During August, Tibbetts's Casing Department equivalent unit product costs, computed under the weighted average method, were as follows: Transferred in $10.00 Material 2.00 Conversion 6.00 All material is introduced at the end of the process in the Casing Department. August's ending Work in Process Inventory contained 4,000 units that were 80 percent complete as to conversion. 25,000 units were transferred out during August to Finished Goods Inventory. a. Compute the total costs that should be assigned to the August 31, Work in Process. $ b. Compute the total cost of units transferred to finished goods. $ c. Prepare the journal entry that Tibbetts's accountant should make at the end of August related to the units transferred out. Account Debit Credit

During August, Tibbetts's Casing Department equivalent unit product costs, computed under the weighted average method, were as follows: Transferred in $10.00 Material 2.00 Conversion 6.00 All material is introduced at the end of the process in the Casing Department. August's ending Work in Process Inventory contained 4,000 units that were 80 percent complete as to conversion. 25,000 units were transferred out during August to Finished Goods Inventory. a. Compute the total costs that should be assigned to the August 31, Work in Process. $ b. Compute the total cost of units transferred to finished goods. $ c. Prepare the journal entry that Tibbetts's accountant should make at the end of August related to the units transferred out. Account Debit Credit

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Description: Please do not give solution in image format and show all calculation thanku During August, Tibbetts's Casing Departmentequivalent unit product costs, computedunder the weighted average method, were asfollows:Transferred in $10.00Material2.00Conversio

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 21E: The Converting Department of Tender Soft Tissue Company uses the weighted average method and had...

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During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
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. Required: 1. Assuming the use of the weighted average method, prepare a schedule of equivalent units. 2. Compute the unit cost for the month.
Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?
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.
Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.
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 Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs.
During the month of June, the mixing department produced and transferred out 3,500 units. Ending work in process had 1,000 units, 40 percent complete with respect to conversion costs. There was no beginning work in process. The equivalent units of output for conversion costs for the month of June are: a. 3,500 b. 4,500 c. 3,900 d. 1,000
During October, McCourt Associates incurred total production costs of 60,000 for copyediting manuscripts and had the following equivalent units schedule: Required: 1. Calculate the cost of copyediting one manuscript for October. 2. Assign costs to manuscripts completed and to EWIP and then do a cost reconciliation. 3. What if the costs assigned to units completed and EWIP total were calculated using a unit cost of 225? What is the discrepancy between the costs assigned and the costs to account for? What could have caused an incorrect unit cost?
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.
Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process. b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. d. Started in process, 95,000 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method.