Question
In: Accounting
FMT Manufacturing uses a process cost system to manufacture heavy tools of mining industry. The following...
FMT Manufacturing uses a process cost system to manufacture heavy tools of mining industry. The following information pertains to operate for the month of May 2012:
Units
Beginning Work in Process inventory , May 1 16,000
Started in production during May 100,000
Completed production during May 92,000
Ending work in process inventory , May 31 24,000
The beginning inventory was 60% complete for materials and 20% complete for conversion cost . The ending inventory was 90% complete for materials and 40% complete for conversion costs:
Costs pertaining to the month of May are as follows:
*The beginning inventory costs are materials, 54,560, direct labor 20,320 and factory overhead , 15,240
*Cost incurred during MAy are materilas used, 468,000 , direct labor 182,880 and factory overhead 391,160
Using the first-in, first-out (FIFO) method, the equivalent units of production for materials are?
a.) 108,000 units
b.)97,600 units
c.) 102,700 units
d.) 104,000 units
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Kim Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry....
Kim Manufacturing uses a process cost system to manufacture Dust
Density Sensors for the mining industry. The following information
pertains to operations for the month of May Beginning
work-in-process inventory, May1 16,000 untis Started in production
during May 100,000 Units Completed production during May 92,000
untis Ending work-in-process inventory, May 31 24,000 units . The
beginning inventory was 20% complete for materials and 60% complete
for conversion costs. The ending inventory was 40% complete for
materials and 90% complete for...
Smith Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations...
Smith Manufacturing uses a process cost system to manufacture
laptop computers. The following information summarizes operations
relating to laptop computer model #KJK20 during the quarter ending
March 31:
Units Direct
Labor
Work-in-process inventory, January 1
100
$50,000
Started during the quarter
500
Completed during the quarter
400
Work-in-process inventory, March 31
200
Costs added during the quarter
$720,000
Beginning work-in-process inventory was 50% complete for direct
labor costs. Ending work-in-process inventory...
21. The Paul Manufacturing Company uses the process cost system and the average cost method. The following...
21. The Paul Manufacturing Company uses the process cost system
and the average cost method. The following production
data are for the month of April, 2016.
Production Costs
Work in process, beginning of month:
Materials
$ 4,350
Labor
3,200
Factory overhead
1,902
$ 9,452
Costs incurred during month:
Materials
$43,200
Labor
32,304
Factory overhead
19,020
94,524
Total
$103,976
Production Report
Units
In process, beginning of month
500
Finished and transferred during month
11,900
Work in process, end of month
1,200
Stage...
KLM Industries Limited uses a process cost system of their process, the following data relates to...
KLM
Industries Limited uses a process cost system of their process, the
following data relates to the process No. 2.• 8,000 Units received
from previous department costing Rs. 840,000• 1500 units are in
process at the end ( 40% complete as to material and 50% as to
conversion cost)• 2,000 units are in process at the start ( 60%
complete as to material and 70% as to conversion cost) that costs
Rs. 500,000• Cost added by process 2: Direct material...
Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum,...
Pittsburgh Aluminum Company uses a process cost system to record
the costs of manufacturing rolled aluminum, which consists of the
smelting and rolling processes. Materials are entered from smelting
at the beginning of the rolling process. The inventory of Work in
Process—Rolling on September 1 and debits to the account during
September were as follows:
Bal., 600 units, 40% completed:
Direct materials (600 x $6.5)
$ 3,900
Conversion (600 x 40% x $2.7)
648
$ 4,548
From Smelting Department, 14,160...
Ogdan Outfitters began making stereos & uses the process cost system. All the manufacturing costs are...
Ogdan Outfitters began making stereos & uses the process
cost system. All the manufacturing costs are added evenly
throughout the production process. Ogdan had the following cost
& production information available for the Month of March and
April:
March
April
Direct Material
costs.............................$978,460 $1,168,310
Direct Labor
costs...............................$2,562,260
$3,041,940
Overhead
applied...............................$3,438,640
$3,571,030
TOTAL $6,979,360 $7,781,280
Units in beginning Work in Process
7,000
4,800
Started & Completed 11,500 18,200
Units in the end Work in Process
4,800
6,400
Beginning...
Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum,...
Pittsburgh Aluminum Company uses a process cost system to record
the costs of manufacturing rolled aluminum, which consists of the
smelting and rolling processes. Materials are entered from smelting
at the beginning of the rolling process. The inventory of Work in
Process—Rolling on September 1 and debits to the account during
September were as follows:
Bal., 1,000 units, 30% completed:
Direct materials (1,000 x $5) $ 5,000
Conversion (1,000 x 30% x $2.1) 630
$ 5,630
From Smelting Department, 24,000...
Palcic Manufacturing Company uses a process cost system. The Molding Department adds materials at the beginning...
Palcic Manufacturing Company uses a process cost system. The
Molding Department adds materials at the beginning of the process
and conversion costs are incurred uniformly throughout the process.
Work in process on May 1 was 75% complete and work in process on
May 31 was 40% complete.
Instructions
Part A: Complete the Production Cost Report for
the Molding Department for the month of May using the above
information and the information below.
PALCIC MANUFACTURING COMPANY
Molding Department
Production Cost Report...
The Joan Company uses the process cost system and average cost method. The following production data...
The Joan Company uses the process cost system and average cost
method. The following production data are for the month of July,
20--. Production Costs Work in process, beginning of month:
Materials $18,500 Labor 8,750 Factory overhead 4,850 $ 32,100 Costs
incurred during month: Materials $93,500 Labor 42,450 Factory
overhead 33,550 169,500 Total $201,600 Production Report Units In
process, beginning of month 4,000 Finished and transferred during
month 28,000 Work in process, end of month 10,000 Stage of
completion 40%...
3a)Which group of the following manufacturing cost elements occurs in a process cost system? a. Direct...
3a)Which group of the following manufacturing cost elements
occurs in a process cost system?
a.
Direct labour and direct material.
b.
Direct labour and conversion costs.
c.
Direct materials, direct labour, and manufacturing overhead.
d.
Manufacturing overhead and conversion costs.
3b)
For which one of the following would a process cost system most
likely be used?
a.
cruise ships
b.
motion pictures
c.
potato chips
d.
custom furniture
3c)
The primary benefit of ABC is it provides
a.
more accurate...
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