Daffy Corporation has two processing departments-Mixing and Cooking. Daffy uses the FIFO method. The following information relates to the Mixing Department: Mixing Department Beginning work in process inventory Units started into production during the period Units transferred out during the period Ending work in process inventory Units 200 3,000 2,600 600 Ⓒ2,640 O 2,720 O 2,750 O 2,840 Percentage Complete Materials 55% 25% Knowledge Check 01 What is the number of equivalent units of production with respect to materials during the period? Conversion 60% 40%

Daffy Corporation has two processing departments-Mixing and Cooking. Daffy uses the FIFO method. The following information relates to the Mixing Department: Mixing Department Beginning work in process inventory Units started into production during the period Units transferred out during the period Ending work in process inventory Units 200 3,000 2,600 600 Ⓒ2,640 O 2,720 O 2,750 O 2,840 Percentage Complete Materials 55% 25% Knowledge Check 01 What is the number of equivalent units of production with respect to materials during the period? Conversion 60% 40%

Name: Daffy Corporation has two processing departments-Mixing and Cooking.
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Description: Daffy Corporation has two processing departments-Mixing and Cooking. Daffy uses the FIFO method. The following informationrelates to the Mixing Department:Mixing DepartmentBeginning work in process inventoryUnits started into production during the p

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 17E: K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the...

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Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 30,000 140,000 150,000 20,000 $ 17,100 67,200 144,400 862,400 Direct Materials Conversion Percent Complete 100% $ 84,300 1,006, 800 $ 1,091, 100 Percent Complete 80% Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly.
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct MaterialsConversion Percent Percent Complete Complete 40% Units 5,700 100% 41,040 42,180 4,560 100% $ 37,620 421,686 $ 459,306 943,920 4,115,286 5,059,206 5,518,512 olem 3-4A (Algo) FIFO: Production cost report LO C2, P4 $ 80% me that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. ired: Prepare the Forming department's production cost report for May using FIFO. Prepare…
The first production department in a process manufacturing system reports the following unit data. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory 30,400 units 45,600 units 76,000 units 17,300 units Prepare the department's equivalent units of production for direct materials for each of the three separate assumptions using the FIFO method. Equivalent Units of Production (EUP)-FIFO Method 1. All direct materials are added to products when processing begins. Direct Materials Units Percent Added EUP Beginning work in process inventory Ending work in process inventory 30,400 17,300 100% 100% Total 2. Beginning inventory is 30% complete as to direct materials costs. Ending inventory is 75% complete as to direct materials costs. Total Direct Materials Units Percent Added EUP 3. Beginning inventory is 70% complete as to direct materials costs. Ending inventory is 20% complete as to direct materials costs.…
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Debit Inventory, May 1 Work in Process-Grinding Department Materials Conversion Inventory, May 31 140, 400 587, 200 210, 240 ? Credit Completed and transferred to the Mixing Department ? The May 1 work in process inventory consisted of 60,000 pounds with $104,400 in materials cost and $36,000 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 30% complete with respect to conversion. During May, 304,000 pounds were started into production. The May 31 inventory consisted of 55,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method in its…
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Work in Process-Grinding Department Debit Inventory, May 1 Materials Conversion Inventory, May 31 253,820 598,340 397,266 ? Credit Completed and transferred to the Mixing Department The May 1 work in process inventory had 98,000 pounds with $147,000 in materials cost and $106,820 in conversion cost. The May 1 work in process inventory was 100% complete for materials and 30% complete for conversion. During May, 351,000 pounds were started into production. The May 31 inventory consisted of 108,000 pounds that were 100% complete for materials and 70% complete for conversion. The company uses the weighted-average method of process costing. Required: For May: 1. Compute the Grinding…
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Direct Materials Percent Complete 60% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 30,000 400,000 390,000 40,000 85% 35% Production cost information for the forming department follows. Beginning work in process Direct materials $ 50,800 19,300 Conversion $ 70,100 Costs added this period Direct materials 1,539,200 1,047,260 2,586,460 $ 2,656,560 Conversion Total costs to account for Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1 a.…
Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 4,650 100 % 40% Units started this period 33,480 Units completed and transferred out 34,410 Ending work in process inventory 3, 720 100 % 80% Beginning work in process inventory Direct materials $ 30,690 Conversion 344,007 S 374, 697 Costs added this period Direct materials 770,040 Conversion 3,357, 207 4,127,247 Total costs to account for $ 4,501, 944 Problem 16-3A (Algo) Weighted average: Production cost report LO P2, P4 Required: Prepare the Forming department's production cost report for May using the weighted average method. Prepare the May 31 journal entry to transfer the cost of units from…
Weston Products manufactures an industrial cleaning compound that goes through three processing departments—Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T- account for the Grinding Department for May is given below: Debit Inventory, May 1 Work in Process-Grinding Department Materials Conversion Inventory, May 31 430, 760 837, 660 446, 532 ? Credit Completed and transferred to the Mixing Department ? The May 1 work in process inventory had 121,000 pounds with $277,090 in materials cost and $153,670 in conversion cost. The May 1 work in process inventory was 100% complete for materials and 30% complete for conversion. During May, 334,000 pounds were started into production. The May 31 inventory consisted of 58,000 pounds that were 100% complete for materials and 60% complete for conversion. The company uses the weighted-average method of process costing. Required: For May: 1. Compute the Grinding…
Swifty Company had the following department data: Work in process inventory, beginning Completed and transferred out Work in process inventory, ending Physical Units 0 91000 8000 Materials are added at the beginning of the process. What are the equivalent units of production for materials during the period?
0 Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing. and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below. Debit Inventory, May 1 Work in Process-Grinding Department Materials Conversion Inventory, May 31 Credit 121,830 Completed and transferred to the Mixing Department 505,550 76,800 2 The May 1 work in process inventory consisted of 93,000 pounds with $114,390 in materials cost and $7,440 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 30% complete with respect to conversion. During May, 353,000 pounds were started into production. The May 31 inventory consisted of 62,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method in its process…
es Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 4,050 29,160 29,970 3,240 $ 26,730 299,619 670,680 2,924,019 Direct Materials Percent Complete 100% 100% $326,349 Conversion Percent Complete 40% 3,594,699 $ 3,921,048 80% Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
Required information [The following information applies to the questions displayed below.] Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Units + Equivalent units of production Cost per equivalent unit of production 3,500 19,700 23, 200 2,900 $ 271,200 1,196,910 Direct Materials Percent Complete 100% Materials 100% Conversion Percent Complete 30% $ 122,270 2. Compute cost per equivalent unit of production for both direct materials and conversion.…