Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum,...
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Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process-Rolling on September 1 and debits to the account during September were as follows: Bal, 1,000 units, 80% completed: Direct materials (1,000 x$ 4.1) Conversion (1,000 x 80% x $1.7) $ 4,100 1,360 $ 5,460 From Smeiting Department, 22,000 units $92,400 Direct labor 24,254 Factory overhead 13,060 During September, 1,000 units in process on September 1 were completed, and of the 22,000 units entering the department, all were completed except 2,100 units that were 30% completed. Charges to Work in Process-Rolling for October were as follows: From Smelting Department, 25,300 units $111,320 Direct labor 32,100 Factory overhead 17,281 During October, the units in process at the beginning of the month were completed, and of the 25,300 units entering the department, all were completed except 1,300 units that were 40% completed. Required: 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. Ir an amount box doe not require an entry, leave it blank. 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT No. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 1,000 units, 80% completed Sept. 30 Smelting Dept., 22,000 units at $4.2 Sept. 30 Direct labor Sept. 30 Factory overhead Sept. 30 Finished goods Sept. 30 Bal., 2,100 units, 30% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended September 30 Whole Units Equivalent Units Direct Conversion Units Materials (a) (a) Units charged to production: Inventory in process, September 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, September 1 Started and completed in September Transferred to finished goods in September Inventory in process, September 30 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for September in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, September 1 Costs incurred in September O Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, September 1 balance (c) To complete inventory in process, September 1 (c) Cost of completed September 1 work in process Started and completed in September (c) Transferred to finished goods in September (c) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department 2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT October 1 Balance October 31 Smelting Dept., 25,300 units at $4.4 October 31 Direct labor October 31 Factory overhead October 31 Finished goods October 31 Bal, 1,300 units, 40% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. If an amount is zero, enter in a zero "O". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended October 31 Whole Units Equivalent Units Units Direct Conversion Materials (a) (a) Units charged to production: Inventory in process, October 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, October 1 Started and completed in October Transferred to finished goods in October Inventory in process, October 31 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for October in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, October 1 Costs incurred in October Total costs accounted for by the Rolling Department Costs allocated to completed and partially.completed units: Inventory in process, October1 balance (c) To complete inventory in process, October 1 (c) Cost of completed October 1 work in process Started and completed in October (c) Transferred to finished goods in October (c) Inventory in process, October 31 (d) Total costs assigned by the Rolling Department from from August to October. The cost per equivalent unit for conversion costs 3. The cost per equivalent unit for direct materials August to October. These changes be investigated for their underlying causes, and any necessary corrective actions should be taken. Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process-Rolling on September 1 and debits to the account during September were as follows: Bal, 1,000 units, 80% completed: Direct materials (1,000 x$ 4.1) Conversion (1,000 x 80% x $1.7) $ 4,100 1,360 $ 5,460 From Smeiting Department, 22,000 units $92,400 Direct labor 24,254 Factory overhead 13,060 During September, 1,000 units in process on September 1 were completed, and of the 22,000 units entering the department, all were completed except 2,100 units that were 30% completed. Charges to Work in Process-Rolling for October were as follows: From Smelting Department, 25,300 units $111,320 Direct labor 32,100 Factory overhead 17,281 During October, the units in process at the beginning of the month were completed, and of the 25,300 units entering the department, all were completed except 1,300 units that were 40% completed. Required: 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. Ir an amount box doe not require an entry, leave it blank. 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT No. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 1,000 units, 80% completed Sept. 30 Smelting Dept., 22,000 units at $4.2 Sept. 30 Direct labor Sept. 30 Factory overhead Sept. 30 Finished goods Sept. 30 Bal., 2,100 units, 30% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended September 30 Whole Units Equivalent Units Direct Conversion Units Materials (a) (a) Units charged to production: Inventory in process, September 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, September 1 Started and completed in September Transferred to finished goods in September Inventory in process, September 30 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for September in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, September 1 Costs incurred in September O Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, September 1 balance (c) To complete inventory in process, September 1 (c) Cost of completed September 1 work in process Started and completed in September (c) Transferred to finished goods in September (c) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department 2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT October 1 Balance October 31 Smelting Dept., 25,300 units at $4.4 October 31 Direct labor October 31 Factory overhead October 31 Finished goods October 31 Bal, 1,300 units, 40% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. If an amount is zero, enter in a zero "O". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended October 31 Whole Units Equivalent Units Units Direct Conversion Materials (a) (a) Units charged to production: Inventory in process, October 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, October 1 Started and completed in October Transferred to finished goods in October Inventory in process, October 31 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for October in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, October 1 Costs incurred in October Total costs accounted for by the Rolling Department Costs allocated to completed and partially.completed units: Inventory in process, October1 balance (c) To complete inventory in process, October 1 (c) Cost of completed October 1 work in process Started and completed in October (c) Transferred to finished goods in October (c) Inventory in process, October 31 (d) Total costs assigned by the Rolling Department from from August to October. The cost per equivalent unit for conversion costs 3. The cost per equivalent unit for direct materials August to October. These changes be investigated for their underlying causes, and any necessary corrective actions should be taken. Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process-Rolling on September 1 and debits to the account during September were as follows: Bal, 1,000 units, 80% completed: Direct materials (1,000 x$ 4.1) Conversion (1,000 x 80% x $1.7) $ 4,100 1,360 $ 5,460 From Smeiting Department, 22,000 units $92,400 Direct labor 24,254 Factory overhead 13,060 During September, 1,000 units in process on September 1 were completed, and of the 22,000 units entering the department, all were completed except 2,100 units that were 30% completed. Charges to Work in Process-Rolling for October were as follows: From Smelting Department, 25,300 units $111,320 Direct labor 32,100 Factory overhead 17,281 During October, the units in process at the beginning of the month were completed, and of the 25,300 units entering the department, all were completed except 1,300 units that were 40% completed. Required: 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. Ir an amount box doe not require an entry, leave it blank. 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT No. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 1,000 units, 80% completed Sept. 30 Smelting Dept., 22,000 units at $4.2 Sept. 30 Direct labor Sept. 30 Factory overhead Sept. 30 Finished goods Sept. 30 Bal., 2,100 units, 30% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended September 30 Whole Units Equivalent Units Direct Conversion Units Materials (a) (a) Units charged to production: Inventory in process, September 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, September 1 Started and completed in September Transferred to finished goods in September Inventory in process, September 30 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for September in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, September 1 Costs incurred in September O Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, September 1 balance (c) To complete inventory in process, September 1 (c) Cost of completed September 1 work in process Started and completed in September (c) Transferred to finished goods in September (c) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department 2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT October 1 Balance October 31 Smelting Dept., 25,300 units at $4.4 October 31 Direct labor October 31 Factory overhead October 31 Finished goods October 31 Bal, 1,300 units, 40% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. If an amount is zero, enter in a zero "O". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended October 31 Whole Units Equivalent Units Units Direct Conversion Materials (a) (a) Units charged to production: Inventory in process, October 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, October 1 Started and completed in October Transferred to finished goods in October Inventory in process, October 31 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for October in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, October 1 Costs incurred in October Total costs accounted for by the Rolling Department Costs allocated to completed and partially.completed units: Inventory in process, October1 balance (c) To complete inventory in process, October 1 (c) Cost of completed October 1 work in process Started and completed in October (c) Transferred to finished goods in October (c) Inventory in process, October 31 (d) Total costs assigned by the Rolling Department from from August to October. The cost per equivalent unit for conversion costs 3. The cost per equivalent unit for direct materials August to October. These changes be investigated for their underlying causes, and any necessary corrective actions should be taken. Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process-Rolling on September 1 and debits to the account during September were as follows: Bal, 1,000 units, 80% completed: Direct materials (1,000 x$ 4.1) Conversion (1,000 x 80% x $1.7) $ 4,100 1,360 $ 5,460 From Smeiting Department, 22,000 units $92,400 Direct labor 24,254 Factory overhead 13,060 During September, 1,000 units in process on September 1 were completed, and of the 22,000 units entering the department, all were completed except 2,100 units that were 30% completed. Charges to Work in Process-Rolling for October were as follows: From Smelting Department, 25,300 units $111,320 Direct labor 32,100 Factory overhead 17,281 During October, the units in process at the beginning of the month were completed, and of the 25,300 units entering the department, all were completed except 1,300 units that were 40% completed. Required: 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. Ir an amount box doe not require an entry, leave it blank. 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT No. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 1,000 units, 80% completed Sept. 30 Smelting Dept., 22,000 units at $4.2 Sept. 30 Direct labor Sept. 30 Factory overhead Sept. 30 Finished goods Sept. 30 Bal., 2,100 units, 30% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended September 30 Whole Units Equivalent Units Direct Conversion Units Materials (a) (a) Units charged to production: Inventory in process, September 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, September 1 Started and completed in September Transferred to finished goods in September Inventory in process, September 30 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for September in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, September 1 Costs incurred in September O Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, September 1 balance (c) To complete inventory in process, September 1 (c) Cost of completed September 1 work in process Started and completed in September (c) Transferred to finished goods in September (c) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department 2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT October 1 Balance October 31 Smelting Dept., 25,300 units at $4.4 October 31 Direct labor October 31 Factory overhead October 31 Finished goods October 31 Bal, 1,300 units, 40% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. If an amount is zero, enter in a zero "O". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended October 31 Whole Units Equivalent Units Units Direct Conversion Materials (a) (a) Units charged to production: Inventory in process, October 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, October 1 Started and completed in October Transferred to finished goods in October Inventory in process, October 31 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for October in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, October 1 Costs incurred in October Total costs accounted for by the Rolling Department Costs allocated to completed and partially.completed units: Inventory in process, October1 balance (c) To complete inventory in process, October 1 (c) Cost of completed October 1 work in process Started and completed in October (c) Transferred to finished goods in October (c) Inventory in process, October 31 (d) Total costs assigned by the Rolling Department from from August to October. The cost per equivalent unit for conversion costs 3. The cost per equivalent unit for direct materials August to October. These changes be investigated for their underlying causes, and any necessary corrective actions should be taken. Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process-Rolling on September 1 and debits to the account during September were as follows: Bal, 1,000 units, 80% completed: Direct materials (1,000 x$ 4.1) Conversion (1,000 x 80% x $1.7) $ 4,100 1,360 $ 5,460 From Smeiting Department, 22,000 units $92,400 Direct labor 24,254 Factory overhead 13,060 During September, 1,000 units in process on September 1 were completed, and of the 22,000 units entering the department, all were completed except 2,100 units that were 30% completed. Charges to Work in Process-Rolling for October were as follows: From Smelting Department, 25,300 units $111,320 Direct labor 32,100 Factory overhead 17,281 During October, the units in process at the beginning of the month were completed, and of the 25,300 units entering the department, all were completed except 1,300 units that were 40% completed. Required: 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. Ir an amount box doe not require an entry, leave it blank. 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT No. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 1,000 units, 80% completed Sept. 30 Smelting Dept., 22,000 units at $4.2 Sept. 30 Direct labor Sept. 30 Factory overhead Sept. 30 Finished goods Sept. 30 Bal., 2,100 units, 30% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended September 30 Whole Units Equivalent Units Direct Conversion Units Materials (a) (a) Units charged to production: Inventory in process, September 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, September 1 Started and completed in September Transferred to finished goods in September Inventory in process, September 30 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for September in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, September 1 Costs incurred in September O Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, September 1 balance (c) To complete inventory in process, September 1 (c) Cost of completed September 1 work in process Started and completed in September (c) Transferred to finished goods in September (c) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department 2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT October 1 Balance October 31 Smelting Dept., 25,300 units at $4.4 October 31 Direct labor October 31 Factory overhead October 31 Finished goods October 31 Bal, 1,300 units, 40% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. If an amount is zero, enter in a zero "O". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended October 31 Whole Units Equivalent Units Units Direct Conversion Materials (a) (a) Units charged to production: Inventory in process, October 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, October 1 Started and completed in October Transferred to finished goods in October Inventory in process, October 31 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for October in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, October 1 Costs incurred in October Total costs accounted for by the Rolling Department Costs allocated to completed and partially.completed units: Inventory in process, October1 balance (c) To complete inventory in process, October 1 (c) Cost of completed October 1 work in process Started and completed in October (c) Transferred to finished goods in October (c) Inventory in process, October 31 (d) Total costs assigned by the Rolling Department from from August to October. The cost per equivalent unit for conversion costs 3. The cost per equivalent unit for direct materials August to October. These changes be investigated for their underlying causes, and any necessary corrective actions should be taken. Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process-Rolling on September 1 and debits to the account during September were as follows: Bal, 1,000 units, 80% completed: Direct materials (1,000 x$ 4.1) Conversion (1,000 x 80% x $1.7) $ 4,100 1,360 $ 5,460 From Smeiting Department, 22,000 units $92,400 Direct labor 24,254 Factory overhead 13,060 During September, 1,000 units in process on September 1 were completed, and of the 22,000 units entering the department, all were completed except 2,100 units that were 30% completed. Charges to Work in Process-Rolling for October were as follows: From Smelting Department, 25,300 units $111,320 Direct labor 32,100 Factory overhead 17,281 During October, the units in process at the beginning of the month were completed, and of the 25,300 units entering the department, all were completed except 1,300 units that were 40% completed. Required: 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. Ir an amount box doe not require an entry, leave it blank. 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT No. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 1,000 units, 80% completed Sept. 30 Smelting Dept., 22,000 units at $4.2 Sept. 30 Direct labor Sept. 30 Factory overhead Sept. 30 Finished goods Sept. 30 Bal., 2,100 units, 30% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended September 30 Whole Units Equivalent Units Direct Conversion Units Materials (a) (a) Units charged to production: Inventory in process, September 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, September 1 Started and completed in September Transferred to finished goods in September Inventory in process, September 30 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for September in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, September 1 Costs incurred in September O Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, September 1 balance (c) To complete inventory in process, September 1 (c) Cost of completed September 1 work in process Started and completed in September (c) Transferred to finished goods in September (c) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department 2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT October 1 Balance October 31 Smelting Dept., 25,300 units at $4.4 October 31 Direct labor October 31 Factory overhead October 31 Finished goods October 31 Bal, 1,300 units, 40% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. If an amount is zero, enter in a zero "O". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended October 31 Whole Units Equivalent Units Units Direct Conversion Materials (a) (a) Units charged to production: Inventory in process, October 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, October 1 Started and completed in October Transferred to finished goods in October Inventory in process, October 31 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for October in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, October 1 Costs incurred in October Total costs accounted for by the Rolling Department Costs allocated to completed and partially.completed units: Inventory in process, October1 balance (c) To complete inventory in process, October 1 (c) Cost of completed October 1 work in process Started and completed in October (c) Transferred to finished goods in October (c) Inventory in process, October 31 (d) Total costs assigned by the Rolling Department from from August to October. The cost per equivalent unit for conversion costs 3. The cost per equivalent unit for direct materials August to October. These changes be investigated for their underlying causes, and any necessary corrective actions should be taken.
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Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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Identify and briefly describe the three fundamental ways in which digital data are encoded as analog signals.
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Eaton Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee. Payroll Period W-Weekly No....
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What are the building blocks of a collaboration diagram?
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A manufacturer of a consumer electronics product expects 2% of units to fail during the warranty period. A sample of 500 independent units is tracked for warranty performance. (a) What is the...
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Before they become eligible to receive CPP retirement benefits, Lian and Cheng have calculated that they will have an essential expense gap of $1,450 per month between age 55 and age 60. Assuming a...
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Jameson Ltd. earned revenues of $42 million during the year and ended it with income of $13 million. During the year, Jameson Ltd. collected $34 million from customers and paid cash for all of its...
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Assume you are working as a staff assistant to a state legislator who intends to introduce a law making it an offense to solicit funds by panhandling on streets and in parks. You are asked to prepare...
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The gambling joint Backstab Saloon by Crater Lake in Oregon evict an average of one cheat per hour. You are on your way to Seattle to talk to "Bill" about a lucrative job, but have an hour to spare...
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The city of Dystopia experienced difficulties with groups of rowdy individuals congregating on downtown sidewalks and harassing passersby. When the local police were unable to control the situation...
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Consider the following hypothetical case: Members of the American Nazi Party announced a demonstration to be held in Pleasant Ridge, a predominantly Jewish suburb of Metropolis. The Pleasant Ridge...
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We assume that you want to use loop tiling. How can you adjust the tiling to the memory architecture at hand?
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Superior Cars sold a car for $35,000 cash. In addition, the company will provide 4 oil changes per year for 5 years and an extended warranty for 5 years. The normal observable stand-alone selling...
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Solve each equation or inequality. |6x8-4 = 0
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What types of accounts are referred to as temporary accounts?
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What do the following data taken from a comparative balance sheet indicate about the companys ability to borrow additional funds on a long-term basis in the current year as compared to the...
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Im Really Cold Coat Company makes womens and mens coats. Both products require filler and lining material. The following planning information has been made available: Im Really Cold Coat Company does...
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Acne Medication and Gastrointestinal Injury Since 1999, Kamie Kendall had experienced ongoing abdominal pain, and she was eventually diagnosed with ulcerative colitis and irritable bowel syndrome...
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James Lewis, a resident of Kentucky, sustained an injury while operating a Caterpillar bulldozer. He filed suit against Caterpillar, a company incorporated in Delaware but with its principal place of...
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In 1951, DuPont began using the chemical perfluorooctanoic acid to manufacture Teflon. Due to the dangerous nature of the chemical, DuPont was given special instructions by its supplier to dispose of...
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