Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Chapter 5, Problem 5.11SE
1.
To determine
The total cost that should be assigned to the following:
a. Units completed and transferred out.
b. Units in ending work in process inventory.
2.
To determine
The total costs accounted for completed units and ending inventory units.
3.
To determine
The P’s average cost of making one unit of its product.
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S18-13 Preparing journal entry
Learning Objective 5
The Mixing Department's production cost report for May shows $12,500 in total
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process at the end of the month. Prepare the journal entry to record the transfer
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Question 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70% Required: Using the first-in, first-out method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. (Round…
Question 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70%
Required: Using the first-in, first-out method:
A) Determine the equivalent units of production for materials and conversion costs.
B) Determine the cost per equivalent unit for materials and conversion costs. (Round…
Chapter 5 Solutions
Managerial Accounting (5th Edition)
Ch. 5 - (Learning Objective 1) Which of the following is...Ch. 5 - (Learning Objective 2) Conversion costs consist of...Ch. 5 - (Learning Objective 2) Which of the following is...Ch. 5 - (Learning Objective 3) Which of the following is...Ch. 5 - Prob. 5QCCh. 5 - (Learning Objective 4) The journal entry needed to...Ch. 5 - (Learning Objective 4) A company has two...Ch. 5 - Prob. 8QCCh. 5 - Prob. 9QCCh. 5 - Prob. 10QC
Ch. 5 - Compare job costing and process costing (Learning...Ch. 5 - Prob. 5.2SECh. 5 - Prob. 5.3SECh. 5 - Determine the physical flow of units (process...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Summarize total costs to account for (process...Ch. 5 - Prob. 5.8SECh. 5 - Prob. 5.9SECh. 5 - Prob. 5.10SECh. 5 - Prob. 5.11SECh. 5 - Prob. 5.12SECh. 5 - Prob. 5.13SECh. 5 - Prob. 5.14SECh. 5 - Prob. 5.15SECh. 5 - Prob. 5.16SECh. 5 - Continuation of S5-16: Record journal entry and...Ch. 5 - Compute equivalent units in second department...Ch. 5 - Prob. 5.19SECh. 5 - Prob. 5.20SECh. 5 - Prob. 5.21SECh. 5 - Prob. 5.22SECh. 5 - Analyze flow of costs through inventory T-accounts...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.25AECh. 5 - Prob. 5.26AECh. 5 - Continuation of E5-26A: Journal entries (Learning...Ch. 5 - Complete the production cost report in first...Ch. 5 - Prob. 5.29AECh. 5 - Analyze costs and gross profit in a process...Ch. 5 - Prob. 5.31AECh. 5 - Compute equivalent units and assign costs...Ch. 5 - Complete five-step procedure in first department...Ch. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Exercises Group B E5-37B Analyze flow of costs...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.39BECh. 5 - Complete five-step procedure in first department...Ch. 5 - Prob. 5.41BECh. 5 - Prob. 5.42BECh. 5 - Prob. 5.43BECh. 5 - Prob. 5.44BECh. 5 - Record journal entries (Learning Objective 4)...Ch. 5 - Compute equivalent units and assign costs...Ch. 5 - Prob. 5.47BECh. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.53APCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.55APCh. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.58BPCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.60BPCh. 5 - Prob. 5.61SCCh. 5 - Discussion Questions 1. What characteristics of...Ch. 5 - Prob. 5.63ACTCh. 5 - Prob. 5.64ACTCh. 5 - Process costing and hybrid costing issues...
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- Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?arrow_forwardNumber 3 City University uses a process cost system to accumulate costs incurred in handling student applications in the admissions department. When an application is completed, it is forwarded to the appropriate academic department for final processing. The following processing and cost data pertain to March. 1. Applications in process on March 1 Applications started in March Completed applications during March Applications still in process at March 31 were 100% complete as to materials (forms) and 75% complete as to conversion costs. 250 2. 1,100 950 3. 4. 00000 2000 000 Beginning WIP: Direct materials Conversion costs $ 2,125 9,450 Ast March costs: Direct materials $ 8,000 43,000 10,050 Direct labor Overhead Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. InstructionsDi (a) $150000 Determine the equivalent units of service (production) for materials and…arrow_forwardQuestion 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70% Required: Using the first-in, first-out method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. (Round…arrow_forward
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