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Accounting 23rd Edition Carl S. Warren - Solutions

=+In papermaking operations for companies such as International Paper Company, wet pulp is fed into paper machines, which press and dry pulp into a continuous sheet of paper. The paper is formed at very high speeds (60 mph). Once the paper is formed, the paper is rolled onto a reel at the back end
=+Interpret this information and report to the operations manager your recommendations with respect to tin content.Energy Materials Total cost Units produced Cost per unit 12 34 56 7April$ 13,000 12,000$ 25,00050,000$ 0.50$ 28,800 30,000$ 58,800120,000$ 0.49 May$ 24,200 28,600$ 52,800110,000$
=+Differences in materials unit costs were entirely related to the amount of tin content.
=+Amcan Inc. manufactures cans for the canned food industry. The operations manager of a can manufacturing operation wants to conduct a cost study investigating the relationship of tin content in the material (can stock) to the energy cost for enameling the cans. The enameling was necessary to
=+3. Comment on the change in costs per equivalent unit for January through March for direct materials and conversion costs.944 Chapter 20 Process Cost Systems
=+2. Provide the same information for March by recording the March transactions in the four-column work in process account. Construct a cost of production report, and present the March computations (a throughd) listed in part (1).
=+1. Enter the balance as of February 1, 2010, in a four-column account for Work in Process—Filling. Record the debits and the credits in the account for February.Construct a cost of production report, and present computations for determining (a)equivalent units of production for materials and
=+✔ Cost per equivalent unit, $4.90 Charges to Work in Process—Filling for March were as follows:From Cooking Department, 73,500 units $352,800 Direct labor 103,345 Factory overhead 74,530 During March, the units in process at the beginning of the month were completed, and of the 73,500 units
=+SA 20-1 Ethics and professional conduct in business
=+Assume you are the division controller for Grandma Jones Cookie Company. Grandma Jones has introduced a new chocolate chip cookie called Full of Chips, and it is a success. As a result, the product manager responsible for the launch of this new cookie was promoted to division vice president and
=+PR 20-5B Cost of production report: average cost method ACCOUNT NO.Date Item Debit Credit Jan. 1 31 31 31 31 31 Bal., 9,400 units, 80% completed Direct materials, 65,200 units Direct labor Factory overhead Goods transferred, 66,800 units Bal., ? units, 60% completed 37,600 173,200 282,352
=+Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department.Starburst Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are
=+2. Assuming that the March 1 work in process inventory includes $54,600 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March.Chapter 20 Process Cost Systems 943 Instructions
=+1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department.
=+PR 20-3B Equivalent units and related costs; cost of production report;entries objs. 2, 3, 4 Instructions
=+4. Discuss the uses of the cost of production report and the results of part (3).
=+3. Determine the increase or decrease in the cost per equivalent unit from July to August for direct materials and conversion costs.
=+2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging.
=+1. Prepare a cost of production report for the Sifting Department for August.
=+The following costs were charged to Work in Process—Sifting Department during August:Direct materials transferred from Milling Department:320,000 units at $2.45 a unit $784,000 Direct labor 179,000 Factory overhead 30,950 During August, 323,000 units of flour were completed. Work in
=+Work in Process—Sifting Department (12,000 units, 3⁄5 completed):Direct materials (12,000 $2.35) $28,200 Conversion (12,000 3⁄5 $0.70) 5,040 _______ _______$33,240 _______
=+Angel White Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour.The balance in the
=+PR 20-4B Work in process account data for two months; cost of production reports objs. 1, 2, 3✔ 1.c. Transferred to finished goods in February, $452,368✔ 2. Transferred to Packaging Dept.,$1,000,460
=+942 Chapter 20 Process Cost Systems Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires a series of three processes. Materials are entered at the beginning of the Filling process. The inventory of Work in Process—Filling on February 1 and debits to
=+ACCOUNT Work in Process—Roasting Department Debit Credit 780,000 142,225 92,990?Balance
=+31 Bal., 10,500 units, 30% completed Direct materials, 156,000 units Direct labor Factory overhead Goods transferred, 155,600 units Bal., ? units, 40% completed 59,640 839,640 981,865 1,074,855?
=+objs. 1, 3✔ 2. Materials July 31 balance, $42,800 Ariba Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial
=+2. Compute the July 31 balances of the inventory accounts.3. Compute the July 31 balances of the factory overhead accounts.PR 20-1B Entries for process cost system
=+h. Production costs transferred from Tufting Department to Finished Goods . . . . . . . . . . . . . $1,590,200 i. Cost of goods sold during the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,600,700 Instructions 1. Journalize the entries to record the
=+Tufting Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,800 g. Production costs transferred from Spinning Department to Tufting Department . . . . . . . . . $1,021,600
=+a. Materials purchased on account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $825,300b. Materials requisitioned for use:Fiber—Spinning Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $547,200
=+Materials 41,100 Departmental accounts are maintained for factory overhead, and both have zero balances on July 1.Manufacturing operations for July are summarized as follows:
=+Carpet Company had the following inventories:Finished Goods $51,200 Work in Process—Spinning Department 8,500 Work in Process—Tufting Department 23,600
=+. Discuss the uses of the cost of production report and the results of part (3).Chapter 20 Process Cost Systems 941 Problems Series B Floor Guard Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning
=+3. Determine the increase or decrease in the cost per equivalent unit from November to December for direct materials and conversion costs.
=+PR 20-4A Work in process account data for two months; cost of production reports objs. 1, 2, 3✔ 1.c. Transferred to finished goods in June, $918,600
=+3. Comment on the change in costs per equivalent unit for May through July for direct materials and conversion cost.
=+2. Provide the same information for July by recording the July transactions in the fourcolumn work in process account. Construct a cost of production report, and present the July computations (a throughd) listed in part (1).
=+1. Enter the balance as of June 1, 2010, in a four-column account for Work in Process—Rolling. Record the debits and the credits in the account for June. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and
=+During July, the units in process at the beginning of the month were completed, and of the 45,000 units entering the department, all were completed except 6,000 units that were 2⁄5 completed.Instructions
=+⁄5 completed.Charges to Work in Process—Rolling for July were as follows:From Smelting Department, 45,000 units $652,500 Direct labor 219,900 Factory overhead 160,800
=+4 completed:Direct materials (3,000 $14.00) $42,000 Conversion (3,000 1⁄4 $8.30) 6,225 ________$48,225 ________ ________ From Smelting Department, 42,000 units $596,400 Direct labor 212,435 Factory overhead 156,040 During June, 3,000 units in process on June 1 were completed, and of the
=+Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which requires a series of four processes. Materials are entered at the beginning of the Rolling process. The inventory of Work in Process—Rolling on June 1, 2010, and debits to the
=+PR 20-5A Equivalent units and related costs; cost of production report:average cost method✔ Transferred to Packaging Dept.,$74,000
=+The following costs were charged to Work in Process—Sifting Department during December:Direct materials transferred from Milling Department: 14,500 units $51,400 Direct labor 14,350 Factory overhead 7,125 During December, 14,800 units of flour were completed. Work in Process—Sifting
=+Work in Process—Sifting Department (1,200 units, 75% completed) $4,500
=+Olde Stone Mill Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour.The balance in the account Work in
=+3. Compute the December 31 balances of the factory overhead accounts.(continued)940 Chapter 20 Process Cost Systems
=+1. Journalize the entries to record the operations, identifying each entry by letter.2. Compute the December 31 balances of the inventory accounts.
=+1. Prepare a cost of production report for the Filling Department for December.2. Journalize the entries for costs transferred from Reaction to Filling and the cost transferred from filling to finished goods.PR 20-3A Equivalent units and related costs; cost of production report;entries objs. 2,
=+Factory overhead 166,025 During December, 35,900 units of specialty chemicals were completed. Work in Process—Filling Department on December 31 was 3,100 units, 30% completed.Instructions
=+The following costs were charged to Work in Process—Filling during December:Direct materials transferred from Reaction Department: 36,200 units at $14.40 a unit $521,280 Direct labor 167,900
=+Wilmington Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals.The balance in
=+PR 20-2A Cost of production report objs. 2, 4✔ 1. Conversion rate per equivalent unit,$0.80
=+2. Assuming that the January 1 work in process inventory includes direct materials of$18,600, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between December and January.Venus Chocolate Company processes chocolate into candy bars. The
=+1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Blending Department.
=+ACCOUNT Work in Process—Blending Department Debit Credit 768,000 153,200 38,160?Balance Instructions
=+Goods transferred, 242,000 units Bal., ? units, ⅕ completed 21,840 789,840 943,040 981,200?
=+Chapter 20 Process Cost Systems 939 ACCOUNT NO.Date Item Debit Credit Jan. 1 31 31 31 31 31 Bal., 6,000 units, ⅗ completed Direct materials, 240,000 units Direct labor Factory overhead
=+EX 20-29 Cost of production report: average cost method✔ Cost per equivalent unit, $11.00
=+Factory overhead for October 92,100 Goods finished during October (includes goods in process, October 1), 103,500 units —Work in process, October 31, 10,500 units, 10% completed —Appendix
=+EX 20-28 Cost of production report: average cost method✔ Cost per equivalent unit, $6.00 Prepare a cost of production report for the Cutting Department of Chota Carpet Company for October 2010. Use the average cost method with the following data:Work in process, October 1, 9,000 units, 75%
=+Work in process, December 31, 900 pounds, 80% completed —Goods finished during December, 93,100 pounds —Prepare a cost of production report, using the average cost method.Appendix
=+Entries for process cost system objs. 1, 3✔ 2. Materials December 31 balance, $14,120 The increases to Work in Process—Roasting Department for Boston Coffee Company for December 2010 as well as information concerning production are as follows:Work in process, December 1, 1,500 pounds, 40%
=+Packing Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,120 g. Production costs transferred from Making Department to Packing Department . . . . . . . . . $208,600 h. Production costs transferred from Packing Department to
=+Making Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,200 Packing Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,900e. Expired prepaid factory
=+c. Labor used:Direct labor—Making Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $72,300 Direct labor—Packing Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,800 Indirect labor—Making Department .
=+b. Materials requisitioned for use:Phosphate—Making Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $101,200 Packaging—Packing Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,200 Indirect
=+a. Materials purchased on account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $153,200
=+Departmental accounts are maintained for factory overhead, which both have zero balances on December 1.Manufacturing operations for December are summarized as follows:
=+Cincinnati Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing Department, where packaging is added at the beginning of the process. On December 1, Cincinnati
=+EX 20-27 Cost per equivalent unit: average cost method✔a. $11.50a. Determine the cost per equivalent unit.b. Determine the cost of the units transferred to Finished Goods.c. Determine the cost of ending Work in Process.938 Chapter 20 Process Cost Systems Problems Series A
=+EX 20-26 Equivalent units of production and related costs✔b. 86,870 units The following information concerns production in the Forging Department for June.The Forging Department uses the average cost method.Appendix
=+d. The cost of the units transferred to Finished Goods.e. The cost of ending Work in Process.Appendix
=+a. The number of whole units to be accounted for and to be assigned costs.b. The number of equivalent units of production.c. The cost per equivalent unit.
=+Bal., 8,000 units, 70% completed 12 ,900 To Finished Goods, 85,400 units ?Direct materials, 82,300 units 161,000 Direct labor 91,800 Factory overhead 81,780 Bal., 4,900 units, 30% completed ?Determine the following:
=+b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for March.The charges to Work in Process—Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average
=+75,400 9,120 333,920 470,965 546,365??
=+ACCOUNT Work in Process—Forging Department ACCOUNT NO.Balance Date Item Debit Credit Debit Credit Bal., 2,000 units, 40% completed Direct materials, 46,200 units Direct labor Factory overhead Goods transferred, 45,900 units Bal., 2,300 units, 70% completed 130 30 30 30 30 June?324,800 137,045
=+Goods transferred, 142,500 units Bal., ? units, 60% completed 24,600 369,600 532,800 619,500 40,950 40,950 ACCOUNT Work in Process—Finishing Department Debit Credit 345,000 163,200 86,700 578,550 Balance
=+ppendix EX 20-25 Equivalent units of production: average cost method✔a. 16,500 ACCOUNT NO.Date Item Debit Credit Mar. 1 31 31 31 31 31 Bal., 15,000 units, 40% completed Direct materials, 144,000 units Direct labor Factory overhead
=+7 January February April March$72,960$16,416$36,480 95,000 91,200$69,120$17,280$34,560 90,000 86,400$ 76,800$ 21,120$ 38,400 100,000 96,000$69,120$21,600$34,560 90,000 86,400 May June$65,280$21,216$32,640 85,000 81,600$61,440$23,040$30,720 80,000 76,800 A BCDEFG Chapter 20 Process Cost Systems
=+b. Interpret your table results.Paper stock Coating Conversion cost (incl. energy)Pounds input to the process Pounds transferred out 12 34 56
=+The Coating Department had no beginning or ending inventories for any month during the study period. The following data from the cost of production report are made available:a. Prepare a table showing the paper cost per output pound, coating cost per output pound, conversion cost per output
=+EX 20-22 Just-in-time manufacturing obj. 5
=+How would you respond to these managers?
=+don’t have in-process inventory between the two machines. If I have in-process inventory, then I can keep the next operation busy while I fix the broken machine. Thus, the in-process inventories give me a safety valve that I can use to keep things running when things go wrong.
=+happen if one of our suppliers were unable to make a shipment? A supplier could fall behind in production or have a quality problem. Without some safety stock in our materials, our whole plant would shut down.Director of Manufacturing: If we go to just-in-time, I think our factory output will
=+Director of Sales: I’m afraid we’ll miss some sales if we don’t keep a large stock of items on hand just in case demand increases. It only makes sense to me to keep large inventories in order to assure product availability for our customers.Director of Purchasing: I’m very concerned about
=+The following are some quotes provided by a number of managers at Solaris Machining Company regarding the company’s planned move toward a just-in-time manufacturing system:
=+EX 20-24 Equivalent units of production: average cost method✔a. 92,500 units to be accounted for
=+b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Winding Department.Appendix
=+a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department.
=+Each department uses the average cost method.
=+Completed and transferred to next processing department during August 90,000 units 89,200 units Work in process, August 31 2,500 units, 55% completed 2,800 units, 25% completed
=+EX 20-23 Equivalent units of production: average cost method✔a. 26,300 Units of production data for the two departments of Atlantic Cable and Wire Company for August of the current fiscal year are as follows:Drawing Department Winding Department Work in process, August 1 2,100 units, 50%
=+1===+a. Determine the number of whole units to be accounted for and to be assigned costs for the period.b. Determine the number of equivalent units of production for the period.Appendix
=+EX 20-21 Decision making obj. 4 936 Chapter 20 Process Cost Systems The Converting Department of Osaka Napkin Company uses the average cost method and had 2,000 units in work in process that were 60% complete at the beginning of the period.During the period, 25,200 units were completed and
=+Operator 2: “Every time the coating machine goes down, we produce waste on shutdown and subsequent startup. It seems like during the last half year we have had more unscheduled machine shutdowns than in the past. Thus, I feel as though our yields must be dropping.”Operator 3: “My sense is
=+operation. As a result, you have begun an investigation. You first discover that all materials and conversion prices have been stable for the last six months. Thus, increases in prices for inputs are not an explanation for increasing costs. However, you have discovered three possible problems

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