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Cost accounting

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Question;Week 2;Homework Problems;Problem 1;Kali Manufacturing Inc. began the year with;the following.;Units;Beginning work-in-process;20,000;20% complete;Transferred to finished goods;60,000;Ending inventory;10,000;70% complete;Materials are added at the beginning of the;process;Required;Calculate the equivalent units for;material costs under the weighted;average process cost method;conversion costs under the;weighted average process cost method;material costs under the FIFO;process cost method, and;conversion costs under the FIFO;process cost method.;Problem 2;Glass Company manufactures a;product through a continuous single-step process. All materials are added at;the beginning of processing. Production and cost data for the company for the;current month are as follows.;Production Data;units;In process, beginning of month (20%;converted);2000;Started during current month;8000;Completed and transferred to finished;goods;5500;In process, end of month (60% converted);4500;Manufacturing Costs;Work in process, beginning;-Materials;$15,000;-Conversion;$6,450;Production Costs Added;-Materials;$54,000;-Direct labor cost;$105,000;-Factory overhead cost;$36,150;Required;Prepare a cost of production report for current month. Use Weighted-Ave process;costing.

 

Paper#42359 | Written in 18-Jul-2015

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