ACCT 212 Connect Homework 3 Process Costing Assignment solutions complete answers

ACCT 212 Connect Homework 3 Process Costing Assignment solutions complete answers 

 

For each of the following products and services, indicate whether it is more likely produced in a process operation or in a job order operation.

 

The first production department in a process manufacturing system reports the following unit data.

 

Beginning work in process inventory
28,800
units
Units started and completed
43,200
units
Units completed and transferred out
72,000
units
Ending work in process inventory
17,100
units
Prepare the production department’s equivalent units of production for direct materials under each of the following three separate assumptions using the weighted average method for process costing.

 

Prepare the department’s equivalent units of production for direct materials for each of the three separate assumptions using the FIFO method.

 

The first production department of Stone Incorporated reports the following for April.
 

 
Units
Direct Materials
Conversion
Percent Complete
Percent Complete
Beginning work in process inventory
68,000
75%
25%
Units started this period
362,000
 
 
Completed and transferred out
340,000
 
 
Ending work in process inventory
90,000
90%
40%
Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method.

 

The production department had the cost information below.
 

Beginning work in process inventory
 
 
Direct materials
$ 151,350
 
Conversion
23,230
$ 174,580
Costs added this period
 
 
Direct materials
1,006,400
 
Conversion
728,770
1,735,170
Total costs to account for
 
$ 1,909,750

a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.)
b. Using the weighted average method, assign April’s costs to the department’s output—specifically, its units transferred to the next department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.)

 

(a) Compute the number of units started and completed this period for the first production department.

 

(b) Compute the number of equivalent units of production for both direct materials and conversion for the first production department for April using the FIFO method.

 

(a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.)
(b) Assign costs to the department’s output—specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

 

The following data reports on the July production activities of the Molding department at Ash Company.
 

Beginning work in process
 
 
Direct materials
$ 39,750
 
Conversion
4,400
$ 44,150
Costs added this period
 
 
Direct materials
376,050
 
Conversion
197,450
573,500
Total costs to account for
 
$ 617,650
 

 
Units
Direct Materials
Conversion
Percent Complete
Percent Complete
Beginning work in process inventory
4,000
100%
20%
Units started this period
34,500
 
 
Completed and transferred out
34,000
 
 
Ending work in process inventory
4,500
100%
60%
Prepare the Molding department’s production cost report using the weighted average method. (Round "Cost per EUP" to 2 decimal places.)

 

Prepare a production cost report using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

 

Pro-Weave manufactures stadium blankets by passing the products through a weaving department and then a sewing department. The following information is available regarding its June inventories:

 

 
Beginning Inventory
Ending Inventory
Raw materials inventory
$ 188,000
$ 245,000
Work in process inventory—Weaving
430,000
520,000
Work in process inventory—Sewing
745,000
860,000
Finished goods inventory
1,436,000
1,236,000
 
The following additional information describes the company’s manufacturing activities for June:
 

Raw materials purchases (on credit)
$ 600,000
Other actual overhead cost (paid in cash)
182,000
Materials used
 
Direct—Weaving
$ 260,000
Direct—Sewing
99,000
Indirect
152,000
Labor used
 
Direct—Weaving
$ 1,225,000
Direct—Sewing
380,000
Indirect
1,525,000
Overhead rates as a percent of direct labor
 
Weaving
90%
Sewing
165%
Sales (on credit)
$ 4,900,000
rev: 05_27_2021_QC_CDR-376

Required:
1. Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sewing to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department.
2. Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing, (b) goods transferred from sewing to finished goods, (c) sale of finished goods, and (d) cost of goods sold.

 

1. Prepare journal entries dated June 30 to record: (a) raw materials purchases, (b) direct materials used, (c) indirect materials used, (d) direct labor used, (e) indirect labor used, (f) other actual overhead costs, and (g) overhead applied.

 

Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows.
 

 
Units
Direct Materials
Conversion
Percent Complete
Percent Complete
Beginning work in process inventory
62,000
100%
80%
Units started this period
918,000
 
 
Units completed and transferred out
770,000
 
 
Ending work in process inventory
210,000
100%
80%
 

Beginning work in process inventory
 
 
Direct materials
$ 382,200
 
Conversion
164,150
$ 546,350
Costs added this period
 
 
Direct materials
2,557,800
 
Conversion
3,118,850
5,676,650
Total costs to account for
 
$ 6,223,000
Required:
1. Compute equivalent units of production for both direct materials and conversion.

 

2. Compute cost per equivalent unit of production for both direct materials and conversion.

 

3. Assign costs to the department’s output—specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.)

 

Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow.
 

 
Units
Direct Materials
Conversion
Percent Complete
Percent Complete
Beginning work in process inventory
4,000
100%
30%
Units started and completed
20,200
 
 
Units completed and transferred out
24,200
 
 
Ending work in process inventory
3,400
100%
70%
 

Beginning work in process inventory
 
$ 123,670
Costs added this period
 
 
Direct materials
$ 295,000
 
Conversion
1,279,152
1,574,152
Total costs to account for
 
$ 1,697,822
Required:
1. Compute equivalent units of production for both direct materials and conversion.

 

2. Compute cost per equivalent unit of production for both direct materials and conversion.

 

3. Assign costs to the department’s output—specifically, to the units transferred out and to the units that remain in work in process at period-end. (Round "Cost per EUP" to 2 decimal places.)