Exercise 5-5 (Algo) Cost Reconciliation Report-Weighted-Average Method [LO5-5] Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $4,860, the cost of ending work in process inventory was $1,180, and the cost added to production was $25,600. Required: Prepare a cost reconciliation report for the Baking Department for June. Baking Department Cost Reconciliation Costs to be accounted for: Total cost to be accounted for Costs accounted for as follows: Total cost accounted for

Exercise 5-5 (Algo) Cost Reconciliation Report-Weighted-Average Method [LO5-5] Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $4,860, the cost of ending work in process inventory was $1,180, and the cost added to production was $25,600. Required: Prepare a cost reconciliation report for the Baking Department for June. Baking Department Cost Reconciliation Costs to be accounted for: Total cost to be accounted for Costs accounted for as follows: Total cost accounted for

Name: A-7 22esExercise 5-5 (Algo) Cost Reconciliation Report-Weighted-Averag
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: A-7 22esExercise 5-5 (Algo) Cost Reconciliation Report-Weighted-Average Method [LO5-5]Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of theprocessing departments in its strudel manufa

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

Exercise 4-12 (Algo) Equivalent Units; Assigning Costs; Cost Reconciliation-Weighted-Average Method [LO4-2, LO4-4, LO4-5] Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,700 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $711,535 in total. The ending work in process inventory in January consisted of 3,500 units, which were 70% complete with respect to materials and 50% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor $12.60 $4.20 Cost per equivalent unit Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3.…
Exercise 4A-9 (Algo) Equivalent Units; Equivalent Units of Production; Assigning Costs-FIFO Method (LO4-6, LO4-7, LO4-8] Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department 370 4,310 320 4,360 Materials Conversion Percentage completion of beginning inventory Percentage completion of ending inventory 70% 30% 90% 30% The cost of beginning inventory according to the company's costing system was $7,811 of which $4,806 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $178,937. The costs per equivalent unit for the month were: Materials Conversion $23.00 Cost per equivalent unit $18.00 Required: 1. Compute the total cost per equivalent unit for the month. 2. Compute the equivalent…
Exercise 4-12 (Algo) Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method [LO4-2, LO4-4, LO4-5] Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,500 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $733,290 in total. The ending work in process inventory in January consisted of 4,000 units, which were 50% complete with respect to materials and 30% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead Cost per equivalent unit $ 12.90 $ 5.00 $ 8.20 Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in…
Exercise 5S-7 (Algo) Equivalent Units of Production and Cost per Equivalent Unit-FIFO Method [LO 5S-6, LO 5S-7] Pureform, Incorporated, uses the FIFO method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 1. Equivalent units of production 2. Cost per equivalent unit 650,000 45,000 Materials Materials $ 54,800 $ 876,820 $ 407,680 $ 439,040 The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 30% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the…
Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2] Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Units Equivalent units of production Work in process, October 1 Work in process, October 31 The department started 391,000 units into production during the month and transferred 406,000 completed units to the next department. 47,000 32,000 Percent Completed Conversion 60% 45% Materials Materials Required: Compute the equivalent units of production for October. 85% 66% Conversion
Exercise 5-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 5-2] Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Percent Completed Materials Conversion Work in process, October 1 Units 54,000 90% 67% 55% 47% Work in process, October 31 33,000 The department started 385,000 units into production during the month and transferred 406,000 completed units to the next department. Required: Compute the equivalent units of production for October. Equivalent units of production Materials Conversion
Exercise 5-4 (Algo) Assigning Costs to Units-Weighted-Average Method [LO 5-4] Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials. 2,090 $14.16 A total of 21,200 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) Equivalent units in ending work in process inventory Cost per equivalent unit 1. Cost of ending work in process inventory 2. Cost of units transferred out Materials Conversion 840 $4.73 Conversion Total
Exercise 4-2 (Algo) Equivalent Units of Production—Weighted-Average Method [LO 4-2] Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Percent Completed Units Materials Conversion Work in process, October 1 46,000 90 % 55 % Work in process, October 31 31,000 70 % 47 % The department started 395,000 units into production during the month and transferred 410,000 completed units to the next department. Required: Compute the equivalent units of production for October. Equivalent units of production: Materials: Conversion:
Problem 4-16 (Algo) Comprehensive Problem-Weighted-Average Method [LO4-2, LO4-3, LO4-4, LO4-5] Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 75% complete; conversion 25% complete Cost data: 71,000 360, 000 31,000 Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost $ 90,100 $ 46,400 $ 468,590 $ 255,335 Required: 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending…
Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2] Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 46,000 32,000 Equivalent units of production Percent Completed Conversion Materials Materials 95% 66% The department started 393,000 units into production during the month and transferred 407,000 completed units to the next department. Required: Compute the equivalent units of production for October. 55% 54% Conversion
Cost Reconciliation Report—FIFO Method Schroeder Baking Corporation uses a process costing system in its large-scale baking operations. The Mixing Department is one of the company’s processing departments. In the Mixing Department in July, the cost of beginning work in process inventory was $1,460, the cost of ending work in process inventory was $3,120, and the cost added to production was $36,540. Required: Prepare a cost reconciliation report for the Mixing Department for July.
TB MC Qu. 7-151 (Algo) Mirabile Corporation uses activity-based ... Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools-Processing. Supervising, and Other. The costs in those activity cost pools appear below. Processing Supervising $ 4,500 $ 26,640 $ 11,700 Other Processing costs are assigned to products using machine-hours (MHs) and Supervising costs are assigned to products using the number of batches. The costs in the Other activity cost pool are not assigned to products. Activīty data appear below: Batches MHS (Processing) (Supervising) Product MO 9,500 600 Product M5 500 600 Total 10,000 1,200 Finally, sales and direct cost data are combined with Processing and Supervising costs to determine product margins. Product MO Product M5 Sales (total) Direct materials (total) Direct labor (total) $ 83,100 $ 29,800 $ 29,100 $ 96,400 $ 32,700 $ 43,000 What is the overhead cost…