ED Synchronous Scrolling Macros Properties Switch ew Arange Split ndow PA Reset Window Position Windows All Macros SharePoint Window THIS is your "Bob - Homework": Ex 17-3 & Prob 17-1B & Prob 17-2B. This problem is NOT in your textbook. Required: below this problem B (next page) are the "working papers" for you to complete and then submit to the instructor... by the due date. Optional: Below the Prob B "working papers" (scroll 3 pages) are answers to similar, Prob A If needed, refer to the Prob A to help you complete your problem B assignment E17-3 The ledger of American Company has the following work in process account. Work in Process-Painting Balance Materials Transferred out 5/1 5/31 3,590 5,160 2,530 1,380 5/31 5/31 Labor Overhead 5/31 Balance 5/31 Production records show that there were 400 units in the beginning inventory, 30 % com- plete, 1,600 units started, and 1,700 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units ingnding inventory were 40% complete. Materials are entered at the beginning of the painting process. Instructions (a) How many units are in process at May 31? (b) What is the unit materials cost for May? (c) What is the unit conversion cost for May? (d) What is the total cost of units transferred out in May? (e) What is the cost of the May 31 inventory? (a) BEG Work In Process (May01) Started into production Total Units to be accounted for LESS ? END Work In Process (May31) (b) Materials Conversion Costs Units transferred out Work in process (May31) 100 % 300 units 300 units ? Equivalent Units Note that "Materials" are ALL added at the beginning therefore it is 100 % (b) (c) Direct Materials Conversion Costs Work in process (May01) Cost added (see ledger T-acct ") Total Costs (add the 2 above) Divided by Equiv Units (above) Result is the "Unit Costs" Keep Material and Labor separate. Remember to add in the Overhead costs To the Labor amount so you get the "Conversion Cost" amount (d) Transferred out (1,700 per problemx ??) Work in Process: Materials (what x what) Conversion Costs (what x what) Total FYl: just erase or type over the "whatX what" with whatever numbers you use to get your answers. ViewSonie P1718 Wbury Company manaures a nutrient, Everis through two manufacturing processen Blending and Pacaging All materials are estered at the beginning of each process On August 1. 2017. inventores consisded of Ra Materials $5,000, Work in Process-Bending $0 Work in Process Packaging $3,945, and Finished Goods $7,500. The beginning inventory for Packaging consisted of 500 units, two-fifths complete as to comversion costs and fully complete as to matrrials. During August, 9,000 units were startesd into production in Blending, and the following transactions were completed 1 Purehased $25,000 olamalaials on account 2 Issued raw materials for production: Blending $18,330 and Packaging $9.140. 3 ncusrod labos.costs of $25,770 4 Used factory labor Blending $15,320 and Packaging $10,450. S Incurred $36,500 of manufacturing overhead on account 6 Applied manufacturing overhead at the rate of $28 per machine hour. Machine hours were Blending 300 and Packaging 300. 7. Transferred 8,200 units from Blending to Packaging at a cost of $44,940 8. Transferred8,600 units from Packaging to Finished Goods at a cost of $67.490 Sold goods costing $62,000 for $s0,000 on account Insquctions Journalize the highlighted August transactions (Transacdions crossed out have aiready been complered for you). (Working Papers) PROBLEM 17-1B Debit Account Name Credit Dace Raw Materials Inventory 25,000 1 Accounts Payable 25,000 Factory Labor Factory Wages Payable 25,770 3 25,770 4 Manufacturing Overhead 5 36,500 36,500 Accounts Payable 6 7 Arrange Split Macras Properties Switch ED Reset Window Position All Windows Window Macros SharePoint Accounts Receivable 90,000 Work In Process-Packaging 90,000 9 Cost of Goods Sold 62,000 Finished goods Inventory 62,000 P17-2B Steiner Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department, fiberglass is heated and shaped into the form of a ski. In the Packaging Department, the skis are placed in cartons and sent to the finished goods warehouse. Materials are entered at the beginning of both processes. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department for January 2017 are presented below. Production Data January Beginning work in process units Units started into production Ending work in process units Percent complete-ending inventory -0- 50,000 2,500 40 % Cost Data January $510,000 92,500 150,000 $752,500 Materials Labor Overhead I Total Instructions (a) Compute the physical units of production. (b) Determine the equivalent units of production for materials and conversion costs. (c) Compute the unit costs of production. (d) Determine the costs to be assigned to the units transferred out and in process. (e) Prepare a production cost report for the Molding Department for the month of January PROBLEM 17-2B (Working Papers) (a) Physical Units: Units to be accounted for: Total Units Units accounted for: Total Units (b Equivalent Units: LLVeW aide by E Synchronous Scrolling Arrange Split Macros Properties Switch EReset Window Position dow All Windows Window Macros SharePoint Conversion Costs Materials Work in Process Jan 31 Total Equivalent Units Unit Costs (c) Costs accounted for: Work in process, Jan 31: Total costs I (e) STEINER CORPORATION Molding Department Production Cost Report For the Month Ended January 31, 2017 Equivalent Units Conversion Costs (Step 2) Physical Materials Quantities Units (Step 1) Units to be acccounted for: Work in process, Jan 1 50,000 50,000 Total units Units accounted for: Transferred out Work-in-process, Jan 31 55 Viewe DView Side by Side Pages Synchronous Screlling New Amange Split Window Al Macros Properties the Switch E9 Reset Window Position Windows Window Macres SharePeint (el STENER CORPORATION Mokding Department Production Cost Report For the Monh Ended January 31, 201 Fquivalent thnts Physical Units Sp 1) Quantioes Comversion Cosp Materials Cep 2) Units to be accounted for Work in process, Jan 1 50,000 50,000 Total units Units accounted for Iransferred out Work in process, Jan 31 Cop Wy&n nne Oy For 1740 Total units. Equivalent tnts Comversion Physical Units Maerials Costs Toral Costs Units costs: Total costs (step 3) Equivalent units Unit costs (a)/b) (al (b) Costs to be accounted for Work in process, Jan 1 Total costs Costs Reconcanon Schedule (Step 4 Costs to be accounted for Transferred out Work in process, Jan 1 Materials Conversion costs Total costs ViewSonic 4976 83 9 1943 ED Synchronous Scrolling Macros Properties Switch ew Arange Split ndow PA Reset Window Position Windows All Macros SharePoint Window THIS is your "Bob - Homework": Ex 17-3 & Prob 17-1B & Prob 17-2B. This problem is NOT in your textbook. Required: below this problem B (next page) are the "working papers" for you to complete and then submit to the instructor... by the due date. Optional: Below the Prob B "working papers" (scroll 3 pages) are answers to similar, Prob A If needed, refer to the Prob A to help you complete your problem B assignment E17-3 The ledger of American Company has the following work in process account. Work in Process-Painting Balance Materials Transferred out 5/1 5/31 3,590 5,160 2,530 1,380 5/31 5/31 Labor Overhead 5/31 Balance 5/31 Production records show that there were 400 units in the beginning inventory, 30 % com- plete, 1,600 units started, and 1,700 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units ingnding inventory were 40% complete. Materials are entered at the beginning of the painting process. Instructions (a) How many units are in process at May 31? (b) What is the unit materials cost for May? (c) What is the unit conversion cost for May? (d) What is the total cost of units transferred out in May? (e) What is the cost of the May 31 inventory? (a) BEG Work In Process (May01) Started into production Total Units to be accounted for LESS ? END Work In Process (May31) (b) Materials Conversion Costs Units transferred out Work in process (May31) 100 % 300 units 300 units ? Equivalent Units Note that "Materials" are ALL added at the beginning therefore it is 100 % (b) (c) Direct Materials Conversion Costs Work in process (May01) Cost added (see ledger T-acct ") Total Costs (add the 2 above) Divided by Equiv Units (above) Result is the "Unit Costs" Keep Material and Labor separate. Remember to add in the Overhead costs To the Labor amount so you get the "Conversion Cost" amount (d) Transferred out (1,700 per problemx ??) Work in Process: Materials (what x what) Conversion Costs (what x what) Total FYl: just erase or type over the "whatX what" with whatever numbers you use to get your answers. ViewSonie P1718 Wbury Company manaures a nutrient, Everis through two manufacturing processen Blending and Pacaging All materials are estered at the beginning of each process On August 1. 2017. inventores consisded of Ra Materials $5,000, Work in Process-Bending $0 Work in Process Packaging $3,945, and Finished Goods $7,500. The beginning inventory for Packaging consisted of 500 units, two-fifths complete as to comversion costs and fully complete as to matrrials. During August, 9,000 units were startesd into production in Blending, and the following transactions were completed 1 Purehased $25,000 olamalaials on account 2 Issued raw materials for production: Blending $18,330 and Packaging $9.140. 3 ncusrod labos.costs of $25,770 4 Used factory labor Blending $15,320 and Packaging $10,450. S Incurred $36,500 of manufacturing overhead on account 6 Applied manufacturing overhead at the rate of $28 per machine hour. Machine hours were Blending 300 and Packaging 300. 7. Transferred 8,200 units from Blending to Packaging at a cost of $44,940 8. Transferred8,600 units from Packaging to Finished Goods at a cost of $67.490 Sold goods costing $62,000 for $s0,000 on account Insquctions Journalize the highlighted August transactions (Transacdions crossed out have aiready been complered for you). (Working Papers) PROBLEM 17-1B Debit Account Name Credit Dace Raw Materials Inventory 25,000 1 Accounts Payable 25,000 Factory Labor Factory Wages Payable 25,770 3 25,770 4 Manufacturing Overhead 5 36,500 36,500 Accounts Payable 6 7 Arrange Split Macras Properties Switch ED Reset Window Position All Windows Window Macros SharePoint Accounts Receivable 90,000 Work In Process-Packaging 90,000 9 Cost of Goods Sold 62,000 Finished goods Inventory 62,000 P17-2B Steiner Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department, fiberglass is heated and shaped into the form of a ski. In the Packaging Department, the skis are placed in cartons and sent to the finished goods warehouse. Materials are entered at the beginning of both processes. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department for January 2017 are presented below. Production Data January Beginning work in process units Units started into production Ending work in process units Percent complete-ending inventory -0- 50,000 2,500 40 % Cost Data January $510,000 92,500 150,000 $752,500 Materials Labor Overhead I Total Instructions (a) Compute the physical units of production. (b) Determine the equivalent units of production for materials and conversion costs. (c) Compute the unit costs of production. (d) Determine the costs to be assigned to the units transferred out and in process. (e) Prepare a production cost report for the Molding Department for the month of January PROBLEM 17-2B (Working Papers) (a) Physical Units: Units to be accounted for: Total Units Units accounted for: Total Units (b Equivalent Units: LLVeW aide by E Synchronous Scrolling Arrange Split Macros Properties Switch EReset Window Position dow All Windows Window Macros SharePoint Conversion Costs Materials Work in Process Jan 31 Total Equivalent Units Unit Costs (c) Costs accounted for: Work in process, Jan 31: Total costs I (e) STEINER CORPORATION Molding Department Production Cost Report For the Month Ended January 31, 2017 Equivalent Units Conversion Costs (Step 2) Physical Materials Quantities Units (Step 1) Units to be acccounted for: Work in process, Jan 1 50,000 50,000 Total units Units accounted for: Transferred out Work-in-process, Jan 31 55 Viewe DView Side by Side Pages Synchronous Screlling New Amange Split Window Al Macros Properties the Switch E9 Reset Window Position Windows Window Macres SharePeint (el STENER CORPORATION Mokding Department Production Cost Report For the Monh Ended January 31, 201 Fquivalent thnts Physical Units Sp 1) Quantioes Comversion Cosp Materials Cep 2) Units to be accounted for Work in process, Jan 1 50,000 50,000 Total units Units accounted for Iransferred out Work in process, Jan 31 Cop Wy&n nne Oy For 1740 Total units. Equivalent tnts Comversion Physical Units Maerials Costs Toral Costs Units costs: Total costs (step 3) Equivalent units Unit costs (a)/b) (al (b) Costs to be accounted for Work in process, Jan 1 Total costs Costs Reconcanon Schedule (Step 4 Costs to be accounted for Transferred out Work in process, Jan 1 Materials Conversion costs Total costs ViewSonic 4976 83 9 1943