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Accounting 23rd Edition Carl S. Warren - Solutions
=+$292,500 45,000$3,600 1,200 2,000 4,400 5,000 1,500$17,700 2,000 A BC D E EX 20-20 Decision making obj. 4 Instant Memories Inc. produces photographic paper for printing digital images. One of the processes for this operation is a coating (solvent spreading) operation, where chemicals are coated
=+Number of cases 12 34 56 78 910 Orange Cola Root Beer Lemon-Lime$ 6,650 2,100 3,500 7,700 3,500 2,625$26,075 3,500$135,000 36,000 60,000 132,000 6,000 24,000$393,000 60,000$ 99,000 27,000 45,000 99,000 4,500 18,000
=+prices for the more popular concentrate flavors. Below is a simplified Bottling Department cost of production report separating the cost of bottling the four flavors.Concentrate Water Sugar Bottles Flavor changeover Conversion cost Total cost transferred to finished goods
=+b. Determine the Work in Process—Papermaking Department January 31 balance.Oasis Bottling Company bottles popular beverages in the Bottling Department. The beverages are produced by blending concentrate with water and sugar. The concentrate is purchased from a concentrate producer. The
=+3. The completed production transferred to the Converting Department.
=+a. Prepare the following January journal entries for the Papermaking Department:1. The materials charged to production.2. The conversion costs charged to production.
=+Debit Credit 397,800 107,600 81,049 Balance???ACCOUNT Work in Process—Papermaking Department
=+Date Item Debit Credit Jan. 1 31 31 31 31 31 Bal., 6,500 units, 35% completed Direct materials, 102,000 units Direct labor Factory overhead Goods transferred, 101,400 units Bal., 7,100 units, 80% completed 29,250 427,050 534,650 615,699
=+information. In your memo, provide recommendations for further action, along with supporting schedules showing the total cost per case and cost per case by cost element.ACCOUNT NO.
=+Beginning and ending work in process inventories are negligible, so are omitted from the cost of production report. The flavor changeover cost represents the cost of cleaning the bottling machines between production runs of different flavors.Prepare a memo to the production manager analyzing this
=+EX 20-16 Cost of production report obj. 2✔d. $2,211 Chapter 20 Process Cost Systems 935
=+d. Cost of work in process at May 31, 2010.
=+b. Direct materials and conversion costs per equivalent unit for May.c. Cost of goods finished during May.
=+Goods finished during May, 25,300 pounds ?All direct materials are placed in process at the beginning of production. Prepare a cost of production report, presenting the following computations:a. Direct materials and conversion equivalent units of production for May.
=+$3,280 ______ ______ Coffee beans added during May, 25,000 pounds 93,750 Conversion costs during May 40,560 Work in process, May 31, 500 pounds, 42% completed ?
=+EX 20-17 Cost of production report obj. 2 The debits to Work in Process—Roasting Department for St. Arbucks Coffee Company for May 2010, together with information concerning production, are as follows:Work in process, May 1, 800 pounds, 20% completed $ 3,280**Direct materials (800 $3.80)
=+_______$62,250 _______
=+EX 20-19 Cost of production and journal entries objs. 1, 2, 3✔b. $37,914 Prepare a cost of production report for the Cutting Department of Perma-Wear Carpet Company for October 2010, using the following data and assuming that all materials are added at the beginning of the process:Work in
=+EX 20-18 Cost of production and journal entries objs. 1, 2, 3✔b. $72,930 Franklin Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following
=+3. The completed production transferred to the Machining Department.b. Determine the Work in Process—Casting Department December 31 balance.
=+a. Prepare the following December journal entries for the Casting Department:1. The materials charged to production.2. The conversion costs charged to production.
=+Conversion (800 60% $16) 7,680 ________$111,680 ________ ________ During December, the Casting Department was charged $945,000 for 7,500 pounds of alloy and $45,072 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred
=+castings. On December 1, there were 800 pounds of alloy in process, which were 60%complete as to conversion. The Work in Process balance for these 800 pounds was$111,680, determined as follows:Direct materials (800 $130) $104,000
=+Work in process, October 31, 7,600 units, 30% completed —✔ Conversion cost per equivalent unit,$3.50 Performance Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the
=+Materials added during October from Weaving Department, 162,000 units $1,215,000 Direct labor for October 362,080 Factory overhead for October 191,550 Goods finished during October (includes goods in process, October 1), 160,400 units —
=+c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?934 Chapter 20 Process Cost Systems
=+EX 20-15 Costs per equivalent unit and production costs objs. 2, 4✔a. $107,550b. Did the production costs change from the preceding period? Explain.
=+beginning work in process.e. The June increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month.
=+a. Cost of beginning work in process inventory completed in June.b. Cost of units transferred to the next department during June.c. Cost of ending work in process inventory on June 30.d. Costs per equivalent unit of direct materials and conversion included in the June 1
=+b. Determine the costs per equivalent unit of direct materials and conversion.c. Determine the cost of units started and completed in June.Based on the data in Exercise 20-14, determine the following:
=+ACCOUNT Work in Process—Forging Department Debit Credit 761,600 83,380 117,300 Balance???a. Determine the number of units transferred to the next department.
=+Bal., 6,000 units, 70% completed 98,850 860,450 943,830 1,061,130
=+EX 20-14 Cost per equivalent unit obj. 2✔a. 69,500 units ACCOUNT NO.Date Item Debit Credit June 1 30 30 30 30 30 Bal., 7,500 units, 60% completed Direct materials, 68,000 units Direct labor Factory overhead Goods transferred, ? units
=+EX 20-13 Errors in equivalent unit computation obj. 2 The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning
=+List the errors in the computation of equivalent units for conversion costs for the Blending Department for September.
=+4,000 3⁄5 2,400 To process units started and completed in September:36,000 4,000 32,000 To process units in inventory on September 30:5,500 1⁄5 ______ 1,100 Equivalent units of production 35,500 ______ ______
=+The equivalent units for conversion costs for September for the Blending Department were computed as follows:Equivalent units of production in September:To process units in inventory on September 1:
=+entering the department, all were completed except 5,500 units that were 1⁄5 completed.
=+⁄5 completed in the Blending Department. During September, 36,000 units entered the Blending Department from the Refining Department. During September, the units in process at the beginning of the month were completed. Of the 36,000 units
=+EX 20-9 Equivalent units of production obj. 2 Chapter 20 Process Cost Systems 933 Lone Star Refining Company processes gasoline. On September 1 of the current year, 4,000 units were 3
=+cereal. On October 31, the packing machine hopper held 1,125 pounds of cereal, and the package carousel held 750 empty 24-oz. (11⁄2-pound) boxes. Assume that once a box is filled with cereal, it is immediately transferred to the finished goods warehouse.Determine the equivalent units of
=+held in the package carousel of the packing machine. During October, 32,800 boxes of 24-oz. cereal were packaged. Conversion costs are incurred when a box is filled with
=+EX 20-8 Costs per equivalent unit obj. 2✔a. 2. Conversion cost per equivalent unit, $0.70 Kellogg Company manufactures cold cereal products, such as Frosted Flakes. Assume that the inventory in process on October 1 for the Packing Department included 900 pounds of cereal in the packing machine
=+b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase, decrease, or remain the same in March?
=+EX 20-12 Cost of units completed and in process objs. 2, 4✔ 1. $14,790a. Based upon the data in Exercise 20-7, determine the following:1. Direct materials cost per equivalent unit.2. Conversion cost per equivalent unit.3. Cost of the beginning work in process completed during March.4. Cost of
=+4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent.
=+2. Cost of units transferred to finished goods during the period.3. Cost of ending work in process inventory.
=+EX 20-11 Equivalent units of production and related costs obj. 2✔a. 5,800 unitsa. Based on the data in Exercise 20-11, determine the following:1. Cost of beginning work in process inventory completed this period.
=+d. Cost of the units started and completed during the period.
=+Determine the following:a. The number of units in work in process inventory at the end of the period.b. Equivalent units of production for direct materials and conversion.c. Costs per equivalent unit for direct materials and conversion.
=+EX 20-10 Costs per equivalent unit obj. 2✔c. $3.10 The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.Work in Process—Assembly Department
=+Determine the following for the Pressing Department:a. Total conversion costb. Conversion cost per equivalent unitc. Direct materials cost per equivalent unit
=+as to conversion cost. All materials are added at the beginning of the process. Direct materials cost incurred was $604,500, direct labor cost incurred was $99,500, and factory overhead applied was $23,350.
=+Georgia Products Inc. completed and transferred 180,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending in-process inventory was 15,000 units, which were 3⁄2 complete
=+10,100 ACCOUNT Work in Process—Baking Department Debit Credit 232,000 66,400 37,060 340,720 Balance 932 Chapter 20 Process Cost Systems
=+Bal., 8,000 units, ⅖ completed Direct materials, 145,000 units Direct labor Factory overhead Goods finished, 148,000 units Bal., units, ⅗ completed 15,360 247,360 313,760 350,820 10,100
=+b. Determine the equivalent units of production for direct materials and conversion costs in March.ACCOUNT NO.Date Item Debit Credit Mar. 1 31 31 31 31 31
=+a. Determine the number of units in work in process inventory at the end of the month.
=+EX 20-7 Equivalent units of production obj. 2✔b. Conversion, 147,800
=+EX 20-6 Equivalent units of production obj. 2✔a. Conversion, 74,095 units The following information concerns production in the Baking Department for March.
=+If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for April for (a) the Drawing Department and (b) the Winding Department.
=+Completed and transferred to next processing department during April 74,000 units 73,200 units Work in process, April 30 4,100 units, 55% completed 3,000 units, 15% completed
=+EX 20-5 Equivalent units of production obj. 2✔ Direct materials, 17,700 units Units of production data for the two departments of Continental Cable and Wire Company for April of the current fiscal year are as follows:Drawing Department Winding Department Work in process, April 1 5,400 units,
=+EX 20-4 Factory overhead rate, entry for applying factory overhead, and factory overhead account balance objs. 1, 3✔a. 130%
=+d. Does the balance in part (c) represent overapplied or underapplied factory overhead?
=+c. What is the March 31 balance of the account Factory Overhead—Blending Department?
=+b. Journalize the entry to apply factory overhead to production for March.
=+a. What is the predetermined factory overhead rate based on direct labor cost?
=+EX 20-3 Entries for flow of factory costs for process cost system objs. 1, 3 The chief cost accountant for Mountain Glade Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning March 1 would be $546,000, and total direct labor
=+(b) the transfer of production costs to the second department, Sifting.
=+PE 20-7B Process cost journal entries obj. 3 EE 20-7 p. 915 Chapter 20 Process Cost Systems 931 Domino Foods, Inc., manufactures a sugar product by a continuous process, involving three production departments—Refining, Sifting, and Packing. Assume that records indicate that direct materials,
=+b. Determine the balance of Work in Process—Filling at the end of the period.
=+PE 20-8B Using process costs for decision making obj. 4 EE 20-8 p. 918 The cost of materials transferred into the Filling Department of Satin Skin Lotion Company is $216,000, including $55,600 from the Blending Department and $160,400 from the materials storeroom. The conversion cost for the
=+PE 20-8A Using process costs for decision making obj. 4 EE 20-8 p. 918 The costs of energy consumed in producing good units in the Baking Department were$162,000 and $160,000 for August and September, respectively. The number of equivalent units produced in August and September was 450,000
=+EX 20-2 Flowchart of accounts related to service and processing departments obj. 1 The costs of materials consumed in producing good units in the Forming Department were $94,000 and $82,800 for May and June, respectively. The number of equivalent units produced in May and June was 500 tons and
=+Cost of Goods Sold Finished Goods—Rolled Sheet Materials Finished Goods—Sheared Sheet Factory Overhead—Smelting Department Work in Process—Smelting Department Factory Overhead—Rolling Department Work in Process—Rolling Department Factory Overhead—Converting Department Work in
=+EX 20-1 Entries for materials cost flows in a process cost system objs. 1, 3 Alcoa Inc. is the world’s largest producer of aluminum products. One product that Alcoa manufactures is aluminum sheet products for the aerospace industry. The entire output of the Smelting Department is transferred to
=+c. Transfer of chocolate to the Packing Department.d. Transfer of boxed chocolate to the distribution center.e. Sale of boxed chocolate.Exercises
=+a. Materials used by the Blending Department.b. Transfer of blended product to the Molding Department.
=+Department, where the bars of candy are formed. The candy is then sent to the Packing Department, where the bars are wrapped and boxed. The boxed candy is then sent to the distribution center, where it is eventually sold to food brokers and retailers.Show the accounts debited and credited for
=+PE 20-5A Cost per equivalent unit obj. 2 EE 20-5 p. 909 930 Chapter 20 Process Cost Systems The Hershey Foods Company manufactures chocolate confectionery products. The three largest raw materials are cocoa beans, sugar, and dehydrated milk. These raw materials first go into the Blending
=+PE 20-5B Cost per equivalent unit obj. 2 EE 20-5 p. 909 The cost of direct materials transferred into the Rolling Department of Atlas Steel Company is $4,654,800. The conversion cost for the period in the Rolling Department is$1,091,363. The total equivalent units for direct materials and
=+PE 20-7A Process cost journal entries obj. 3 EE 20-7 p. 915 The cost of direct materials transferred into the Filling Department of Satin Skin Lotion Company is $216,000. The conversion cost for the period in the Filling Department is$47,325. The total equivalent units for direct materials and
=+b. Determine the balance of Work in Process—Rolling at the end of the period.
=+a. Journalize (1) the cost of transferred-in materials, (2) conversion costs, and (3) the costs transferred out to Finished Goods.
=+EE 20-6 p. 911 The cost of materials transferred into the Rolling Department of Atlas Steel Company is $4,654,800 from the Casting Department. The conversion cost for the period in the Rolling Department is $1,091,363 ($666,563 factory overhead applied and $424,800 direct labor). The total cost
=+PE 20-6A Cost of units transferred out and ending work in process obj. 2
=+Total units to be assigned costs 86,200 83,951 ______ ______ _______ _______ The beginning work in process inventory had a cost of $246,000. Determine the cost of completed and transferred-out production and the ending work in process inventory.
=+Inventory in process, beginning of period 0 2,490 Started and completed during the period 79,430 79,430 ______ _______ Transferred out of Rolling (completed) 79,430 81,920 Inventory in process, end of period 6,770 2,031 ______ _______
=+EE 20-6 p. 911 The costs per equivalent unit of direct materials and conversion in the Rolling Department of Atlas Steel Company are $54 and $13, respectively. The equivalent units to be assigned costs are as follows:Equivalent Units Direct Materials Conversion
=+PE 20-6B Cost of units transferred out and ending work in process obj. 2
=+Inventory in process, end of period 19,000 4,750 _______ ________ Total units to be assigned costs 480,000 473,250 _______ _______ ________ ________ The beginning work in process inventory had a cost of $13,000. Determine the cost of completed and transferred-out production and the ending work in
=+Department of Satin Skin Lotion Company are $0.45 and $0.10, respectively. The equivalent units to be assigned costs are as follows:Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 7,500 Started and completed during the period 461,000 461,000 _______
=+EE 20-4 p. 908 Chapter 20 Process Cost Systems 929 The costs per equivalent unit of direct materials and conversion in the Filling
=+What are the total equivalent units for conversion costs?PE 20-4B
=+PE 20-1B Job order vs. process costing obj. 1 EE 20-1 p. 900 The Filling Department of Satin Skin Lotion Company had 25,000 ounces in beginning work in process inventory (70% complete). During the period, 486,000 ounces were completed. The ending work in process inventory was 19,000 ounces (25%
=+PE 20-3B Equivalent units of materials cost obj. 2 EE 20-3 p. 906 The Rolling Department of Atlas Steel Company had 4,150 tons in beginning work in process inventory (40% complete). During the period, 83,580 tons were completed. The ending work in process inventory was 6,770 tons (30% complete).
=+PE 20-3A Equivalent units of materials cost obj. 2 EE 20-3 p. 906 The Filling Department of Satin Skin Lotion Company had 25,000 ounces in beginning work in process inventory (70% complete). During the period, 486,000 ounces were completed. The ending work in process inventory was 19,000 ounces
=+PE 20-2B Units to be assigned costs obj. 2 EE 20-2 p. 905 The Rolling Department of Atlas Steel Company had 4,150 tons in beginning work in process inventory (40% complete). During the period, 83,580 tons were completed. The ending work in process inventory was 6,770 tons (30% complete). What are
=+PE 20-2A Units to be assigned costs obj. 2 EE 20-2 p. 905 Satin Skin Lotion Company consists of two departments, Blending and Filling. The Filling Department received 480,000 ounces from the Blending Department. During the period, the Filling Department completed 486,000 ounces, including 25,000
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