Question

In: Accounting

Swifty Corp. manufactures whimsical toys for children. The toys pass from the forming department to the...

Swifty Corp. manufactures whimsical toys for children. The toys pass from the forming department to the painting department. The painting department had the following data on physical units during the month: Units transferred from forming department 900 Units completed and transferred out 190 Work in process, beginning 390 What is the number of units in ending Work in Process inventory? 1290 900 1100 390

Solutions

Expert Solution

Ans. Option   3rd 1100
Particulars Units
Work in process, beginning inventory units 390
Units transferred from forming department 900
Total units to be accounted for 1290
Less: Units completed and transferred out -190
Ending work in process inventory 1100
*In the process of units reconciliation, we need to add beginning WIP units and
units added to production (transferred from forming department) and then
completed and transferred out units are subtracted to calculated the ending
WIP units.

Related Solutions

Case Study Toys-4-Children Ltd (T4C) manufactures and sells children’s toys in Australia. The company currently faces...
Case Study Toys-4-Children Ltd (T4C) manufactures and sells children’s toys in Australia. The company currently faces the following core issues and challenges: • T4C aims to introduce a new product – ‘Gold Fish’ – and it needs to develop some preliminary cost estimates. • T4C faces increasing competition from new competitors who are importing children’s toys from China and selling them at low prices in the Australian market. • T4C is struggling with decision making and control over operations in...
Peaceful Ltd. manufactures a single product, which passes through the Forming Department and Packing Department. Manufacturing...
Peaceful Ltd. manufactures a single product, which passes through the Forming Department and Packing Department. Manufacturing begins in the Forming Department. All units are then transferred to Packing Department. In the Packing Department, further materials are added and processed until completion, and transferred to the finished goods inventory. Overhead is allocated on the basis of 140% of direct labour cost. Work in process in the Packing Department on 1 Aug was 90,000 units (Materials : 40% complete; Conversion : 60%...
Ivanhoe Corp. agreed to lease property from Swifty Corp. effective January 1, 2017, for an annual...
Ivanhoe Corp. agreed to lease property from Swifty Corp. effective January 1, 2017, for an annual payment of $24,963, beginning January 1, 2017. The property is made up of land with a fair value of $108,000 and a two-storey office building with a fair value of $182,000 and a useful life of 23 years with no residual value. The implicit interest rate is 7.5%, the lease term is 23 years, and title to the property is transferred to Ivanhoe at...
Swifty Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since...
Swifty Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team’s uniform is unique in color and design, Swifty uses a job order costing system. On January 1, the T-accounts for some of Swifty’s primary balance sheet accounts were as follows: Raw Materials Inventory Work in Process Inventory Beg. 18,200 Beg. 30,700 Finished Goods Inventory Cash Beg. 22,000 Beg. 36,400 Accounts Receivable Accounts Payable Beg. 72,700 Beg. 42,800 During the year, the following...
How does children's toys socialize children? How does children's toys teach children how to act?
How does children's toys socialize children? How does children's toys teach children how to act?
Swifty Corp. purchased a machine on July 1, 2020, for $32,020. Swifty paid $280 in title...
Swifty Corp. purchased a machine on July 1, 2020, for $32,020. Swifty paid $280 in title fees and a legal fee of $275 related to the machine. In addition, Swifty paid $550 in shipping charges for delivery, and $475 to a local contractor to build and wire a platform for the machine on the plant floor. The machine has an estimated useful life of 10 years, a total expected life of 12 years, a residual value of $6,000, and no...
Toys for children are made in numerous countries and then exported to buyers throughout the world....
Toys for children are made in numerous countries and then exported to buyers throughout the world. In some countries, such as the United States, certain protection exists to make sure that toys are safe for children. The U.S. Consumer Product Safety Commission (CPSC) regularly issues recalls of toys that have the potential to expose children to danger such as lead or other heavy metals. For example, lead may be found in the paint used on toys and in the plastic...
1. Kidlet Toys Ltd. designs and manufactures toys for the early childhood education market. The company...
1. Kidlet Toys Ltd. designs and manufactures toys for the early childhood education market. The company sells its products to national toy retailers as well as to independent toy stores across North America. The company allows its customers to return any unsold products within 90 days of receiving the products from Kidlet. The rationale for this policy is to stimulate sales, especially among the independent toy stores. Returned toys are discarded. Explain when Kidlet would recognize revenue under the contract-based...
Plemmon Company adds materials at the beginning of the process in the forming department, which is...
Plemmon Company adds materials at the beginning of the process in the forming department, which is the first of two stages of its production cycle. Information concerning the materials used in the forming department in April follows: Materials Units Costs Work in process at April 1 15,000 $ 8,000 Units started during April 60,000 $38,500 Units completed and transferred to next department during April 65,000 Using the FIFO method, what is the cost of materials in work in process at...
At the beginning of the month, the Forming Department of Martin Manufacturing had 22,000 units in...
At the beginning of the month, the Forming Department of Martin Manufacturing had 22,000 units in inventory, 30% complete as to materials, and 10% complete as to conversion. During the month the department started 84,000 units and transferred 86,000 units to the next manufacturing department. At the end of the month, the department had 20,000 units in inventory, 90% complete as to materials and 60% complete as to conversion. How many units did the Forming Department start and complete in...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT