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In: Accounting
Exercise 16-3 The ledger of American Company has the following work in process account. Work in...
Exercise 16-3
The ledger of American Company has the following work in process account.
|
Work in Process—Painting |
|||||
| 5/1 | Balance | 3,890 | 5/31 | Transferred out | ? |
| 5/31 | Materials | 6,940 | |||
| 5/31 | Labor | 3,530 | |||
| 5/31 | Overhead | 1,880 | |||
| 5/31 | Balance | ? |
Production records show that there were 580 units in the beginning inventory, 30% complete, 1,780 units started, and 1,570 units transferred out. The beginning work in process had materials cost of $2,640 and conversion costs of $1,250. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. What is the unit materials cost for May? What is the total cost of units transferred out on may? What is the cost of the 31 May inventory? |
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
Exercise 16-3 The ledger of American Company has the following work in process account. Work in...
Exercise 16-3
The ledger of American Company has the following work in process
account.
Work in Process—Painting
5/1 Balance
3,890 5/31
Transferred out ?
5/31 Materials
5,290
5/31 Labor
4,130
5/31 Overhead
1,380
5/31 Balance
?
Production records show that there were 440 units in the
beginning inventory, 30% complete, 1,700 units started, and 1,410
units transferred out. The beginning work in process had...
Exercise 3-3 (Video) The ledger of American Company has the following work in process account. Work...
Exercise 3-3 (Video) The ledger of American Company has the
following work in process account. Work in Process—Painting 5/1
Balance 3,790 5/31 Transferred out ? 5/31 Materials 7,030 5/31
Labor 5,648 5/31 Overhead 1,580 5/31 Balance ? Production records
show that there were 500 units in the beginning inventory, 30%
complete, 1,600 units started, and 1,500 units transferred out. The
beginning work in process had materials cost of $2,840 and
conversion costs of $950. The units in ending inventory were...
The ledger of American Company has the following work in process account. Work in Process—Painting 5/1...
The ledger of American Company has the following work in process
account.
Work in Process—Painting
5/1
Balance
3,690
5/31
Transferred out
?
5/31
Materials
6,840
5/31
Labor
4,230
5/31
Overhead
1,280
5/31
Balance
?
Production records show that there were 480 units in the beginning
inventory, 30% complete, 1,760 units started, and 1,410 units
transferred out. The beginning work in process had materials cost
of $2,840 and conversion costs of $850. The units in ending
inventory were 40% complete. Materials...
The ledger of American Company has the following work in process account. Work in Process—Painting 5/1...
The ledger of American Company has the following work in process
account.
Work in Process—Painting
5/1
Balance
3,590
5/31
Transferred out
?
5/31
Materials
5,160
5/31
Labor
2,530
5/31
Overhead
1,380
5/31
Balance
?
Production records show that there were 400 units in the
beginning inventory, 30% complete, 1,600 units started, and 1,700
units transferred out. The beginning work in process had materials
cost of $2,040 and conversion costs of $1,550. The units in ending
inventory were 40% complete. Materials...
he ledger of Hasgrove Company has the following work in process account. Work in Process—Painting 3/1...
he ledger of Hasgrove Company has the following work in process
account. Work in Process—Painting 3/1 Balance 3,770 3/31
Transferred out ? 3/31 Materials 6,600 3/31 Labor 2,800 3/31
Overhead 872 3/31 Balance ? Production records show that there were
800 units in the beginning inventory, 30% complete, 1,100 units
started, and 1,400 units transferred out. The units in ending
inventory were 40% complete. Materials are entered at the beginning
of the painting process. Hasgrove uses the FIFO method to...
he ledger of Platt Company has the following work in process account: Work in Process—Painting 3/1...
he ledger of Platt Company has the following work in process
account:
Work in Process—Painting
3/1
Balance
$3,010
3/31
Transferred out
$?
3/31
Materials
7,040
3/31
Labour
2,200
3/31
Overhead
1,180
3/31
Balance
?
Production records show that there were 800 units in the beginning
inventory, 30% complete, 1,100 units started, and 1,300 units
transferred out. The units in ending inventory were 40% complete.
Materials are entered at the beginning of the painting process.
Platt uses the FIFO method to...
Exercise 3-9 (Video) Baden Company has gathered the following information. Units in beginning work in process...
Exercise 3-9 (Video) Baden Company has gathered the following
information. Units in beginning work in process 0 Units started
into production 43,600 Units in ending work in process 7,000
Percent complete in ending work in process: Conversion costs 40 %
Materials 100 % Costs incurred: Direct materials $82,840 Direct
labor $70,400 Overhead $106,900 Compute equivalent units of
production for materials and for conversion costs. Materials
Conversion Costs The equivalent units of production LINK TO TEXT
LINK TO TEXT Determine the...
Exercise 3-21 On January 1, 2018, the general ledger of Dynamite Fireworks includes the following account...
Exercise 3-21
On January 1, 2018, the general ledger of Dynamite Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
25,800
Accounts
Receivable
7,200
Supplies
5,100
Land
70,000
Accounts
Payable
5,200
Common Stock
85,000
Retained
Earnings
17,900
Totals
$
108,100
$
108,100
During January 2018, the following transactions occur:
January
2
Purchase rental space for one year in advance, $12,000
($1,000/month).
January
9
Purchase
additional supplies on account, $5,500.
January
13
Provide services
to customers on...
Work-in Process account.
Journal entries (continuation of 11-16). Refer to requirement 2 of Exercise 17-16. Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare a journal entry to transfer out the cost of goods completed. Show the postings to the Work-in Process account.
Brief Exercise 3-4 Goode Company has the following production data for selected months. Ending Work in...
Brief Exercise 3-4 Goode Company has the following production
data for selected months. Ending Work in Process Month Beginning
Work in Process Units Transferred Out Units % Complete as to
Conversion Cost January –0– 37,100 12,500 40 % March –0– 41,200
9,100 73 July –0– 47,700 17,200 23 Compute equivalent units of
production for materials and conversion costs, assuming materials
are entered at the beginning of the process. Materials Conversion
Costs January March July Click if you would like to...
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