Help me Exercise 12-9A (Algo) Process cost system LO 12-2, 12-3Finch Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the followingtransactions.1. Issued common stock for $75,000.2. Paid $32,000 cash to purchase raw materials used to make products.3. Transferred $24,000 of raw materials to the production department.4. Paid $27,000 cash for labor used to make products.5. Pald $42,000 cash for overhead costs (assume actual and estimated overhead are the same).6. Finished work on products that cost $82,000 to make.7. Sold products that cost $69,000 to make for $90,500 cash.Requireda. Prepare the December 31, Year 1, balance sheet.b. Prepare the December 31, Year 1, Income statement.Complete this question by entering your answers in the tabs below.

An organization's assets, liabilities, and shareholder equity are all listed on a balance sheet.…

Answered: Exercise 12-9A (Algo) Process cost…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 7 Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $567,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $110,100 ($65,500 factory overhead applied and $44,600 direct labor). The total cost transferred to Finished Goods for the period was $650,100. The Rolling Department had a beginning inventory of $25,700. a1. Journalize the cost of transferred-in materials. fill in the blank 0f8ecafbafdefea_2 fill in the blank 0f8ecafbafdefea_4 a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. fill in the blank c006c9fcdf8900d_2 fill in the blank c006c9fcdf8900d_3 fill in the blank fill in the blank fill in the blank fill in the blank a3. Journalize the costs transferred out to Finished Goods. fill in the blank fill in the blank…
Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
QUESTION 2 A company manufacture it main product in two different consecutive processes, process 1 and process 2. The output from process 1 is transferred to process 2 the output of process 2 is sent to the packaging department. Information for the week ended 31 August 2009 is as follows; Process 1 Input Material X 18,00kg @ GH¢1 per kg Material Y 12,000 kg @ GH¢2 per kg Labour 1,720 hours @ GH¢3 per hour Normal loss 5% of input Sales price of scrap GH¢0.32 per kg Output 27,000 kg There was no opening stock but 600 kg of closing work in progress in process 1 at the end of the week which is estimated to be 60% complete with regard to conversion cost. Process 2 Input Material P 19,800 kg @ GH¢2.5 per kg Material Y 12,600 kg @ GH¢1.5 per kg Additives GH¢1,800 Labour 1,480 hours @ GH¢3 per hour Normal loss 5% of input Output 56,000 kg There was no opening WIP but there 3,000 kg in process 2 at the end of the week which is estimated to be 50% complete with…
5:25 piscussion Question_Week 8_Process C PROCESS COSTING I Discussion Question J&G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 1 Process 2 $390,000 Process 3 Input material: Material added Direct Labour cost Manufacturing Overhead Normal losses Output Scrap value of losses 16,250 kg $57.300 $61,000 $36,750 $92,200 $63,000 $112,800 $97,080 6% 8% 6% 13,250 kg $16.00/kg $32.00/kg 13.750 kg 12,000 kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain. II ..
Exercise 16-19 (Static) Recording costs of labor LO P3 Prepare journal entries to record the following production activities. Incurred $42,000 of direct labor in the Roasting department and $33,000 of direct labor in the Blending department. Credit Factory Wages Payable. Incurred $20,000 of indirect labor in production. Credit Factory Wages Payable.
Question 7 of 25 Current Attempt in Progress If the cost of direct materials used is $1700000 during a period, compute the total manufacturing costs using the information below. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 Raw materials inventory, December 31 Work in process, January 1 Work in process, December 31 Finished goods, January 11 Finished goods, December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation $20000 50000 27000 18000 60000 48000 1700000 690000 220000 75000 500000
Questions 14 – 17 are based on the following Chen Company produces a product in a two-department process, Assembly and Finishing. The following information is available on their first department, Assembly: Beginning Work-in-process Units started Units completed and transferred to Finishing Ending Work-in-process Direct Material Added Direct Labour Factory Overhead Total cost to account for -0- 200,000 168,000 32,000 $700,000 960,000 480,000 2,140,000 The units still in process are 100% complete with respect to direct materials and 75% complete with respect to conversion costs. 14. The unit cost of direct materials is: (A) $3.50 (C) $3.65 (B) $4.17 (D) $0.29 The unit cost for conversion costs is: (A) $5.00 (B) $2.50 (C) $7.20 (D) $7.50 The total cost of units completed and transferred to finished goods is: (A) $2,112,000 (B) $2,140,000 (C) $1,848,000 (D) $352,000 The total cost of ending work-in-process is: (A) $352,000 (B) $292,000 (C) $264,000 (D) $240,000
Question 2 Product X passes through 2 process to completion. In period 2, the cost of production was as follows: Direct materials Direct Labour Direct Expenses Process 2 Prepare the following accounts: Process account 1 2. Process account 2 Abnormal loss Process 1 Production overheads for the period amounted to $4,988 and are allocated to each process on the basis of 100% of the cost of direct labour. Actual output for each process was as follows: Process 1 1,760 units Process 2 1,600 units 1. $5,024 $2,020 $3,144 2,000 units at $6 per unit were issued to process 1. Normal loss of units per process was estimated as follows: Process 1 10% scrap is sold for $2 per unit 10% scrap is sold for $4 per unit 3. Abnormal gain Process 2 $8,496 $2,968 $3,828
QUESTION 17 ACCOUNT Work in Process-Forging Department Date Item Nov. 1 Bal., 1,200 units, 60% completed 30 Direct materials, 8,300 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 900 units, 70% completed Debit 124,500 18,950 20,196 Credit ? ACCOUNT NO. What is the Direct Materials Cost Per Equvalent Unit? What is the Conversion cost per equivalent unit? What is the cost of the beginning work in process completed during May? What is the cost of the ending work in process? What is the amount of the costs transfered to Finished Goods (or the next department)? Balance Debit 20,856 145,356 164,306 184,502 ? ? Credit The above information concerns production in the Forging Department for November. All direct materials are placed in process at the beginning of production. Do not use $ or commas in your answers.
PROCESS COSTING I Discussion Question J&G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 1 Process 2 | Process 3 $390,000 Input material: Material added 16,250 kg $36,750 $92,200 $63,000 Direct Labour cost $57.300 $61,000 $112,800 $97,080 Manufacturing Overhead Normal losses 8% 6% 6% Output |Scrap value of losses 13,250 kg 12,000 kg $16.00/kg| $32.00/kg 13,750 kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.
Exercise 6.17 FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs 28,000 Units started and completed Units, beginning work in process: 28,000 10,000 x 0% 10,000 x 40% 4,000 Units, ending work in process: 6,000 x 100% 6,000 x 75% 6,000 4,500 Equivalent units of output 34,000 38,500 The cost per equivalent unit for the period was as follows: Direct materials $2.00 Conversion costs 6.00 Total $8.00 The cost of beginning work in process was direct materials, $40,000; conversion costs, $30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
Cornerstone Exercise 6.1 Cost Flows Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Molding Department Grinding Department Finishing Department Direct materials $13,000 $ 5,200 $ 8,000 Direct labor 10,000 17,000 8,800 14,000 12,000 11,000 Applied overhead Required: 1. Calculate the costs transferred out of each department. 2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. 3. What if the Grinding Department had an ending WIP of $12,000? Calculate the cost trans- ferred out and provide the journal entry that would reflect this transfer. What is the effect on finished goods calculated in Requirement 1, assuming the other two departments have no ending WIP?

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