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Three Accounting Problems Assignment

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Question;VICTORY COMPANY;For the month of November;Number of units transferred;to finished goods;700,000;Number of units 30% complete;as to labor at;end of period;180,000;Beginning inventory;Direct materials;$420,000;Direct labor;$139,000;Direct materials cost for;period;$2,220,000;Direct labor cost for period;$3,254,000;Check figure;(2) Direct labor cost per;equivalent unit;$4.50;(3b);$783,000;Instructions;Assume;Victory uses the average-cost method to account for its process;costing system.;1. Prepare the company's process cost summary;using average cost.;2. Prepare the journal entry at the end of the;period to transfer the cost of completed units to finished goods.FAST CO.;Goods;in Process Inventory;Acct. No. 133;Date;Explanation;Debit;Credit;Balance;Oct 1;Balance;335,930;31;Direct materials;102,050;437,980;31;Direct labor;408,200;846,180;31;Applied overhead;244,920;1,091,100;Beginning;goods in process inventory;Direct materials;$59,450;Direct labor;$172,800;Factory overhead;$103,680;During;October;Units;started;140,000;Units;transferred to finished goods;150,000;End;of October;Units;in goods in process inventory;20,000;Percent;complete;80.00%;Check;figure;(1);Total cost transferred to finished goods;$982,500;Instructions;Assume Fast;uses the average-cost method to account for its process;costing;system.;1. Prepare the company's process cost summary;using average cost.;2. Prepare the journal entry at the end of the;period to transfer the cost of completed units to finished goods.TAMAR CO. Goods in Process Inventory Acct. No. 133 Date Explanation Debit Credit BalanceOct 1 Balance 241,74031 Direct materials 496,800 738,54031 Direct labor 1,203,300 1,941,84031 Applied overhead 962,640 2,904,480 Beginning goods in process inventory: 3,000 units 100% complete as to direct materials and 40% complete as to direct labor and overhead. Direct materials $19,800 Direct labor $123,300 Factory overhead $98,640 During October: Of the 22,200 units completed, 3,000 were from beginning goods in process. The remaining 19,200 were units started and completed during May. Ending goods in process inventory: 2,400 units 100% complete as to direct materials and 80% complete as to direct labor and overhead. Check figure: Total cost transferred to finished goods $2,667,840Instructions:Note: Data is provided below the forms aswell as on the "Given P20-06A" sheet.Assume Tamar uses the FIFO method to account for its process costing system.1. Prepare the company''s process cost summary using FIFO.2. Prepare the journal entry at the end of the period to transfer the cost of completed units to finished goods.

 

Paper#39023 | Written in 18-Jul-2015

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