Question
In: Accounting
Physical Flow, Equivalent Units, Unit Costs, No Beginning WIP Inventory, Activity-Based Costing Lacy, Inc., produces a...
Physical Flow, Equivalent Units, Unit Costs, No Beginning WIP Inventory, Activity-Based Costing
Lacy, Inc., produces a subassembly used in the production of hydraulic cylinders. The subassemblies are produced in three departments: Plate Cutting, Rod Cutting, and Welding. Materials are added at the beginning of the process. Overhead is applied using the following drivers and activity rates:
| Driver | Rate | Actual Usage (by Plate Cutting) |
||
|---|---|---|---|---|
| Direct labor cost | 120% of direct labor | $732,000 | ||
| Inspection hours | $40 per hour | 7,450 hours | ||
| Purchase orders | $1,000 per order | 800 orders |
Other data for the Plate Cutting Department are as follows:
| Beginning work in process | — |
| Units started | 750,000 |
| Direct materials cost | $5,250,000 |
| Units, ending work in process (100% materials; 64% conversion) |
50,000 |
Required:
1. Prepare a physical flow schedule. If an answer is zero, enter "0".
| Lacy, Inc. | |
| Physical flow schedule | |
| Units to account for: | |
| Total units to account for | |
| Units accounted for: | |
| Total units accounted for | |
2. Calculate equivalent units of production for:
| Equivalent Units | |
| a. Direct Materials | |
| b. Conversion Costs |
3. Calculate unit costs for the following. Round your answers to the nearest cent.
| a. Direct materials | $ | per unit |
| b. Conversion costs | per unit | |
| c. Total manufacturing | $ | per unit |
4.
Provide the following information:
a. The total cost of units transferred out
$
b. The journal entry for transferring costs from Plate Cutting to Welding
c. The cost assigned to units in ending inventory.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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Assignment
Swasey Fabrication, Inc., manufactures frames for bicycles. Each
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In Cutting, all direct materials are added at the beginning of
the process.
Beginning work in process consisted of 41,000 units, 20 percent
complete with respect to direct labor and overhead. Costs in
beginning inventory included direct materials, $1,215,000;...
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Assignment Swasey Fabrication, Inc., manufactures frames for
bicycles. Each frame passes through three processes: Cutting,
Welding, and Painting. In September, the Cutting Department of the
Tulsa, Oklahoma, plant reported the following data: In Cutting, all
direct materials are added at the beginning of the process.
Beginning work in process consisted of 41,000 units, 20 percent
complete with respect to direct labor and overhead. Costs in
beginning inventory included direct materials, $1,215,000;...
FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for...
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Assignment
Swasey Fabrication, Inc., manufactures frames for bicycles. Each
frame passes through three processes: Cutting, Welding, and
Painting. In September, the Cutting Department of the Tulsa,
Oklahoma, plant reported the following data:
In Cutting, all direct materials are added at the beginning of
the process.
Beginning work in process consisted of 40,500 units, 20 percent
complete with respect to direct labor and overhead. Costs in
beginning inventory included direct materials, $1,215,000;...
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Costs, Cost Assignment, ABC Swasey Fabrication, Inc., manufactures
frames for bicycles. Each frame passes through three processes:
Cutting, Welding, and Painting. In September, the Cutting
Department of the Tulsa, Oklahoma, plant reported the following
data: In Cutting, all direct materials are added at the beginning
of the process. Beginning work in process consisted of 41,000
units, 20 percent complete with respect to direct labor and
overhead. Costs in beginning inventory included direct...
UNITS: beginning WIP inventory (20% complete as to CC) 5,000 units started 20,000 units completed and...
UNITS:
beginning WIP inventory (20% complete as to CC)
5,000
units started
20,000
units completed and transferred out
15,000
ending WIP inventory (Mat 100%, CC 50% complete)
10,000
Costs:
beginning inventory
materials
$ 4,000
CC
$ 1,000
Current period:
materials
$ 16,000
CC
$ 4,000
All materials are added at the beginning of the process
Please show the calculations! doing it in excel!
1. What is your products equivalent units (EUP) for Mat &
CC using weighted average? -->
Materials...
Process Costing - Weighted Average Physical Flow of Units January Work-in-Process - Beginning 2800 Units Started...
Process Costing - Weighted Average Physical Flow of Units
January Work-in-Process - Beginning 2800 Units Started this Period
22000 Units to Account for 24800 7,000 Total transferred out 17,800
units {13.01} Work-in-Process - Ending 7,000 units {13.02} Total
Accounted for 17800 Equivalent Units Material (Round to three
places, ##.###.###) 24,800.000 {13.03} Equivalent Units Conversion
(Round to three places, ##.###.###) {13.04} I need help calculating
equivalent units converion PART 4.1 Process Costing - Weighted
Average General Information The I See The...
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Beta uses process costing. It started the period with zero
beginning inventory in WIP and Finished Goods inventory. It began
work on 400 units during the period and incurred the following
costs during the period. Direct materials are added at the
beginning of the process followed by the conversion process.
Direct Material Costs: $128,000
Conversion Costs:
$74,400
At the end of the period, the degree of completion of the 400
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Direct...
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Assume there was no beginning inventory of any kind on January 1,
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Assume: BB WIP, 40% complete 10,000 units Started 100,000 EB WIP, 60% complete 12,000 Costs Beginning...
Assume:
BB WIP, 40% complete 10,000 units
Started 100,000
EB WIP, 60% complete 12,000 Costs
Beginning WIP:
DM $30,000
Conversion Costs $6,000
Materials used during the period $220,000
Conversion costs incurred during the period $150,000
Using a FIFO basis, what is the value of
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b) ending WIP?
4. Sylvia's Designs Co. had the following inventory activity during April: Units Unit Cost Beginning inventory...
4. Sylvia's Designs Co. had the following inventory
activity during April:
Units
Unit
Cost
Beginning inventory
100
$10
Purchase (April 3)
50
12
Sale (April 10)
80
Purchase (April 18)
40
14
Purchase (April 23)
60
15
Sale (April 28)
120
Assuming Sylvia's uses a perpetual LIFO cost flow
assumption, ending inventory for April would be
a.
$ 750
b.
$2,560
c.
$ 500
d.
$2,310
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