Question
In: Accounting
Royale Mortgage Company uses a process cost system to accumulate costs in its loan application department....
Royale Mortgage Company uses a process cost system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September.
Beginning WIP:
Direct materials $1,130
Conversion costs 4,670
September costs:
Direct materials $5,140
Direct labor 12,210
Overhead 8,688
1. Applications in process on September 1, 200
2. Applications started in September, 900
3. Completed applications during September, 700
Applications still in process at September 30 were 100% complete as
to materials (forms) and 60% complete as to conversion costs
? Determine the equivalent units of production for Materials and
Conversion Costs
? Compute unit cost for Materials and Conversion Costs
? Prepare a cost reconciliation schedule.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Santana Mortgage Company uses a process cost system to accumulate costs in its Application Department. When...
Santana Mortgage Company uses a process cost system to
accumulate costs in its Application Department. When an application
is completed, it is forwarded to the Loan Department for final
processing. The following processing and cost data pertain to
September. 1. Applications in process on September 1, 140 2.
Applications started in September, 1,000 3. Completed applications
during September, 760 4. Applications still in process at September
30 were 100% complete as to materials (forms) and 60% complete as
to conversion...
Santana Mortgage Company uses a process cost system to accumulate costs in its Application Department. When...
Santana Mortgage Company uses a process cost system to
accumulate costs in its Application Department. When an application
is completed, it is forwarded to the Loan Department for final
processing. The following processing and cost data pertain to
September.
1.
Applications in process on September 1, 200
2.
Applications started in September, 1,000
3.
Completed applications during September, 700
4.
Applications still in process at September 30 were 100%
complete as to materials (forms) and 60% complete as to conversion...
Santana Mortgage Company uses a process cost system to accumulate costs in its Application Department. When...
Santana Mortgage Company uses a process cost system to
accumulate costs in its Application Department. When an application
is completed, it is forwarded to the Loan Department for final
processing. The following processing and cost data pertain to
September.
1.
Applications in process on September 1, 100
2.
Applications started in September, 900
3.
Completed applications during September, 700
4.
Applications still in process at September 30 were 100%
complete as to materials (forms) and 60% complete as to conversion...
Santana Mortgage Company uses a process cost system to accumulate costs in its Application Department. When...
Santana Mortgage Company uses a process cost system to
accumulate costs in its Application Department. When an application
is completed, it is forwarded to the Loan Department for final
processing. The following processing and cost data pertain to
September. 1. Applications in process on September 1, 180 2.
Applications started in September, 920 3. Completed applications
during September, 640 4. Applications still in process at September
30 were 100% complete as to materials (forms) and 60% complete as
to conversion...
Assembly Department uses a process cost accounting system and a weighted-average cost flow assumption. The department...
Assembly Department uses a process cost accounting system and a
weighted-average cost flow assumption. 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:...
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 loan department of Your Local Bank uses standard costs to determine the overhead cost of...
The loan department of Your Local Bank uses standard costs to
determine the overhead cost of processing loan applications. During
the current month, a fire occurred, and the accounting records for
the department were mostly destroyed. The following data were
salvaged from the ashes:
Standard variable overhead rate
per hour
$9
Standard hours per
application
3
Standard hours allowed
3,000
Standard fixed overhead rate per
hour
$6
Actual fixed overhead cost
$19,800
Variable overhead budget based
on standard hours allowed...
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on...
Finlon Upholstery, Inc. uses a job-order costing system to
accumulate manufacturing costs. The company’s work-in-process on
December 31, 20x1, consisted of one job (no. 2077), which was
carried on the year-end balance sheet at $156,800. There was no
finished-goods inventory on this date.
Finlon applies manufacturing overhead to production on the basis
of direct-labor cost. (The budgeted direct-labor cost is the
company’s practical capacity, in terms of direct-labor hours,
multiplied by the budgeted direct-labor rate.) Budgeted totals for
20x2 for...
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
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conversion costs. The company employs the FIFO method of process
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Other data for the month of May are as follows:
Beginning Work...
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...
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