Question
In: Accounting
Fast Co. produces its product through a single processing department. Direct materials are added at the...
Fast Co. produces its product through a single processing
department. Direct materials are added at the start of production,
and conversion costs are added evenly throughout the process. The
company uses monthly reporting periods for its weighted-average
process costing system. The Work in Process Inventory account has a
balance of $90,300 as of October 1, which consists of $18,900 of
direct materials and $71,400 of conversion costs.
During the month the company incurred the following
costs:
| Direct materials | $ | 151,150 |
| Conversion | 940,120 | |
During October, the company started 146,000 units and transferred
156,000 units to finished goods. At the end of the month, the work
in process inventory consisted of 23,000 units that were 80%
complete with respect to conversion costs.
Required:
1. Prepare the company’s process cost summary for
October using the weighted-average method.
2. Prepare the journal entry dated October 31 to
transfer the cost of the completed units to finished goods
inventory.
**PLEASE SHOW BOTH PARTS**
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Fast Co. produces its product through a single processing department. Direct materials are added at the...
Fast Co. produces its product through a single processing
department. Direct materials are added at the start of production,
and conversion costs are added evenly throughout the process. The
company uses monthly reporting periods for its weighted-average
process costing system. The Work in Process Inventory account has a
balance of $92,300 as of October 1, which consists of $19,500 of
direct materials and $72,800 of conversion costs.
During the month the company incurred the following
costs:
Direct materials
$171,600
Conversion...
Fast Co. produces its product through a single processing department. Direct materials are added at the...
Fast Co. produces its product through a single processing
department. Direct materials are added at the start of production,
and conversion costs are added evenly throughout the process. The
company uses monthly reporting periods for its weighted-average
process costing system. The Work in Process Inventory account has a
balance of $98,300 as of October 1, which consists of $21,300 of
direct materials and $77,000 of conversion costs.
During the month the company incurred the following
costs:
Direct
materials
$
160,150...
Fast Co. produces its product through a single processing department. Direct materials are added at the...
Fast Co. produces its product through a single processing
department. Direct materials are added at the start of production,
and conversion costs are added evenly throughout the process. The
company uses monthly reporting periods for its weighted-average
process costing system. The Work in Process Inventory account has a
balance of $100,300 as of October 1, which consists of $21,900 of
direct materials and $78,400 of conversion costs.
During the month the company incurred the following
costs:
Direct
materials
$
181,800...
Easton Co. produces its product through a single processing department. Direct materials are added at the...
Easton Co. produces its product through a single processing
department. Direct materials are added at the start of production,
and direct labor and overhead are added evenly throughout the
process. The company uses monthly reporting periods for its
weighted-average process cost accounting system. Its Goods in
Process Inventory account follows after entries for direct
materials, direct labor, and overhead costs for October.
Goods in
Process Inventory
Acct.
No.133
Date
Explanation
Debit
Credit
Balance
Oct. 1
Balance
181,440
31...
Fast Co. produces its product through two processing departments. Direct materials are added at the start...
Fast Co. produces its product through two processing
departments. Direct materials are added at the start of production
in the Cutting department, and conversion costs are added evenly
throughout each process. The company uses monthly reporting periods
for its weighted-average process costing system. The Work in
Process Inventory-Cutting account has a balance of $98,300 as of
October 1, which consists of $21,300 of direct materials and
$77,000 of conversion costs.
During the month, the Cutting department incurred the following
costs:...
Fast Co. produces its product through two processing departments. Direct materials are added at the start...
Fast Co. produces its product through two processing
departments. Direct materials are added at the start of production
in the Cutting department, and conversion costs are added evenly
throughout each process. The company uses monthly reporting periods
for its weighted-average process costing system. The Work in
Process Inventory-Cutting account has a balance of $99,300 as of
October 1, which consists of $21,600 of direct materials and
$77,700 of conversion costs.
During the month, the Cutting department incurred the following
costs:...
Fast Co. produces its product through two processing departments. Direct materials are added at the start...
Fast Co. produces its product through two processing
departments. Direct materials are added at the start of production
in the Cutting department, and conversion costs are added evenly
throughout each process. The company uses monthly reporting periods
for its weighted-average process costing system. The Work in
Process Inventory-Cutting account has a balance of $91,300 as of
October 1, which consists of $19,200 of direct materials and
$72,100 of conversion costs.
During the month, the Cutting department incurred the following
costs:...
Nevada Manufacturing Corporation produces its product by passing it through a single processing department. Direct materials,...
Nevada Manufacturing Corporation produces its product by passing
it through a single processing department. Direct materials, direct
labor, and manufacturing overhead are added evenly throughout the
process. The company uses monthly reporting for its process
accounting system. The Work in Process Inventory T account is
attached after posting entries for direct materials, direct labor,
and manufacturing overhead costs for the month of April. Of the
balance in beginning WIP inventory, 20% was for direct materials
and the remainder was for...
Company X makes a product that goes through a single processing department. Direct Materials are added...
Company X makes a product that goes through a single processing
department. Direct Materials are added at the start of the process,
while Conversion Costs are added evenly during the process. Company
X uses the FIFO method of Process Costing.
During last month, Company X had 8,700 units in beginning
Work-in-Process Inventory which were 100% complete for materials
and 25% complete for conversion. There were 34,500 units started
during the period. After finishing the 8,700 units in beginning
Work-in-Process Inventory,...
Tamar Co. manufactures a single product in one department. All direct materials are added at the...
Tamar Co. manufactures a single product in one department. All
direct materials are added at the beginning of the manufacturing
process. Conversion costs are added evenly throughout the process.
During May, the company completed and transferred 32,700 units of
product to finished goods inventory. Its 5,100 units of beginning
work in process consisted of $198,960 of direct materials and
$729,564 of conversion costs. It has 3,450 units (100% complete
with respect to direct materials and 80% complete with respect to...
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