Question
In: Accounting
Cost Flows in a Job Cost System Materials Work in Process-Assembly Dept Work in Process- Test...
Cost Flows in a Job Cost System
| Materials | Work in Process-Assembly Dept | Work in Process- Test & Packaging Dept | Finished Goods | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Factory Overhead | ||||||||||||||||||||||||||
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Costs to date by job are shown.
| Source: Job Cost Sheets: | ||||||||
| Job#1 | Job#2 | Job#3 | Job#4 | |||||
| Direct materials | $ | 739 | $ | 622 | $ | 426 | $ | 367 |
| Direct labor | 99 | 82 | 73 | 119 | ||||
| Overhead | 146 | 146 | 126 | 158 | ||||
| $ | 984 | $ | 850 | $ | 625 | $ | 644 | |
Use the flow chart to complete the following sentences.
The ending inventory balance in the Work in Process-Assembly Dept is $
The cost of goods transferred into the Work in Process-Test & Packaging Dept is $
The cost of goods transferred out of the Work in Process- Test & Packaging Dept is $
The ending inventory balance in the Work in Process- Test & Packaging Dept is $
Solutions
Expert Solution
The question has been already answered for ease answering again
| Finished goods | Work inprogress - Testing and packaging | Work in process - assembly unit | |
| Job 1 | Job 2&3 | Job 4 | |
| Beg inventory | |||
| Units transferred in | 3775 | 3103 | |
| Direct materials | 2,154.0 | ||
| Direct labour | 254 | 373.0 | |
| Factory overhead applied | 418 | 576.0 | |
| Ending inventory | 3775 | 3103 |
| Ending inventory of Work in process - assembly unit | 3103 | ||||
| Cost of goods transferred into Work inprogress - Testing and packaging | 3103 | ||||
| Cost of goods transferred out of Work inprogress - Testing and packaging | 3775 | ||||
| Ending inventory of Work inprogress - Testing and packaging | 3775 | ||||
Reason :there is no details on opening inventory of the respective jobs. The answers will vary if the details of opening inventory is available
ekkarill92 answered 1 year agoRelated Solutions
A) Entries for Materials Cost Flows in a Process Cost System The Hershey Company manufactures chocolate...
A)
Entries for Materials Cost Flows in a Process Cost System
The Hershey Company manufactures chocolate
confectionery products. The three largest raw materials are cocoa,
sugar, and dehydrated milk. These raw materials first go into the
Blending Department. The blended product is then sent to the
Molding Department, where the bars of candy are formed. The candy
is then sent to the Packing Department, where the bars are wrapped
and boxed. The boxed candy is then sent to the distribution...
1. Entries for Materials Cost Flows in a Process Cost System The Hershey Company manufactures chocolate...
1.
Entries for Materials Cost Flows in a Process Cost System
The Hershey Company manufactures chocolate
confectionery products. The three largest raw materials are cocoa,
sugar, and dehydrated milk. These raw materials first go into the
Blending Department. The blended product is then sent to the
Molding Department, where the bars of candy are formed. The candy
is then sent to the Packing Department, where the bars are wrapped
and boxed. The boxed candy is then sent to the distribution...
The Assembly Department uses a process cost accounting system. The department adds materials and incurs conversion...
The Assembly Department uses a process cost accounting system.
The department adds materials and incurs conversion costs uniformly
throughout the process. During May, $200,000 of materials costs and
$95,000 in conversion costs were charged to the
department. The beginning Work in Process inventory was $63,000 on
May 1, comprised of $40,000 of materials costs and $23,000 of
conversion costs. The company employs the FIFO method of process
costing.
Other data for the month of May are as follows:
Beginning Work...
In the Mixing Dept., the direct materials are added at the beginning of the process and...
In the Mixing Dept., the direct materials are added at the
beginning of the process and the conversion costs are incurred
evenly throughout the process. Work in process of the mixing Dept.
on March 1, 2018 consisted of 900 batches of crayons that were 60%
of the way through the production process.
The beginning balance in WIP Inventory - Mixng was $30,700 which
consited of $11,500 in direct materias cost and $19,200 in
conversion costs.
During March, 4600 batches were...
Q5 The Assembly Department uses a weighted-average process cost accounting system. The department adds materials at...
Q5
The Assembly Department uses a weighted-average process cost
accounting system. The department adds materials at the beginning
of the process and incurs conversion costs uniformly throughout the
process. During July, $190,000 of materials costs and $135,500 in
conversion costs were charged to the department. The beginning work
in process inventory was $93,000 on July 1, comprised of $80,000 of
materials costs and $13,000 of conversion costs.
Other data for the month of July are as follows:
Beginning work
in...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a...
Cost of Units Completed and in Process
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in Process—Assembly
Department
Bal., 9,000 units, 65% completed
31,635
To Finished Goods, 207,000 units
?
Direct materials, 212,000 units @ $1.5
318,000
Direct labor
492,900
Factory overhead
191,685
Bal. ? units, 45% completed
?
a. Based on the above data, determine the...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a...
Cost of Units Completed and in Process
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in Process—Assembly
Department
Bal., 3,000 units, 75% completed
9,450
To Finished Goods, 69,000 units
?
Direct materials, 71,000 units @ $1.8
127,800
Direct labor
93,700
Factory overhead
36,450
Bal., ? units, 35% completed
?
Cost per equivalent units of $1.80 for Direct...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a...
Cost of Units Completed and in Process
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in Process—Assembly Department
Bal., 7,000 units, 70% completed 28,210 To Finished Goods,
161,000 units ?
Direct materials, 165,000 units @ $2 330,000
Direct labor 363,100
Factory overhead 141,270
Bal. ? units, 60% completed ?
a. Based on the above data, determine the...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a...
Cost of Units Completed and in Process
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in Process—Assembly Department
Bal., 6,000 units, 70% completed16,140To Finished Goods, 138,000
units?
Direct materials, 141,000 units @ $1.5211,500
Direct labor178,700
Factory overhead69,430
Bal., ? units, 45% completed?
Cost per equivalent units of $1.50 for Direct Materials and
$1.80 for Conversion Costs.
a....
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a...
Cost of Units Completed and in Process The charges to Work in
Process—Assembly Department for a period, together with information
concerning production, are as follows. All direct materials are
placed in process at the beginning of production. Work in
Process—Assembly Department Bal., 6,000 units, 75% completed 25,500
To Finished Goods, 138,000 units ? Direct materials, 141,000 units
@ $1.7 239,700 Direct labor 372,400 Factory overhead 144,860 Bal. ?
units, 70% completed ? a. Based on the above data, determine the...
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