a. Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)
Q: Cost of direct materials used (assume no quantity discounts).
A: There are 3 main types of cost: a. Variable cost b. Fixed cost b. Mixed Costs a.Variable costs are…
Q: Labor Capital Output Total Cost Average Total Cost 0 1 0 $500 - 1 1 80 720 $nothing 2 1 240 940…
A: Average total cost is calculated by using the formula: Total cost / output
Q: Required: a. Compute the total prime costs for the month of May. b. Compute the total conversion…
A: Total Prime cost = Direct materials + Direct Labor Conversion costs = Direct labor + Manufacturing…
Q: What was the standard cost per unit of product? (Round answer to 2 decimal places, e.g. 2.75.)…
A: Standard rate is the rate at established to as basic limited rate as per actual practice of…
Q: 1.The third step in preparing a cost of production report is a.determining the cost per equivalent…
A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: Assuming beginning work in process is zero, the equivalent units of production computed using FIFO…
A: Weighted average method: Weighted average method is the method in which per-unit cost is calculated…
Q: 1. Calculate the direct materials used in production for last year. 2. Calculate total prime cost.…
A: 1.
Q: output-specifically, to 3. Assign costs to the department's the units transferred out and to the…
A: In this Case, the company is using weighted average process costing and it has two production…
Q: Based on the attached information, what is the equivalent units of production using weighted average…
A: Calculation of Unit of production under weighted average method
Q: determine the total manufacturing costs during the current year:
A: Total manufacturing costs is the total cost a company incurred on its manufacturing process to…
Q: Using this information from Planters, Inc., what is the cost per unit under absorption costing?…
A: Absorption Costing: Absorption costing is a method for calculating the full cost or total cost of a…
Q: For a typical order, assume the following times (in hours): storage time (in between processes),5.0;…
A: Manufacturing cycle efficiency determines the efficiency of the cycle of the manufacturing process…
Q: 15. Using the ABC system, what percentage of the General Factory cost is assigned to Product Y and…
A: Under ABC system , every overhead is related with some cost driver and then overhead is allocated to…
Q: 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an…
A: Note: As question specified to solve Question 2 so SME has solved both part of question 2 namely 2A…
Q: a. Determine the number of whole units to be accounted for and to be assigned c for the period. b.…
A: Solution: Introduction: Process Costing refers to determination of cost per each process. Process…
Q: Based on the following data - (a) units produced from September to December are as follows: 18,900,…
A: High low method is a method of costs estimation under which highest activity levels and lowest…
Q: Equivalent units (EU) of production is based on the percentage of completion for work in process…
A: Equivalent units of production is computed in the inventory costing system to derive the per unit…
Q: a. Prepare a production cost report, the company uses weight b. Show the flow of costs through…
A: Under weighted average method, it is done by dividing the total of beginning inventory cost and cost…
Q: Required: (Use five decimal places to compute for unit cost) . What are equivalent units of…
A:
Q: Rashaad's Radiology Center (RRC) performs X-rays, ultrasounds, computer tomography (CT) scans,…
A: Traditional costing system: It is a method of allocation of overhead to the products. Under this…
Q: Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials…
A: The cost of goods sold refers to the direct costs incurred by the business to sell the products. The…
Q: a. Assuming that joint product costs are allocated using the physical quantities (units produced)…
A: Differential Analysis: Differential analysis refers to the analysis of differential revenue that…
Q: Using this information from Planters, Inc., what is the cost per unit under variable costing? Round…
A: COST PER UNIT UNDER VARIABLE COSTING = (DIRECT MATERIAL COST + DIRECT LABOUR COST + VARIABLE…
Q: Tomlinson Company manufactures car seats in its Houston plant. Each car seat passes through the…
A: Equivalent units of production: In process costing, all materials input are not completed as…
Q: [The following Information applies to the questions displayed below] Preble Company manufactures one…
A: Flexible budget means the budget prepared based on the actual output.
Q: 1. Assume that the company uses the weighted-average method of accounting for units and costs…
A: Equivalents units for production: The activity of a processing department in terms of fully…
Q: 12. Using the ABC system, what percentage of the Machining costs is assigned to Product Y and…
A: Under ABC costing, every overhead is allocated using a specific cost driver. Hence, the cost…
Q: Using your activity-based cost assignments from requirement 3, prepare a contribution format…
A: Net Operating Income = Sales - Total Variable Expenses - Traceable Fixed Expenses - Common Fixed…
Q: Hofburg's standard quantities for 1 unit of product include 2 pounds of materials and 1.5 labor…
A: = Working Cost per Unit Direct Material 2*2 4 Direct Material 7*1.5 10.5 Overhead 8*1.5…
Q: Assume that an industrial company producing two products x and y with the following cost and…
A: The selling price is the price determine for the sale of product to the customer with margin…
Q: REQUIRED: 1. Determine the following graphically for: a. Actual cost per pound of raw materials b.…
A: Solution : (a). Actual cost per pound of raw materials : P 5.50 (b). Actual number of pounds used up…
Q: 2. Determine the unit product cost of each product according to the ABC system. (Do not round…
A: Using activity based costing, the overhead is applied tp different activities on the basis of…
Q: 1 Petermine the following graphically for: a Actual cost per pound of raw materials h Actual number…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: C) what's is the cost per equivalent unit for materials ? ( round your answer to 2 decimal places.)…
A: Cost accounting is the one widely used by cost accountants to calculate the cost per unit of the…
Q: i Determine the following graphically for: a Actual cost per pound of raw materials h Actual number…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: The unit cost… a. is the total conversion costs divided by the number of units produced. b. is the…
A: Solution A unit cost is a total expenditure incurred by a company to produce , store and sell one…
Q: a. What is the total cost that would be assigned to Kurt's finished goods inventory at the end of…
A: Variable costing method: A cost accounting method in which the fixed cost incurred in the production…
Q: How do I determine the cost of one unit each of SW100 and SG150, assuming a company wide overhead…
A: Company-wide overhead rate based on machine hours refers to Total overhead/ Total machine hours
Q: 2 Using the ABC system, what percentage of the Machining costs is assigned to Product Y and Product…
A: ABC i.e Activity Based Costing is a method of Allocation of overhead to the respective product ,…
Q: 1. Full manufacturing cost per unit
A: Manufacturing costs are the cost which a company incurs to produce a product. Manufacturing cost…
Q: rom the following information, calculate the unit costs for "Spirit" and "Companion" using both the…
A: Traditional Method of Costing- In this Method , Only one Predetermined Overhead Rate is Determined…
Q: Problem What is the standard labor cost percentage to following number of standard labor hours (ass…
A: The typical labour hour is the amount of time labour takes to complete a task. The company estimates…
Q: Information on equivalent production quantities and unit equivalent product costs of the production…
A: Equivalent production quantity refers to the quantity of the semi-finished that is converted into…
a. Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.The standard cost summary for the most popular product of Phenom Products Co. is shown as follows, together with production and cost data for the period. One gallon each of liquid lead and varnish are added at the start of processing. The balance of the materials is added when the process is two-thirds complete. Labor and overhead are added evenly throughout the process. There were no units in process at the beginning of the month. Required: Calculate equivalent production for materials, labor, and overhead. (Be sure to refer to the standard cost summary to help determine the percentage of materials in ending work in process.) Calculate materials and labor variances and indicate whether they are favorable or unfavorable, using the diagram format shown in Figure 8-4. Determine the cost of materials and labor in the work in process account at the end of the month.Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November, production is 14,800 equivalent units for materials and 13,300 units for labor and overhead. During the month, materials, labor, and overhead costs were as follows: Beginning work in process for November had a cost of 11,360 for materials, 11,666 for labor, and 9,250 for overhead. Compute the following: a. Weighted average cost per unit for materials b. Weighted average cost per unit for labor c. Weighted average cost per unit for overhead d. Total unit cost for the month
- Seacrest Company uses a process-costing system. The company manufactures a product that is processed in two departments: A and B. As work is completed, it is transferred out. All inputs are added uniformly in Department A. The following summarizes the production activity and costs for November: Required: 1. Using the weighted average method, prepare the following for Department A: (a) a physical flow schedule, (b) an equivalent unit calculation, (c) calculation of unit costs (Note: Round to four decimal places.), (d) cost of EWIP and cost of goods transferred out, and (e) a cost reconciliation. 2. CONCEPTUAL CONNECTION Prepare journal entries that show the flow of manufacturing costs for Department A. Use a conversion cost control account for conversion costs. Many firms are now combining direct labor and overhead costs into one category. They are not tracking direct labor separately. Offer some reasons for this practice.Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.Equivalent units and related costs; cost of production report; entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in ProcessFilling was as follows on January 1: The following costs were charged to Work in ProcessFilling during January: During January, 53,000 units of specialty chemicals were completed. Work in ProcessFilling Department on January 31 was 2,700 units, 30% completed. Instructions 1. Prepare a cost of production report for the Filling Department for January. 2. Journalize the entries for costs transferred from Reaction to Filling and the costs transferred from Filling to Finished Goods. 3. Determine the increase or decrease in the cost per equivalent unit from December to January for direct materials and conversion costs. 4. Discuss the uses of the cost of production report and the results of part (3).
- During December, Krause Chemical Company had the following selected data concerning the manufacture of Xyzine, an industrial cleaner: All materials are added at the beginning of processing in this department, and conversion costs are added uniformly during the process. The beginning work in process inventory had 120 of raw materials and 180 of conversion costs incurred. Materials added during December were 540, and conversion costs of 1,484 were incurred. Krause uses the first-in, first-out (FIFO) process cost method. The equivalent units of production used to compute conversion costs for December were: a. 110 units. b. 104 units. c. 100 units. d. 92 units.Dama Company produces womens blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Damas controller prepared the following equivalent units schedule for the Cutting Department: Costs in beginning work in process were direct materials, 20,000; conversion costs, 80,000. Manufacturing costs incurred during April were direct materials, 240,000; conversion costs, 320,000. Required: 1. Prepare a physical flow schedule for April. 2. Compute the cost per equivalent unit for April. 3. Determine the cost of ending work in process and the cost of goods transferred out. 4. Prepare the journal entry that transfers the costs from Cutting to Sewing.Tanaka Manufacturing Co. uses the process cost system. The following information for the month of December was obtained from the company’s books and from the production reports submitted by the department heads: Required: Prepare cost of production summaries for the Mixing, Blending, and Bottling (Hint: You must calculate the adjusted unit cost from Blending.) departments. Prepare a departmental cost work sheet. Draft the journal entries required to record the month’s operations. Prepare a statement of cost of goods manufactured for December. (Hint: Goods finished but not transferred to finished goods are considered part of work in process inventory.)
- Sonoma Products Inc. manufactures a liquid product in one department. Due to the nature of the product and the process, units are regularly lost during production. Materials and conversion costs are added evenly throughout the process. The following summaries were prepared for March: Calculate the unit cost for materials, labor, and factory overhead for March and show the costs of units transferred to finished goods and to ending work in process inventory.Lansing. Inc., provided the following data for its two producing departments: Machine hours are used to assign the overhead of the Molding Department, and direct labor hours are used to assign the overhead of the Polishing Department. There are 30,000 units of Form A produced and sold and 50,000 of Form B. Required: 1. Calculate the overhead rates for each department. 2. Using departmental rates, assign overhead to live two products and calculate the overhead cost per unit. How does this compare with the plantwide rate unit cost, using direct labor hours? 3. What if the machine hours in Molding were 1,200 for Form A and 3,800 for Form B and the direct labor hours used in Polishing were 5,000 and 15,000, respectively? Calculate the overhead cost per unit for each product using departmental rates, and compare with the plantwide rate unit costs calculated in Requirement 2. What can you conclude from this outcome?The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 units in work in process that were 60% complete at the beginning of the period. During the period, 15,800 units were completed and transferred to the Packing Department. There were 1,200 units in process that were 30% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period. b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production.