Appendix: Standard-Costing Method and ...Work in process, beginning19,300Started during current period145,400To account for164,700Spoiled units12,000Good units completed and transferred out128,000Work in process, ending24,700Accounted for164,700NG▾Inspection occ<772☐ >stage. Normal spoilage is 5% ofthe good unit.

Explanation:The standard costing method provides a structured approach to cost accounting, allowing…

Answered: Appendix: Standard-Costing Method and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The equivalent production under weighted average costing method is arrived at as follows: Finished and transferred 20,000 x 100% 20,000 In process, Feb. 28 3,000 x 2/3 2,000 22,000 With beginning work in process consisting of 5,000 units, 1/5 done, what should be the equivalent production under FIFO? а. 23,000 b. 21,000 C. 22,000 d. 19.000
Compute the equivalent units of production of conversion cost: a. In Process, beginning (3/5 additional work to be done), 24,000 units b. Completed and Transferred-out units, 150,000 units (Of the units started in process, ½ represents work in process at the end, which were 40% completed during the current period) EUP using Average costing: a. 174,000 b. 200,400 c. 190,800 d. 158,400
a. The following data relates to Process 1 Material Input 1,000 units costing Ghc02,000 Lakour costs Ghc10,000 Departmental Overheads Ghc8,000 Normal loss is 4% of input and is sold as scrap for Ghc15 per unit Actual output = 940 units Required: Calculate the average cost per unit in process 1 and produce the process account, abnormal gain and loss account and the scrap account b. Using a practical example, indicate how to determine sales volume variance
For each of the following independent cases (A to E), compute the missing values in the table: Case B C D E Prime Conversion Cost Cost $ 9,450 $ 16,420 $ 56,200 110,700 49,250 Direct Materials 4,070 10,150 41,800 19,600 Direct Manufacturing Labor Overhead BIM $ 7,440 11,350 13,600 11,040 24,800 23,900 Total Manufacturing Cost 42,390 68,850 56,600
PROBLEM 24: Cost of Production Report (Continuous) RMG Corporation has the following information for the current month: Units started 175,000 35,000 units Beginning Work in Process: (65% to be done) Total spoilage Spoilage within tolerance level Ending Work in Process: (20% incomplete) units 14,875 units units 6,125 25,375 units Transferred out ? units
Albany Company accumulates costs for its product using process costing. Direct material is addedat the beginning of the production process, and conversion activity occurs uniformly throughoutthe process. Production ReportFor August 20x1 Percentage of Equivalent UnitsCompletion Physical with Respect DirectUnits to Conversion Material Conversion Work in process, August.............................. 140,000 80%Units started during August ......................... 80,000Total units to account for............................. 120,000Units completed andtransferred out during August ..................... 100,000 100,000 100,000Work in process, August 31......................... 20,000 30% 20,000 6,000Total units accounted for ............................. 120,000 DirectMaterial Conversion TotalWork in process, August 1.............................................. $ 42,000 $ 305,280 $ 347,280Costs incurred during August ......................................... 96,000 784,400 880,400Total…
Cost of units transferred out and ending work in processThe costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $0.40 and $0.10, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of periodStarted and completed during the periodTransferred out of Filling (completed)Inventory in process, end of periodTotal units to be assigned costs o42,00042,0008,00050,000 1,60042,00043,6002,00045,600 The beginning work in process inventory had a cost of $1,800. Determine the cost of completed and transferred-out production and the ending work in process inventory.
1. ABC Company manufactures a product which goes through one process only. The product costs and the data given below relate to the recent period; Beg. WIP.. 6,375 units Direct Material cost.. . Conversion cost... . ..... .$ 7,605 $ 4,365 During Period: 91,950 units $ 110,350 $ 36,950 Manuf. Overh. Cost applied... $ 47,065 Units started... Direct Mat. cost added.. Direct Lab. Cost added... 5,100 units . 100% completed 50% completed End. WIP. Direct Material.. Conversion... Prepare the production report. (round your numbers)
For each of the following independent cases (A through E), compute the missing values in the table: Total Manufacturing Cost Case A B CDE Prime Cost 6,880 11,680 Conversion Cost 11,570 8,050 20,670 Direct Materials $ 2,040 2,200 1,450 3,490 $ Direct Manufacturing Labor Overhead 1,100 S 3,070 2,020 3,520 6,890 3,000 9,500 5,970
2. XYZ Co. manufactures a high-quality product which goes through two departments; mixing department and finishing department. Beg WIP Inv.: 8,000 units Raw Material $45,600 $49,300 $43,720 $81,200 D/L incurred in current period $206,700 $186,680 30,000 Direct Labor Manuf. Overh. D/M used in current period M/O applied Units completed and T/O End. WIP Inv.: 10,000, D/M 100%, Conv. 20%. a) Prepare the production report b) Prepare the journal entries for -release of D/M, -incurrance of D/L, -application of M/O, and - transferring units completed to mixing dept.
Procedual costing: Assume that the materials are added uniformly throughout Process II. Unit inspection occurs when the product reaches 40% completion. How many materials are in the units of spoilage that were produced in Process II?: a. 60% b. 40% c. 0% d. 100%
Latexim company manufactured clothes. Latexim uses a process costing system. Thefollowing information on Assembly Process is extracted from Latexim’s record;Input materials 3,200 kilogram (kg) RM18 per kgLabour and overhead incurred RM12,000Expected normal loss 7% of inputAssuming that the losses can be sold as scrap for RM1.50 per kg. You are requiredcompute:i) Scrap value of normal loss in RM.ii) Expected output in kg. iii) Calculate cost per kg

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS