unit DM Convension begining wip 6700 92900 72600 unit star 82500 ending wip 5900 cost incurred...

	unit	DM	Convension
begining wip	6700	92900	72600
unit star	82500
ending wip	5900
cost incurred		42808	60414

Company XYZ manufactures bricks using two departments (Molding and Firing). The company uses the weighted-average method of process costing. Information for the Firing department in the month of October 2020 is as follows:

¹Beginning work in process is 100% complete for direct materials and 54% complete for conversion

²Ending work in process is 100% complete for direct materials and 40% complete for conversion

Summarize the physical flow of units and calculate the output expressed in terms of equivalent units
Summarize the total costs to account for.
Calculate the cost per equivalent unit.
Assign costs to the completed units and to the units in ending work in process inventory.
What is the unit product cost of a brick produced in the Firing department in October?
What kind of costing system do you think each of the following companies uses, and why? Be thorough in explaining the reasoning for your choice and how it fits with the company. a. Hershey’s And b.Warner Bros. Pictures

Solutions

Expert Solution

ekkarill92 answered 11 months ago

Next > < Previous

Related Solutions

1. In the case above, how would the cost per unit be different if beginning WIP...

1. In the case above, how would the cost per unit be different if beginning WIP inventory for the month was only 50% complete, instead of 70%? 2. NOW ASSUME that there was no BEGINNING WIP at the start of August; that is, assume that all 80,000 of the units worked on were started in August, (including the 10,000 of BWIP). This means all costs shown above, including the $13,500 - were also incurred in the current period – August....

1. Calculate the unit cost and the cost of ending inventory under absorption costing. (Round unit cost to the nearest cent and cost of ending inventory to the nearest dollar.)

1. Calculate the unit cost and the cost of ending inventory under absorption costing. (Round unit cost to the nearest cent and cost of ending inventory to the nearest dollar.)Under the absorption costing method, the unit cost is $4.23The cost of ending inventory is $52882. Calculate the unit cost and the cost of ending inventory under variable costing. (Round unit cost to the nearest cent and cost of ending inventory to the nearest dollar.)Under the variable costing method, the unit...

Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At...

Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of June, Donewell Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information: Job 44 Job 45 Direct materials $4,800 $1,900 Direct labour 4,200 3,360 Applied overhead 2,400 1,920 Balance, June 1 $11,400 $7,180 During June, two more jobs (46 and 47) were started. The following direct materials and direct labour costs were added to...

BILL CORP HAS THE FOLLOWING DM STANDARDS: POUNDS/UNIT 2.8 COST/POUND $1.45 BILL BOUGHT 7,500...

BILL CORP HAS THE FOLLOWING DM STANDARDS: POUNDS/UNIT 2.8 COST/POUND $1.45 BILL BOUGHT 7,500 POUNDS FOR $11,100. BILL USED 4,200 POUNDS TO PRODUCE 1,600 UNITS. WHAT IS BILL’S DM EFFICIENCY VARIANCE? (AMOUNT & FAV/UNFAV)

ABC Company gathered the following sata to calculate the Beg. Raw Materials, Ending WIP Inventory and...

ABC Company gathered the following sata to calculate the Beg. Raw Materials, Ending WIP Inventory and to prepare a schedule of cost of goods manufactured (COGM) for the period ended March 31, 2019 Ending raw materials inventory = $5,200 purchased raw materials = $55,000 direct labor = 110,600 overheads: indirect labor = 30,500 indirect materials =5,000 depreciation, factory equipment =6,000 depreciation, factory bldg. = 15,000 property taxes, factory = 3,000 property taxes, main office = 3,000 total raw materials =...

The following data refer to Bear Company's ending inventory: Item code Quantity Unit Cost Unit Market...

The following data refer to Bear Company's ending inventory: Item code Quantity Unit Cost Unit Market Small 100 $228 $232 Medium 420 152 176 Large 600 168 176 Extra-Large 220 268 256 How much is the inventory if the lower of cost or market rule is applied to each item of inventory? Select one: A. $252,640 B. $243,760 C. $265,440 D. None of the above

Shellborn Company incurred manufacturing overhead cost for the year as follows. Direct materials $ 39.50 /unit...

Shellborn Company incurred manufacturing overhead cost for the year as follows. Direct materials $ 39.50 /unit Direct labor $ 27.10 /unit Manufacturing overhead Variable $ 10.30 /unit Fixed ($19.70/unit for 1,100 units) $ 21,670 Variable selling and administrative expenses $ 3,660 Fixed selling and administrative expenses $ 14,200 The company produced 1,100 units and sold 600 of them at $180.60 per unit. Assume that the production manager is paid a 1 percent bonus based on the company’s net income. Required...

Adams Company incurred manufacturing overhead cost for the year as follows. Direct materials $ 38.70 /unit...

Adams Company incurred manufacturing overhead cost for the year as follows. Direct materials $ 38.70 /unit Direct labor $ 26.10 /unit Manufacturing overhead Variable $ 10.90 /unit Fixed ($20.10/unit for 1,500 units) $ 30,150 Variable selling and administrative expenses $ 7,700 Fixed selling and administrative expenses $ 15,400 The company produced 1,500 units and sold 1,000 of them at $181.00 per unit. Assume that the production manager is paid a 3 percent bonus based on the company’s net income. Required...

Rundle Company incurred manufacturing overhead cost for the year as follows. Direct materials $ 39.20 /unit...

Rundle Company incurred manufacturing overhead cost for the year as follows. Direct materials $ 39.20 /unit Direct labor $ 28.00 /unit Manufacturing overhead Variable $ 10.40 /unit Fixed ($18.50/unit for 1,700 units) $ 31,450 Variable selling and administrative expenses $ 9,600 Fixed selling and administrative expenses $ 14,300 The company produced 1,700 units and sold 1,200 of them at $181.70 per unit. Assume that the production manager is paid a 2 percent bonus based on the company’s net income. Required...

Dilia Company incurred manufacturing overhead cost for the year as follows: Direct materials $ 50 /unit...

Dilia Company incurred manufacturing overhead cost for the year as follows: Direct materials $ 50 /unit Direct labor $ 35 /unit Manufacturing overhead Variable $ 15 /unit Fixed ($25/unit for 1,500 units) $ 37,500 Variable selling and administrative expenses $ 10,500 Fixed selling and administrative expenses $ 20,000 The company produced 1,500 units and sold 1,200 of them at $225 per unit. Assume that the production manager is paid a 2 percent bonus based on the company’s net income. Required...

Subjects