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Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in,...
Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in, first-out (FIFO) process costing system. The factory has three departments: Molding, Assembling, and Finishing. Following is information on the beginning work-in-process inventory in the Assembling Department on August 1: Costs Degree of Completion Work-in-process beginning inventory (12,000 units) Transferred-in from Molding $ 102,000 100 % Direct materials costs 160,600 60 Conversion costs 60,000 40 Work-in-process balance (August 1) $ 322,600 During August, 103,000 units were transferred in from the Molding Department at a cost of $2,039,400 and started in Assembling. The Assembling Department incurred other costs of $1,066,870 in August as follows: August Costs Direct materials costs $ 811,580 Conversion costs 255,290 Total August costs $ 1,066,870 At the end of August, 12,000 units remained in inventory that were 80 percent complete with respect to direct materials and 50 percent complete with respect to conversion. Required: Compute the cost of goods transferred out in August and the cost of work-in-process en
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ekkarill92 answered 2 years agoRelated Solutions
Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in,...
Pantanal, Inc., manufactures car seats in a local factory. For
costing purposes, it uses a first-in, first-out (FIFO) process
costing system. The factory has three departments: Molding,
Assembling, and Finishing. Following is information on the
beginning work-in-process inventory in the Assembling Department on
August 1:
Costs
Degree of Completion
Work-in-process beginning inventory (9,000 units)
Transferred-in
from Molding
$
103,000
100
%
Direct materials
costs
167,000
50
Conversion
costs
60,000
50
Work-in-process
balance (August 1)
$
330,000
During August, 101,000 units...
Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in,...
Pantanal, Inc., manufactures car seats in a local factory. For
costing purposes, it uses a first-in, first-out (FIFO) process
costing system. The factory has three departments: Molding,
Assembling, and Finishing. Following is information on the
beginning work-in-process inventory in the Assembling Department on
August 1:
Costs
Degree of Completion
Work-in-process
beginning inventory (11,000 units)
Transferred-in from Molding
$
98,000
100
%
Direct materials costs
157,000
70
Conversion costs
59,000
50
Work-in-process balance (August
1)
$
314,000
During August, 106,000 units...
Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in,...
Pantanal, Inc., manufactures car seats in a local factory. For
costing purposes, it uses a first-in, first-out (FIFO) process
costing system. The factory has three departments: Molding,
Assembling, and Finishing. Following is information on the
beginning work-in-process inventory in the Assembling Department on
August 1:
Costs
Degree of Completion
Work-in-process beginning inventory (11,000 units)
Transferred-in from Molding
$
99,000
100
%
Direct materials costs
165,200
60
Conversion costs
62,000
40
Work-in-process balance (August 1)
$
326,200
During August, 107,000 units...
Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in,...
Pantanal, Inc., manufactures car seats in a local factory. For
costing purposes, it uses a first-in, first-out (FIFO) process
costing system. The factory has three departments: Molding,
Assembling, and Finishing. Following is information on the
beginning work-in-process inventory in the Assembling Department on
August 1:
Costs
Degree of Completion
Work-in-process beginning inventory (12,000 units)
Transferred-in from Molding
$
98,000
100
%
Direct materials costs
163,200
60
Conversion costs
64,000
50
Work-in-process balance (August 1)
$
325,200
During August, 97,000 units...
Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in,...
Pantanal, Inc., manufactures car seats in a local factory. For
costing purposes, it uses a first-in, first-out (FIFO) process
costing system. The factory has three departments: Molding,
Assembling, and Finishing. Following is information on the
beginning work-in-process inventory in the Assembling Department on
August 1: Costs Degree of Completion Work-in-process beginning
inventory (9,000 units) Transferred-in from Molding $ 98,000 100 %
Direct materials costs 171,000 60 Conversion costs 63,000 50
Work-in-process balance (August 1) $ 332,000 During August, 105,000
units...
Johnson, Inc. manufactures car seats in its Houston plant. Each car seat passes through the Assembly...
Johnson, Inc. manufactures car seats
in its Houston plant. Each car seat passes through the Assembly
Dept and the Testing Dept. This problem focuses on the Assembly
Dept. the process-costing system at Johnson, Inc. has a single
direct-cost category (direct materials) and a single indirect-cost
category (conversion costs). Direct materials are added at the
beginning of the process. Conversion costs are added evenly during
the process. When the Assembly Dept finished work on each car seat,
it is immediately transferred...
Custer Products manufactures garden tools. It uses a job costing system that allocates factory overhead on...
Custer Products manufactures garden tools. It uses a job costing
system that allocates factory overhead on the basis of direct
labor-costs. Budgeted factory overhead for the year 2018 was
$558,000, and management budgeted $372,000 in direct labor costs.
The company’s tax rate is 21% (Round income tax to the nearest
dollar).
The trial balance of Custer Products, Inc. on April 30 is as
follows:
Cash……………………………………………… $23,000
Accounts Receivable…………………………….. 67,000
Finished Goods………………………………….. 101,000
Work in Process…………………………………. 30,000
Materials ………………………………………… 17,000
Prepaid...
Custer Products manufactures garden tools. It uses a job costing system that allocates factory overhead on...
Custer Products manufactures garden tools. It uses a job costing
system that allocates factory overhead on the basis of direct
labor-costs. Budgeted factory overhead for the year 2019 was
$558,000, and management budgeted $372,000 in direct labor costs.
The company’s tax rate is 21% (Round income tax to the
nearest dollar).
The trial balance of Custer Products, Inc. on April 30 is as
follows:
Cash……………………………………………… $23,000
Accounts Receivable……………………………..
67,000
Finished Goods………………………………….. 101,000
Work in Process…………………………………. 30,000...
Jordan Corporation Inc. manufactures a single product and uses a standard cost system for control purposes....
Jordan Corporation Inc. manufactures a single product and uses a
standard cost system for control purposes. The standard cost card
for the product is as follows:
Standard Cost Standard Cost Per Unit ($) Direct materials 2 metres
@ $8.45 per metre $16.90 Direct labour 1.4 hours @ $16 per DLH
22.40 Variable overhead 1.4 hours @ $2.50 per DLH 3.50 Fixed
overhead 1.4 hours @ $6 per DLH 8.40 Total cost $51.20 * DLH -
Direct labour hours
Some additional...
Company manufactures car seats in its plant. Each car seat passes through the assembly department and...
Company manufactures car seats in its plant. Each car seat
passes through the assembly department and the testing department.
This problem focuses on the assembly department. The
process-costing system at
Hoffman
Company has a single direct-cost category (direct materials)
and a single indirect-cost category (conversion costs). Direct
materials are added at the beginning of the process. Conversion
costs are added evenly during the process. When the assembly
department finishes work on each car seat, it is immediately
transferred to testing....
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