The following information is available for the month of June.Process IOpening work in progressMaterialConversion costs (2/5 complete)Completion of units in JuneUnits commenced in JuneClosing work in progress(½ complete as to conversion costs)Material introduced in JuneConversion costs added in JuneUnit standard costs:Direct materialsConversion costsTotal per unitR21 0005 250Opening work in progress valued at standardMaterialConversion costs (2/5 complete)R77 000R63 000Additional data to complete process accounts using standard cost flow:35 000 unitsR18 5505 180168 000 units140 000 units7 000 unitsR0,530,37R0.9035 000 unitsProcess IIMaterial from Process IConversion costs (2/3 complete)Closing work in progress(3/8 complete as to conversion costs)Transfer in from Process IMaterialConversion costTotal per unitMaterial from Process IConversion costs (2/3 complete)R34 30039 200R46 200R220 500R37 800R44 52042 000 units154 000 units56 000 unitsR0,900,311,59R2,8042 000 units 3. Within a department of a factory there are two processes which produce the finishedproduct of that department. Raw materials are introduced initially at thecommencement of Process I and further raw materials are added at the end of ProcessII. Conversion costs (direct labour plus factory overhead) accrue uniformlythroughout both the processes. The flow of the product is continuous, the completedoutput of Process I passes immediately into Process II and the completed output ofProcess II passes immediately into the Finished Goods Warehouse.Using the table on the next page, use the FIFO method and state:a. the number of completed units transferred to Finished Goods Storeb. the average cost of each such unit.

Name: The following information is available for the month of June.Process
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Description: The following information is available for the month of June.Process IOpening work in progressMaterialConversion costs (2/5 complete)Completion of units in JuneUnits commenced in JuneClosing work in progress(½ complete as to conversion costs)Materia

Process Costing: Process costing is applies where the products are passes through various process to…

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Accounting

Within a department of a factory there are two processes which produce the finished product of that department. Raw materials are introduced initially at the commencement of Process I and further raw materials are added at the end of Process II. Conversion costs (direct labour plus factory overhead) accrue uniformly throughout both the processes. The flow of the product is continuous, the completed output of Process I passes immediately into Process II and the completed output of Process II passes immediately into the Finished Goods Warehouse. Using the table on the next page, use the FIFO method and state:

Within a department of a factory there are two processes which produce the finished product of that department. Raw materials are introduced initially at the commencement of Process I and further raw materials are added at the end of Process II. Conversion costs (direct labour plus factory overhead) accrue uniformly throughout both the processes. The flow of the product is continuous, the completed output of Process I passes immediately into Process II and the completed output of Process II passes immediately into the Finished Goods Warehouse. Using the table on the next page, use the FIFO method and state:

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 24E

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Which of the following product situations is better suited to job order costing than to process costing? A. Each product batch is exactly the same as the prior batch. B. The costs are easily traced to a specific product. C. Costs are accumulated by department. D. The value of work in process is based on assigning standard costs.
To record the transfer of costs from a prior process to a subsequent process, the following entry would be made: a. debit Finished Goods and credit Work in Process. b. debit Work in Process (subsequent department) and credit Transferred-In Materials. c. debit Work in Process (prior department) and credit Work in Process (subsequent department). d. debit Work in Process (subsequent department) and credit Work in Process (prior department) e. None of these.
Lacy, Inc., produces a subassembly used in the production of hydraulic cylinders. The subassemblies are produced in three departments: Plate Cutting, Rod Cutting, and Welding. Materials are added at the beginning of the process. Overhead is applied using the following drivers and activity rates: Other data for the Plate Cutting Department are as follows: Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for: a. Direct materials b. Conversion costs 3. Calculate unit costs for: a. Direct materials b. Conversion costs c. Total manufacturing 4. Provide the following information: a. The total cost of units transferred out b. The journal entry for transferring costs from Plate Cutting to Welding c. The cost assigned to units in ending inventory
During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
Which of the following production characteristics is better suited for process costing and not job order costing? Each product batch is distinguishable from the prior batch. The costs are easily traced to a specific product. Costs are accumulated by department. The value of work in process is the direct material used, the direct labor incurred, and the overhead applied to the job in process.
The charges to Work in ProcessAssembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Determine the following: a. The number of units in work in process inventory at the end of the period b. Equivalent units of production for direct materials and conversion c. Costs per equivalent unit for direct materials and conversion d. Cost of the units started and completed during the period
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: The cost per equivalent unit for the period was as follows: 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.
Compute equivalent units of production for both direct materials and conversion. For the first two columns above "total units" the options are: beginnings work in process - units, completed and transferred out, ending work in process, total units accounted for, units started this period. for the rest of the empty spaces, you use numbers
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. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Beginning work in process Direct materials Units 34,500 490,000 494,500 30,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 56,200 22,900 1,800, 200 1, 179,000 Direct Materials Percent Complete 80% 85% $79,100 2,979,200 $ 3,058, 300 Conversion Percent Complete 20% 35%
Which of the following is true of a process cost system? Question 4 options: There is a separate Work in Process account for each process Materials are added at the beginning process, and conversion costs are added at the end. There is a separate Work in Process account for each product A subsidiary ledger tracks the costs of each job
Please refer to the pictures for parts A and B. Part C is below: Cost assignment—Weighted average EUP Cost per EUP Total cost Completed and transferred out Direct materials Conversion Total Completed and transferred out Ending work in process Direct materials Conversion Total ending work in process Total costs accounted for HI-T Company.
That which determine(s) whether the costs assigned to units transferred out and to units in ending work in process are equal to the costs in beginning work in process, plus the manufacturing costs incurred in the current period is(are) called: a.Cost reconciliation b.Transferred-in costs c.Batch production process d.Equivalent unit of output