Clonex Labs, Incorporated, uses the FIFO method in its process costing system. The following data are...
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Clonex Labs, Incorporated, uses the FIFO method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Percent Completed Units 30,000 15,000 Materials 65% 80% Conversion 30% 40% The department started 175,000 units into production during the month and transferred 190,000 completed units to the next department. Required: Compute the equivalent units of production for materials and conversion for October. Equivalent units of production Materials Conversion Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Materials Cost added during May $ 193,320 Equivalent units of production 27,000 Labor $ 62,000 25,000 Overhead $ 310,000 25,000 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.) Cost per equivalent unit Materials Labor Overhead Total Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses the FIFO method in its process costing, appear below: Cost of work in process inventory at the beginning of the period Equivalent units in the ending work in process inventory Equivalent units required to complete the beginning work in process inventory Cost per equivalent unit for the period Materials Conversion $ 3,200 400 600 $ 650 200 1,200 $ 2.32 $ 0.75 A total of 26,000 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 2,000 units and ending work in process inventory consisted of 1,000 units. Required: 1. Compute the Assembly Department's cost of ending work in process inventory for materials, conversion, and in total for the period. 2. Compute the Assembly Department's cost of units transferred out to the next department for materials, conversion, and in total for the period. 1. Cost of ending work in process inventory 2. Cost of the units transferred to the next department Materials Conversion Total Schroeder Baking Corporation uses a process costing system in its large-scale baking operations. The Mixing Department is one of the company's processing departments. In the Mixing Department in July, the cost of beginning work in process inventory was $1,460, the cost of ending work in process inventory was $3,120, and the cost added to production was $36,540. Required: Prepare a cost reconciliation report for the Mixing Department for July. Mixing Department Cost Reconciliation Costs to be accounted for: Total cost to be accounted for Costs accounted for as follows: Total cost accounted for MediSecure, Incorporated, uses the FIFO method in its process costing system. It produces clear plastic containers for pharmacies in a process that starts in the Molding Department. Data concerning that department's operations in the most recent period appear below: Beginning work in process: Units in process Completion with respect to materials Completion with respect to conversion Units started into production during the month Units completed and transferred out Ending work in process: Units in process Completion with respect to materials Completion with respect to conversion Required: 500 80% 40% 153,600 153,700 400 75% 20% Compute the Molding Department's equivalent units of production for materials and conversion for the period. Equivalent units of production Materials Conversion Clonex Labs, Incorporated, uses the FIFO method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Percent Completed Units 30,000 15,000 Materials 65% 80% Conversion 30% 40% The department started 175,000 units into production during the month and transferred 190,000 completed units to the next department. Required: Compute the equivalent units of production for materials and conversion for October. Equivalent units of production Materials Conversion Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Materials Cost added during May $ 193,320 Equivalent units of production 27,000 Labor $ 62,000 25,000 Overhead $ 310,000 25,000 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.) Cost per equivalent unit Materials Labor Overhead Total Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses the FIFO method in its process costing, appear below: Cost of work in process inventory at the beginning of the period Equivalent units in the ending work in process inventory Equivalent units required to complete the beginning work in process inventory Cost per equivalent unit for the period Materials Conversion $ 3,200 400 600 $ 650 200 1,200 $ 2.32 $ 0.75 A total of 26,000 units were completed and transferred to the next processing department during the period. Beginning work in process inventory consisted of 2,000 units and ending work in process inventory consisted of 1,000 units. Required: 1. Compute the Assembly Department's cost of ending work in process inventory for materials, conversion, and in total for the period. 2. Compute the Assembly Department's cost of units transferred out to the next department for materials, conversion, and in total for the period. 1. Cost of ending work in process inventory 2. Cost of the units transferred to the next department Materials Conversion Total Schroeder Baking Corporation uses a process costing system in its large-scale baking operations. The Mixing Department is one of the company's processing departments. In the Mixing Department in July, the cost of beginning work in process inventory was $1,460, the cost of ending work in process inventory was $3,120, and the cost added to production was $36,540. Required: Prepare a cost reconciliation report for the Mixing Department for July. Mixing Department Cost Reconciliation Costs to be accounted for: Total cost to be accounted for Costs accounted for as follows: Total cost accounted for MediSecure, Incorporated, uses the FIFO method in its process costing system. It produces clear plastic containers for pharmacies in a process that starts in the Molding Department. Data concerning that department's operations in the most recent period appear below: Beginning work in process: Units in process Completion with respect to materials Completion with respect to conversion Units started into production during the month Units completed and transferred out Ending work in process: Units in process Completion with respect to materials Completion with respect to conversion Required: 500 80% 40% 153,600 153,700 400 75% 20% Compute the Molding Department's equivalent units of production for materials and conversion for the period. Equivalent units of production Materials Conversion
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Managerial Accounting
ISBN: 978-0078111006
14th edition
Authors: Ray Garrison, Eric Noreen and Peter Brewer
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