 30 Stage of completion Department 1 8,000 units 14 50,000 units 6,000 units 1/5 Department X 3,000 units 1/3 26,000 units 4,000 1/5 Department A ? 1/5 35,000 units 12,000 units 1/3 Department 2 5,000 units 1/10 12,000 units 1/6 Department Y 2,000 units 1/5 7,000 2/7 Department B 8,000 units 1/8 38,000 units 3,200 units 1/10
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Following is information about the assembly department of a company: 1. 2. 3. 4. 5. There were 194,600 units in work in process inventory on August 1. With respect to units transferred in, 100% were complete and costs incurred amounted to $129,900. With respect to conversion, 90% of the units were complete and costs incurred amounted to $53,500. 494,700 units were transferred in from the cutting department during August. 561,000 units were completed during August and transferred to the finished goods inventory. During August, costs incurred were as follows: $497,363 for units transferred in from cutting, $415,140 for direct materials used, and $137,894 for conversion costs. There are 128,300 units in work in process inventory on August 31. With respect to the units transferred in, 100% are complete and 60% are complete with respect to conversion. Prepare a production cost report. (Round unit costs to 7 decimal places, e.g. 0.1287345 and all other answers to O decimal places, e.g.…
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