Question

In: Accounting

ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 1...

ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 1 Bal., 24,000 units, 3⁄4 completed 116,700 31 Direct materials, 134,000 units 234,500 351,200 31 Direct labor 150,000 501,200 31 Factory overhead 375,000 876,200 31 Goods finished, 128,000 units 760,700 115,500 31 Bal., ? units, 1⁄2 completed 115,500 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit $ 2. Conversion cost per equivalent unit $ 3. Cost of the beginning work in process completed during December $ 4. Cost of units started and completed during December $ 5. Cost of the ending work in process $ b. Assuming that the direct materials cost is the same for November and December, did the conversion cost per equivalent unit increase, decrease, or remain the same in December? Increase

Solutions

Expert Solution

UNITS TO ACCOUNT FOR:
Beginning Work in Process units 24,000
Add: Units Started in Process 134,000
Total Units to account for: 158,000
UNITS TO BE ACCOUNTED FOR:
Units completed from Beginning WIP 24,000
Units started and completed 104,000
Ending Work in Process 30,000
Total Units to be accounted for: 158,000
Equivalent Units:
UNITS Material Cost Conversion
% Completion Units % Completion Units
Units completed from Beginning WIP 24000 0% 0 25% 6,000
Units Started and completed 104000 100% 104,000 100% 104,000
Ending Work in Process 30000 100% 30,000 50% 15,000
Total Equivalent units 158000 134,000 125,000
TOTAL COST TO ACCOUNT FOR:
Material Conversion
Cost Added during May 234,500 525,000
Total Cost to account for: 234,500 525,000
Equivalent Units 134,000 125,000
Cost per Equivalent unit 1.75 4.2
TOTAL COST ACCOUNTED FOR:
Units completed from Beginning WIP (24000 units)
Equivalent unit Cost per EU Total Cost
Beginning cost 116700
Material 0 1.75 0
Conversion Cost 6,000 4.2 25200
Total cost of units completd frm Beginning WIP 141900
Units started and completed (104000 units)
Equivalent unit Cost per EU Total Cost
Material 104,000 1.75 182000
Conversion Cost 104,000 4.2 436800
Total Cost of Units completed and transferred out: 618800
cost of units transferred out 760700
Ending Work in process (30000 units)
Equivalent unit Cost per EU Total Cost
Material 30,000 1.75 52500
Conversison Cost 15,000 4.2 63000
Total cost of Ending Work in process: 115,500
Total cost accounted for 876,200
Material cost per EUP 1.75
Conversion cost per EUP 4.2
cost of beginning WIP 141900
cost of units started and completed 618800
cost of endidng WIP 115500
Total beginning WIP 116700
Less: Material (24000*1.75 42000
Conversion cost in Beginning WIP 74700
Divide: EUP of conversion cost (24000*75%) 18000
Conversion cost per EUP 4.15

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1...
ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 7,200 units, 4/5 completed 12,528 31 Direct materials, 129,600 units 168,480 181,008 31 Direct labor 49,490 230,498 31 Factory overhead 27,838 258,336 31 Goods finished, 131,400 units 249,372 8,964 31 Bal. ? units, 3/5 completed 8,964 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent...
ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1...
ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 4,800 units, 2/5 completed 11,232 31 Direct materials, 86,400 units 172,800 184,032 31 Direct labor 50,600 234,632 31 Factory overhead 28,456 263,088 31 Goods finished, 87,600 units 253,944 9,144 31 Bal. ? units, 3/5 completed 9,144 The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. a. Based on the...
General Ledger Cash Account No. 111 Post. Balance Date Item Ref. Debit Credit Debit Credit 20xx...
General Ledger Cash Account No. 111 Post. Balance Date Item Ref. Debit Credit Debit Credit 20xx Balance June Accounts Receivable Account No. 113 Post. Balance Date Item Ref. Debit Credit Debit Credit 20XX Balance    —   June    —      —      —      —   Office Supplies Account No. 115 Post. Balance Date Item Ref. Debit Credit Debit Credit 20XX Balance    —   June    —      —   Pre-paid Rent Account No. 117 Post. Balance Date Item Ref. Debit Credit...
General Journal Date Description Debit Credit 1-Dec raw materials $    20,000    account payable $    20,000...
General Journal Date Description Debit Credit 1-Dec raw materials $    20,000    account payable $    20,000 5-Dec work in process ( job 1) $      4,600     raw materlials $      4,600 10-Dec work in progress ( job 1) $         180 salaries and wages payable $         180 10-Dec manufactoring overhead $      3,000    salaries and wages payable $      3,000 salaries and wages ex $      2,000    salaries and wages payable $      2,000 15-Dec work in progress ( job 2) $      5,000    ...
journal date particulars debit ($) credit ($) 2018   march 1 cash account debit 350000    margate...
journal date particulars debit ($) credit ($) 2018   march 1 cash account debit 350000    margate bank 350000 dec 1 cash account debit 150000 sundi bank     150000 dec 31 interest expense(margate )       debit 41250 to accrual interest 41250 dec 31 interest expense (sundi) debit 5500 to accrued interest   5500 dec 31 profit and loss account debit 46750 to interest expense ( 41250+5500)        46750 2019 jan 1 sundi bank account debit 10000 accrued interest    debit 5500...
No. Date Account Titles and Explanation Debit Credit (1) Apr. 30 enter an account title to...
No. Date Account Titles and Explanation Debit Credit (1) Apr. 30 enter an account title to close revenue account on April 30 enter a debit amount enter a credit amount enter an account title to close revenue account on April 30 enter a debit amount enter a credit amount (To close revenue account) (2) Apr. 30 enter an account title to close expense accounts on April 30 enter a debit amount enter a credit amount enter an account title to...
Options: Current Account Debit, Current Account Credit, Capital Account Debit, Capital Account Credit 1. Foreign freight...
Options: Current Account Debit, Current Account Credit, Capital Account Debit, Capital Account Credit 1. Foreign freight and shipping services purchased by a Canadian exporter from a foreign transportation firm 2. Japan purchases more Canadian lumber products 3. Nova corporation of Canada sells a new stock issue to a Chinese investor 4. The purchase of insurance from Lloyds of London 5. The hotel bill of a Canadian tourist in Rome 6. Expenditures abroad by Canadian tourists 7. $15,000,000 sale of natural...
Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the...
Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the Account? Amount? Ye 7/1 Cash Asset Increasing Debit $           63,000 York, Capital Capital Increasing Credit $           63,000 7/5 7/9 Cash 7/10 7/19 7/22 7/28 Accounts Payable 7/31 This is a compound entry. 7/31 This is a compound entry. 7/31 7/31 P2-29A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Vernon Yung practices medicine under the business title Vernon Yung, M.D....
Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial...
Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial balance(credit) Cash 32,236.75 32,236.75 baking supplies 18,500 18,500 merchandise inventory(fifo) 175.65 175.65 prepaid rent 1500 1500 prepaid insurance 2400 2400 baking equipment 6000 6000 accumulated depreciation 208.33 208.33 office supplies 600 600 accounts receivable 7700 7700 notes payable 10,000 10,000 wages payable 480 480 common stock 16,000 16,000 dividends 10,000 10,000 bakery sales 55,000 55,000 merchandise sales 221 221 baking supplies expense rent expense...
Cash Date 2015 Explanation Ref Debit Credit Balance June 1 Balance 2,657 1 750 3,407 3...
Cash Date 2015 Explanation Ref Debit Credit Balance June 1 Balance 2,657 1 750 3,407 3 Check #600 625 2,782 3 Check #601 95 2,687 8 Check #602 56 2,631 9 1,050 3,681 13 Check #603 425 3,256 20 155 3,411 28 Check #604 297 3,114 28 110 3,224 PREMIER BANK Statement of Account—Cookie Creations Inc. June 30, 2018 Date Explanation Checks and Other Debits Deposits Balance May 31 Balance 3,256 June 1 Deposit 750 4,006 6 Check #600 625...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT