Required: Prepare the cost of production report of Department B for the month of March assuming the following independent cases:a.) Loss occurred at the start of process;b.) Loss occurred during the process;c.) Loss occurred at the end of process. The following data pertain to the production of the second department of SunshineManufacturing Corp. for the month of March:WIP, begReceived from Department AWIP, end5,000 units; 1/2 done20,000 units @ 16,000 units; 2/3 done2,000 unitsLost unitsCost data:WIP, begCost this dep't14,100Materials39,90023,940Direct LabourFactory Overhead15.960Factory costs are evenly applied and all lost units were considered nomal.

Production cost report: Production cost report is defined as the summarized statement that provides…

Required: Prepare the cost of production report of Department B for the month of March assuming the following independent cases: a.) Loss occurred at the start of process; b.) Loss occurred during the process; c.) Loss occurred at the end of process.

Required: Prepare the cost of production report of Department B for the month of March assuming the following independent cases: a.) Loss occurred at the start of process; b.) Loss occurred during the process; c.) Loss occurred at the end of process.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 3P: Kokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations...

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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.
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.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Kokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during the month of March: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 18,000 units finished and transferred to stockroom. Work in process, end of period, 3,000 units, two-thirds completed. Required: Prepare a cost of production summary for March.
The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
The following data pertain to the production of the second department of Manufacturing Corp. for the month of March:WIP, beg 5,000 units ; 1⁄2 doneReceived from department A 20,000 units @ P1WIP, end 6,000 units; 2/3 doneLost units 2,000 unitsCost data:WIP, beg P14,100Cost this Dep’tMaterials 39,900Direct labor 23,940Factory Overhead 15,960Factory costs are evenly applied and all lost units were considered normal.Required: Prepare the cost of production report of Department B for the month of March assumingthe following independent cases:[a] Loss occurred at the start of process;[b] Loss occurred during process;[c] Loss occurred at the end of process.
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The debits to Work-in - Process for Department #2 for the month of April of the current year, together with information concerning production, are presented below. All direct materials come from Department #1. The units completed include the 1, 200 in process at the beginning of the period. Department #2 uses FIFO costing. Work-in - Process - Department #2 Debit Credit 1, 200 units, 1/4 completed $ 1,200 Product X, 6,200 units ? ? ? ? From Department 1, 6,000 units 3,600 Direct Labor 8,000 Factory OH 4,800 1,000 units, (1)/(2) complete ? ? ? ? The cost of goods transferred to finished goods is:
1. Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below.Work in process, beginning: Units in beginning work-in-process inventory400Materials costs$6,900Conversion costs$2,500Percentage complete for materials80%Percentage complete for conversion15%Units started into production during the month6,000Units transferred to the next department during the month5,000Materials costs added during the month$112,500Conversion costs added during the month$210,300Ending work in process:Units in ending work-in-process inventory1,200Percentage complete for materials60%Percentage complete for conversion30%Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.2. (Ignore income taxes in this problem.) Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E.…
PROBLEM: The following data was taken from the records of the Dallylaang Manufacturing Company for the month of June: WIP, beginning – 7,500 units, ¼ complete, P10,400; WIP, end – 4,500 units, 2/5 complete; Placed in process – 75,000 units; Transferred out – 74,000 units. During the month, the company has used P198,708.75 worth of materials in production and spent P233,775 for conversion costs. REQUIREMENT: Using the FIFO method, compute for the adjustment for lost units if the normal loss occurred at the end of processing. (SOLUTIONS MUST BE IN GOOD ACCOUNTING FORM. EXCEL FORM WOULD BE GREAT. ACCOUNT TITLES ON THE LEFT, AMOUNTS ON THE RIGHT. USE TABLE IF NECESSARY. AVOID PARENTHETICAL SOLUTIONS. THANKS, A LOT!)