Question
In: Accounting
Business Inc. produces all of its products in one department, The Production Department, and transfers the...
Business Inc. produces all of its products in one department, The Production Department, and transfers the costs to finished goods. The production department adds all direct materials at the beginning of the process. The inspection takes place at the end of the process and is considered abnormal spoilage.
In March the department reported the following data:
Beginning work in process as of March 1st 200 units
30% Complete
Cost of Direct materials $500
Conversion costs $140
Costs added during March
Cost of Direct materials $1,625
Conversion costs $2,163.00
During March:
6,500 units Started
7000 Good units were transferred out to Finished goods.
500 units remained in ending work in process.
45% Complete
Needed:
1. Prep a physical flow schedule
2. Calc equivalent units of production using the weighted average method for direct materials and conversion costs
3. Calc the unit cost.
4. Calc the cost of goods transferred out.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Business Inc. produces all of its products in one department, The Production Department, and transfers the...
Business Inc. produces all of its products in one department,
The Production Department, and transfers the costs to finished
goods. The production department adds all direct materials at the
beginning of the process. Inspection takes place at the end of the
process and is considered abnormal spoilage.
In March the department reported the following
data:
Beginning work in process as of March 1st 200
units
30% Complete
Cost of Direct materials $500
Conversion costs $140
Costs added during March
Cost...
Landry's Inc. produces a part that is used in the manufacture of one of its products....
Landry's Inc. produces a part that is used in the manufacture of
one of its products. The costs associated with the production of
10,000 units of this part are as follows:
Direct
materials
$ 90,000
Direct labor
130,000
Variable factory
overhead
60,000
Fixed factory
overhead
140,000
Total
costs
$420,000
Of the fixed factory overhead costs, $60,000 is avoidable.
Cooper Company has offered to sell 10,000 units of the same part
to Landry's Inc...
Efrem Food Products Inc. (EFPI) produces various food products. One of its joint products is soybean...
Efrem Food Products Inc. (EFPI) produces various food products.
One of its joint products is soybean that is processed in a joint
manufacturing process to produce Soybean Oil and the Meal. The
total cost of input and joint manufacturing process is estimated to
be $400,000 for 2020. During the year the company expects to
produce 45,000 units of Soybean Oil and 35,000 units of Meal. The
company has an option to sell Soybean Oil and the Meal at the
split-off...
Efrem Food Products Inc. (EFPI) produces various food products. One of its joint products is soybean...
Efrem Food Products Inc. (EFPI) produces various food products.
One of its joint products is soybean that is processed in a joint
manufacturing process to produce Soybean Oil and the Meal. The
total cost of input and joint manufacturing process is estimated to
be $400,000 for 2020. During the year the company expects to
produce 45,000 units of Soybean Oil and 35,000 units of Meal. The
company has an option to sell Soybean Oil and the Meal at the
split-off...
Kool Inc. uses a weighted-average process costing system and has one production department. All materials are...
Kool Inc. uses a weighted-average process costing system and has
one production department. All materials are introduced at the
start of manufacturing; in contrast, conversion cost is incurred
uniformly throughout production. The company had respective work in
process inventories on 1 May and 31 May of 62,000 units and 70,000
units, the latter of which was 40 per cent complete. The production
supervisor noted that Kool completed 100,000 units during the
month.
Costs in the 1 May work in process...
Fedora, Inc, uses a weighted-average process-costing system andhas one production department. All materials are introduced...
Fedora, Inc, uses a weighted-average process-costing system and
has one production department. All materials are introduced at the
start of manufacturing; in contrast, conversion cost is incurred
uniformly throughout production. The company had respective
work-in-process inventories on May 1 and May 31 of 63,200 units and
76,000 units, the latter of which was 50% complete. The production
supervisor noted that Fedora completed 112,000 units during the
month.Costs in the May 1 work-in-process inventory were subdivided as
follows: materials, $46,000; conversion,...
Fedora, Inc, uses a weighted-average process-costing system and has one production department. All materials are introduced...
Fedora, Inc, uses a weighted-average process-costing system and
has one production department. All materials are introduced at the
start of manufacturing; in contrast, conversion cost is incurred
uniformly throughout production. The company had respective
work-in-process inventories on May 1 and May 31 of 63,000 units and
75,000 units, the latter of which was 50% complete. The production
supervisor noted that Fedora completed 110,000 units during the
month.
Costs in the May 1 work-in-process inventory were subdivided as
follows: materials, $45,000;...
SummerFun, Inc., produces a variety of recreation and leisure products. The production manager has developed an...
SummerFun, Inc., produces a variety of recreation and leisure
products. The production manager has developed an aggregate
forecast:
Month
Mar
Apr
May
Jun
Jul
Aug
Sep
Total
Forecast
50
44
55
60
50
40
51
350
Use the following information to develop aggregate plans.
Regular production cost
$
80
per unit
Back-order cost
$
20
per unit
Overtime production cost
$
120
per unit
Beginning inventory
0
units
Regular capacity
40
units per month
Overtime capacity
8
units per month...
1. Yo-Down Inc. produces yogurt. Information related to the company’s yogurt production follows: Production Department 1...
1. Yo-Down Inc. produces yogurt. Information related to the
company’s yogurt production follows:
Production
Department 1
Production
Department 2
Production
Department 3
Support Department 1 cost driver
5,000
1,000
4,000
Support Department 1’s costs total $140,000. Using the direct
method of support department cost allocation, determine the costs
from Support Department 1 that should be allocated to each
production department.
Production
Department 1
Production
Department 2
Production
Department 3
Support Department 1 cost allocation
$ ??
$ ??
$ ??...
Schmidt Corporation produces a part that is used in themanufacture of one of its products....
Schmidt Corporation produces a part that is used in the
manufacture of one of its products. The costs associated with the
production of 10,000 units of this part are as follows: Direct
materials $45,000 Direct labour 45,000 Variable factory overhead
30,000Fixed factory overhead 70,000 Total costs $190,000 Of the fixed
factory overhead costs, $30,000 is not avoidable. 2. Phil Company
has offered to sell 10,000 units of the same part to Schmidt
Corporation for $13 per unit. Assuming there is...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- write an implementation of the ADT stack that uses a resizeable array to represent the stack...
- Problem) Fraud Scheme - Purchasing Agent: A purchasing agent for a large hardware retailer has sole...
- Ivanhoe Corporation has collected the following information after its first year of sales. Sales were $1,600,000...
- There are two major approaches to corporate valuation: a) using comparable firms (via multiples, i.e. ratios)...
- A 4-year annuity of eight $9,800 semiannual payments will begin 7 years from now, with the...
- Consider the following relation schema about project meetings: PMG(projID, title, type, manager, jobID, start-date, end-date, contractor,...
- Question 3 a) A coil consist of 2000 turns of copper wire having a cross sectional...
ADVERTISEMENT