Question

In: Accounting

Question 1 (40 marks) The inventory at April 1, 2020, and the costs charged to Work...

Question 1

The inventory at April 1, 2020, and the costs charged to Work in Process--Department B during April for Worldwide Company are as follows:

1,200 units, 40% completed

$  47,800

From Department A, 26,000 units

845,000

Direct labor

312,000

Factory overhead

176,770

During April, all direct materials are transferred from Department A. In Department B, the units in process at April 1 were completed, and of the 26,000 units entering the department, all were completed except 1,000 units which were 70% completed as to conversion costs. Inventories are costed by the first-in, first-out method.

Required:

Prepare a cost of production report for Department B for the month April 2020.

Solutions

Expert Solution

Solution:

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Question 1 (40 marks) The inventory at April 1, 2020, and the costs charged to Work...
Question 1 The inventory at April 1, 2020, and the costs charged to Work in Process--Department B during April for Worldwide Company are as follows: 1,200 units, 40% completed $  47,800 From Department A, 26,000 units 845,000 Direct labor 312,000 Factory overhead 176,770 During April, all direct materials are transferred from Department A. In Department B, the units in process at April 1 were completed, and of the 26,000 units entering the department, all were completed except 1,000 units which were...
The inventory at April 1, 2020, and the costs charged to Work in Process--Department B during...
The inventory at April 1, 2020, and the costs charged to Work in Process--Department B during April for Worldwide Company are as follows: 1,200 units, 40% completed $  47,800 From Department A, 26,000 units 845,000 Direct labor 312,000 Factory overhead 176,770 During April, all direct materials are transferred from Department A. In Department B, the units in process at April 1 were completed, and of the 26,000 units entering the department, all were completed except 1,000 units which were 70% completed...
The inventory at May 1 and the costs charged to Work in Process -- Department B...
The inventory at May 1 and the costs charged to Work in Process -- Department B during May for Star Company are as follows: 8,000 Units, 75% Completed ---- $65,600 From Department A, 43,500 Units ---- $78,300 Direct Labor ---- $292,400 Factory Overhead ---- $107,100 During May, all direct materials are transferred from Department A, the units process at May 1 were completed, and of the 43,500 units entering the department, all were completed except 9,000 units which were 2/3...
QUESTION 1 (7 marks) A machine that caps soda bottles was purchased April 1, 2020 for...
QUESTION 1 A machine that caps soda bottles was purchased April 1, 2020 for $96,000; estimated useful life of 10 years and salvage value of $6,000. It is also estimated that the machine could cap a total of 360,000 bottles over its entire life. Calculate depreciation expense under the following independent assumptions: 1. Straight line depreciation, for the year ended Dec. 31, 2020. 2. Double declining balance depreciation for the year ended Dec. 31, 2020 and 2021. 3. Units of...
Skittles Company's inventory on March 1 and the costs charged to Work in Process—Dipping Department during...
Skittles Company's inventory on March 1 and the costs charged to Work in Process—Dipping Department during March are as follows: Beginning work in process, 500 units, 60% completed $ 3,460 From Sugar Mixing Department, 10,000 units (direct materials) 36,300 Direct labor incurred 7,960 Factory overhead incurred 12,500 ​ During March, all direct materials were transferred from the Mixing Department, the units in process at March 1 were completed, and of the 10,000 units entering the department, all were completed except...
Erin Company's inventory at December 1 and the costs charged to Work in Process—Department B during...
Erin Company's inventory at December 1 and the costs charged to Work in Process—Department B during December are as follows: 1,200 units, 40% completed $47,800 From Department A, 26,000 units 845,000 Direct labor 312,000 Factory overhead 176,770 During December, all direct materials are transferred from Department A, the units in process at December 1 were completed, and of the 26,000 units entering the department, all were completed except 1,000 units that were 70% completed as to conversion costs. Inventories are...
Erin Company's inventory at December 1, and the costs charged to Work in Process—Department B during...
Erin Company's inventory at December 1, and the costs charged to Work in Process—Department B during December are as follows: 1,200 units, 40% completed $47,800 From Department A, 26,000 units 845,000 Direct labor 312,000 Factory overhead 176,770 During December, all direct materials are transferred from Department A, the units in process at December 1 were completed, and of the 26,000 units entering the department, all were completed except 1,000 units which were 70% completed as to conversion costs. Inventories are...
M&M Company's inventory on March 1 and the costs charged to Work in Process—Dipping Department during...
M&M Company's inventory on March 1 and the costs charged to Work in Process—Dipping Department during March are as follows: Beginning work in process, 12,000 units, 60% completed $ 62,400 From Chocolate Mixing Department, 55,000 units (direct materials) 115,500 Direct labor incurred 384,915 Factory overhead incurred 138,000 During March, all direct materials were transferred from the Mixing Department, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000...
QUESTION 1 40 MARKS PCA Ltd declared bankruptcy in June 2020 soon after publishing the financial...
QUESTION 1 40 MARKS PCA Ltd declared bankruptcy in June 2020 soon after publishing the financial statements for the year ended December 2019. PCA Ltd’s financial information for 2016 through 2018 are presented below. PCA Ltd's Income statement for the year ended 31 December 2017 2018 (R' Millions) (R' Millions) Revenue 1 950 2 114 Cost of sales -1 413 -1 413 Gross profit 537 701 Operating expenses -452 -471 Operating profit 85 230 Interest Expense -63 -81 Profit before...
A unit of inventory costs a company $40. Annual carrying costs are 1% for interest charges,...
A unit of inventory costs a company $40. Annual carrying costs are 1% for interest charges, 1% for insurance, 2% allowance for obsolescence, $2 per unit for building overheads, $1.50 per unit for damage and loss, and $4 per unit for miscellaneous costs. Annual demand for the item is constant at 1000 units and each order costs $100 to place. Calculate the economic order quantity and the total costs associated with stocking the item If the supplier of the item...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT