Question
In: Accounting
A company produces a product. All necessary raw materials have been permitted at the beginning of...
A company produces a product. All necessary raw materials have been permitted at the beginning of the production process. Similarly, conversion costs occur during the production process. In July an evaluation of the work in process account was obtained with the information obtained as follows:
In debit position:
Initial balance in July: 500 units, with a 40% settlement rate and a fee of Rp. 45,000,000
Production begins: 1,500 units
Costs raw materials: Rp. 80,000,000,
July conversion costs: Rp. 50,000,000
On credit position:
Product successfully completed 1200 units
*For additional information from supporting documents it is known that raw material costs Rp.35,000,000 and conversion fee Rp.10,000,000.-
At the end of the period, it is known that the goods in the process at the end of the period are 80% completion rate.
Requested:
1. Calculate the number of units including the cost of goods in the process at the end of July
2. Calculate the cost of the product successfully completed during July and made the necessary journal entries to record the finished product
3. Give your comments!
Solutions
ekkarill92 answered 2 years agoRelated Solutions
4 The Duerr Company manufactures a single product. All raw materials used are traceable to specific...
4
The Duerr Company manufactures a single product. All raw
materials used are traceable to specific units of product. Current
information for the Duerr Company follows:
Beginning raw materials inventory
$
11,000
Ending raw materials inventory
14,000
Raw material purchases
88,000
Beginning work in process inventory
23,000
Ending work in process inventory
33,000
Direct labor
113,000
Total factory overhead
88,000
Beginning finished goods inventory
63,000
Ending finished goods inventory
43,000
The company's cost of raw materials used, cost of goods...
3. Current information for the Healey Company follows: Beginning raw materials inventory $ 25,200 Raw material...
3.
Current information for the Healey Company follows:
Beginning raw materials inventory
$
25,200
Raw material purchases
70,000
Ending raw materials inventory
26,600
Beginning work in process inventory
32,400
Ending work in process inventory
38,000
Direct labor
52,800
Total factory overhead
40,000
All raw materials used were traceable to specific units of product.
Healey Company's Cost of Goods Manufactured for the year is:
4.
The Duerr Company manufactures a single product. All raw
materials used are traceable to specific units...
Company manufactures one product that goes through one processing department called Mixing. All raw materials are...
Company manufactures one product that goes through one
processing department called Mixing. All raw materials are
introduced at the start of work in the Mixing Department. The
company uses the weighted-average method of process costing. Its
Work in Process T-account for the Mixing Department for June
follows (all forthcoming questions pertain to June):
Work in Process—Mixing Department
June 1 balance
25,000
Completed and transferred
to Finished Goods
?
Materials
157,080
Direct labor
99,500
Overhead
117,000
June 30 balance
?
The...
Company manufactures one product that goes through one processing department called Mixing. All raw materials are...
Company manufactures one product that goes through one
processing department called Mixing. All raw materials are
introduced at the start of work in the Mixing Department. The
company uses the weighted-average method of process costing. Its
Work in Process T-account for the Mixing Department for June
follows (all forthcoming questions pertain to June):
Work in Process—Mixing Department
June 1 balance
25,000
Completed and transferred
to Finished Goods
?
Materials
157,080
Direct labor
99,500
Overhead
117,000
June 30 balance
?
The...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
Clopack Company manufactures one product that goes through one
processing department called Mixing. All raw materials are
introduced at the start of work in the Mixing Department. The
company uses the weighted-average method of process costing. Its
Work in Process T-account for the Mixing Department for June
follows (all forthcoming questions pertain to June):
Work in Process—Mixing Department
June 1 balance
29,000
Completed and transferred
to Finished Goods
?
Materials
145,275
Direct labor
92,500
Overhead
110,000
June 30 balance
?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
Clopack Company manufactures one product that goes through one
processing department called Mixing. All raw materials are
introduced at the start of work in the Mixing Department. The
company uses the weighted-average method of process costing. Its
Work in Process T-account for the Mixing Department for June
follows (all forthcoming questions pertain to June):
Work in Process—Mixing Department
June 1 balance
29,000
Completed and transferred
to Finished Goods
?
Materials
145,275
Direct labor
92,500
Overhead
110,000
June 30 balance
?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
Clopack Company manufactures one product that goes through one
processing department called Mixing. All raw materials are
introduced at the start of work in the Mixing Department. The
company uses the weighted-average method of process costing. Its
Work in Process T-account for the Mixing Department for June
follows (all forthcoming questions pertain to June):
Work in Process—Mixing
Department
June 1 balance
28,000
Completed and
transferred
to Finished Goods
?
Materials
151,215
Direct labor
96,500
Overhead
114,000
June 30 balance
?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
Clopack Company manufactures one product that goes through one
processing department called Mixing. All raw materials are
introduced at the start of work in the Mixing Department. The
company uses the weighted-average method of process costing. Its
Work in Process T-account for the Mixing Department for June
follows (all forthcoming questions pertain to June): Work in
Process—Mixing Department June 1 balance 30,000, Completed and
transferred to Finished Goods ?, Materials 142,840 Direct labor
91,500 Overhead 109,000 ,June 30 balance ?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
Clopack Company manufactures one product that goes through one
processing department called Mixing. All raw materials are
introduced at the start of work in the Mixing Department. The
company uses the weighted-average method to account for units and
costs. Its Work in Process T-account for the Mixing Department for
June follows (all forthcoming questions pertain to June):
Work in Process—Mixing Department
June
1 balance
43,000
Completed and
transferred to Finished Goods
?
Materials
138,925
Direct labor
88,500
Overhead...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
Clopack Company manufactures one product that goes through one
processing department called Mixing. All raw materials are
introduced at the start of work in the Mixing Department. The
company uses the weighted-average method of process costing. Its
Work in Process T-account for the Mixing Department for June
follows (all forthcoming questions pertain to June):
Work in Process—Mixing Department
June 1 balance
30,000
Completed and transferred to Finished Goods
?
Materials
142,840
Direct labor
91,500
Overhead
109,000
June 30 balance
?...
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