Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2017 totaled $ 2,295,954 as follows.

Production records show that  35,500 units were in beginning work in process 30% complete as to conversion costs,  660,200 units were started into production, and  25,500 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.

Prepare a production cost report for the Assembly Department.

The Welding Department of Sheffield Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 15,100 units, 1/10 complete Materials $17,800 Units transferred out 55,000 Conversion costs 15,160 $32,960 Units started 51,200 Materials 210,935 Ending work in process 11,300 units, 1/5 complete Labor 67,900 Overhead 40,049 Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.)

How much output should a perfectly competitive firm should produce?

1  Profit = Total Revenue – Total Cost

a  Compute total revenue and total cost for each level of output

b   Subtract total cost from total revenue, yielding the profit possible at each level of output

c  Select that level of output for which profit is greatest.

2. Compute MC at each level of output and compare MC with each MR at each price.

Select that level of output for which MR is greater or equal to MC at each level of output. (MR is equal to price at each price level).

The Welding Department of Healthy Company has the following production and manufacturing cost data for February 2017. All materials are added at the beginning of the process.

Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.)

Quantities Physical Units Materials Conversion costs

Units to be acct for

WIP Feb 1 ?

Started into production ?

Total units ?

Units acct for

Transferred out ? ? ?

WIP Feb 28 ? ? ?

Total units ? ? ?

Costs Materials Conversion Costs Total

Unit costs

Total costs ? ? ?

Equivalent costs ? ? ?

Unit costs ? ? ?

Costs to be acct for

WIP Feb 1 ?

Started into production ?

Total costs ?

Cost reconciliation schedule

Costs acct for

Transferred out ?

Wip Feb 28 ?

Materials ?

Conversion costs ? ?

Total costs ?

Please answer all the questions

Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments--Molding and Fabrication. It started, completed, and sold only two jobs during March—Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March):

Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month.

1. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not round intermediate calculations.)

2. What was the total manufacturing cost assigned to Job P? (Do not round intermediate calculations.)

3. What was the total manufacturing cost assigned to Job Q? (Do not round intermediate calculations.)

4. Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for Job P and 30 units were produced for Job Q? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

Production and Direct Labor Cost Budgets

Two-Leg Company manufactures slacks and jeans under a variety of brand names, such as Dockers^® and 501 Jeans^®. Slacks and jeans are assembled by a variety of different sewing operations. Assume that the sales budget for Dockers and 501 Jeans shows estimated sales of 40,130 and 71,500 pairs, respectively, for May. The finished goods inventory is assumed as follows:

Assume the following direct labor data per 10 pairs of Dockers and 501 Jeans for four different sewing operations:

a. Prepare a production budget for May. Prepare the budget in two columns: Dockers^® and 501 Jeans^®. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

b. Prepare the May direct labor cost budget for the four sewing operations, assuming a $12 wage per hour for the inseam and outerseam sewing operations and a $16 wage per hour for the pocket and zipper sewing operations. Prepare the direct labor cost budget in four columns: inseam, outerseam, pockets, and zipper.

Production and Direct Labor Cost Budgets

Two-Leg Company manufactures slacks and jeans under a variety of brand names, such as Dockers^® and 501 Jeans^®. Slacks and jeans are assembled by a variety of different sewing operations. Assume that the sales budget for Dockers and 501 Jeans shows estimated sales of 21,610 and 38,720 pairs, respectively, for May. The finished goods inventory is assumed as follows:

Assume the following direct labor data per 10 pairs of Dockers and 501 Jeans for four different sewing operations:

a. Prepare a production budget for May. Prepare the budget in two columns: Dockers^® and 501 Jeans^®. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

b. Prepare the May direct labor cost budget for the four sewing operations, assuming a $12 wage per hour for the inseam and outerseam sewing operations and a $18 wage per hour for the pocket and zipper sewing operations. Prepare the direct labor cost budget in four columns: inseam, outerseam, pockets, and zipper.

ABC-A Service Application
Grand Haven is a senior living community that offers a full range of services including independent living, assisted living, and skilled nursing care. The assisted living division provides residential space, meals, and medical services (MS) to its residents. The current costing system adds the cost of all of these services (space, meals, and MS) and divides by total resident days to get a cost per resident day for each month. Recognizing that MS tends to vary significantly among the residents, Grand Haven's accountant recommended that an ABC system be designed to calculate more accurately the cost of MS provided to residents. She decided that residents should be classified into four categories (A, B, C, D) based on the level of services received, with group A representing the lowest level of service and D representing the highest level of service. Two cost drivers being considered for measuring MS costs are number of assistance calls and number of assistant contacts. A contact is registered each time an assistance professional provides medical services or aid to a resident. The accountant has gathered the following data for the most recent annual period:

a. Determine the ABC cost of a resident day for each category of residents using assistance hours as the cost driver.

Medical services cost per assistance hour ($27.78)

Round answers to two decimal places, if needed.

b. Determine the ABC cost of a resident day for each category of residents using assistance contacts as the cost driver.

Round rate to two decimal places.
Medical services cost per assistance contacts $Answer

Round answers to two decimal places, if needed.

***I got the medical services cost per assistance hour ($27.78) but from there none of the numbers I'm getting are correct. Help?

A).

Equivalent Units of Materials Cost

The Filling Department of Eve Cosmetics Company had 3,200 ounces in beginning work in process inventory (60% complete). During the period, 53,000 ounces were completed. The ending work in process inventory was 2,700 ounces (40% complete).

What are the total equivalent units for direct materials if materials are added at the beginning of the process?

B).

artment of Eve Cosmetics Company had 2,900 ounces in beginning work in process inventory (80% complete). During the period, 47,500 ounces were completed. The ending work in process inventory was 2,400 ounces (10% complete).

What are the total equivalent units for conversion costs?

If required, round to the nearest unit.

C).

Cost per Equivalent Unit

The cost of direct materials transferred into the Filling Department of Eve Cosmetics Company is $171,270. The conversion cost for the period in the Filling Department is $306,800. The total equivalent units for direct materials and conversion are 51,900 ounces and 59,000 ounces, respectively.

Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent.

D).

Cost of Units Transferred Out and Ending Work in Process

The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $1.75 and $0.70, respectively. The equivalent units to be assigned costs are as follows:

The beginning work in process inventory had a cost of $2,610. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.

E).

Process Cost Journal Entries

The cost of materials transferred into the Rolling Department of Keystone Steel Company is $574,400 from the Casting Department. The conversion cost for the period in the Rolling Department is $110,100 ($62,200 factory overhead applied and $47,900 direct labor). The total cost transferred to Finished Goods for the period was $689,600. The Rolling Department had a beginning inventory of $22,500.

a1. Journalize the cost of transferred-in materials.

a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank.

a3. Journalize the costs transferred out to Finished Goods.

b. Determine the balance of Work in Process—Rolling at the end of the period.
$

Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January 2018 are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 10 $ 60,000 Jan. 18 5,000 11 55,000 Totals 11,000 115,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 3,000 Jan. 20 4,000 Total 10,000 6,000 units were on hand at the end of the month. Required: Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: 1. FIFO, periodic system. 2. LIFO, periodic system. 3. LIFO, perpetual system. 4. Average cost, periodic system. 5. Average cost, perpetual system.

Something like this

Complete this question by entering your answers in the tabs below.

Required 1

Required 2

Required 3

Required 4

Required 5

Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.