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acct 212 homework 4 chapter 20

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Question;acct 212 homework 4 chapter 20Problem 20-1A Production cost flow and measurement, journal entries L.O.;P1, P2, P3, P4;[The following information applies to;the questions displayed below.];Edison;Company manufactures wool blankets and accounts for product costs using;process costing. The following information is available regarding its May;inventories.;Beginning;Inventory;Ending;Inventory;Raw;materials inventory;$;54,000;$;50,000;Goods;in process inventory;436,500;516,000;Finished;goods inventory;620,000;172,001;The;following additional information describes the company's production;activities for May.;Raw;materials purchases (on credit);$;250,000;Factory;payroll cost (paid in cash);2,060,000;Other;overhead cost (Other Accounts credited);100,000;Materials;used;Direct;$;209,500;Indirect;54,000;Labor;used;Direct;$;1,230,000;Indirect;830,000;Overhead;rate as a percent of direct labor;125;%;Sales;(on credit);$;4,000,000;The;predetermined overhead rate was computed at the beginning of the year as 125%;of direct labor cost.;rev: 11_02_2011;Section Break;Learning Objective: 20-P1 Record the flow of direct materials costs in;process cost accounting.;Learning Objective: 20-P4 Record the transfer of completed goods to;Finished Goods Inventory and Cost of Goods Sold.;Problem 20-1A Production cost flow and measurement, journal entries;L.O. P1, P2, P3, P4;Learning Objective: 20-P2 Record the flow of direct labor costs in;process cost accounting.;Difficulty: Medium;Learning Objective: 20-P3 Record the flow of factory overhead costs in;process cost accounting.;1.;award:0 out of;2.00 points;Problem 20-1A Part 1;Required;1(a);Compute;the cost of products transferred from production to finished goods. (Omit the "$" sign in your response.);Cost;of products transferred;$ 902,400;1(b);Compute;the cost of goods sold. (Omit the;$" sign in your response.);Cost;of goods sold;$ 447,999;rev: 10_31_2011;eBook Links (4);2.;award:4.55 out of;5.00 points;Problem 20-1A Part 2;2(a);Prepare;journal entry dated May 31 to record the raw materials purchases. (Omit the "$" sign in your response.);2(b);Prepare;journal entry dated May 31 to record the direct materials usage. (Omit the "$" sign in your response.);2(c);Prepare;journal entry dated May 31 to record the indirect materials usage. (Omit the "$" sign in your response.);2(d);Prepare;journal entry dated May 31 to record the payroll costs. (Omit the "$" sign in your response.);2(e);Prepare;journal entry dated May 31 to record the direct labor costs. (Omit the "$" sign in your response.);2(f);Prepare;journal entry dated May 31 to record the indirect labor costs. (Omit the "$" sign in your response.);2(g);Prepare;journal entry dated May 31 to record the other overhead costs. (Omit the "$" sign in your response.);2(h);Prepare;journal entry dated May 31 to record the overhead applied. (Omit the "$" sign in your response.);2(i);Prepare;journal entry dated May 31 to record the goods transferred from production to;finished goods.(Omit the "$" sign in;your response.);2(j);Prepare;journal entry dated May 31 to record the sale of finished goods. (Omit the "$" sign in your response.);eBook Links (4);Worksheet;Learning Objective: 20-P1 Record the flow of direct materials costs in;process cost accounting.;Learning Objective: 20-P4 Record the transfer of completed goods to;Finished Goods Inventory and Cost of Goods Sold.;Problem 20-1A Part 2;Learning Objective: 20-P2 Record the flow of direct labor costs in;process cost accounting.;Difficulty: Medium;Learning Objective: 20-P3 Record the flow of factory overhead costs in;process cost accounting.;Problem 20-2A Cost per equivalent unit, costs assigned to products L.O.;C2, C3;[The following information applies to;the questions displayed below.];Fairfax;Company uses weighted-average process costing to account for its production;costs. Direct labor is added evenly throughout the process. Direct materials;are added at the beginning of the process. During September, the company;transferred 760,000 units of product to finished goods. At the end of;September, the goods in process inventory consists of 201,000 units that are;40% complete with respect to labor. Beginning inventory had $437,255 of;direct materials and $147,070 of direct labor cost. The direct labor cost;added in September is $2,794,330, and the direct materials cost added is;$2,926,245.;Section Break;Problem 20-2A Cost per equivalent unit, costs assigned to products;L.O. C2, C3;3.;award:0 out of;2.00 points;Problem 20-2A Part 1;Required;1(a);Determine;the equivalent units of production with respect to direct labor.;Equivalent;units;n/r;1(b);Determine;the equivalent units of production with respect to direct materials.;Equivalent;units;n/r;eBook Links (2);4.;award:0 out of;2.00 points;Problem 20-2A Part 2;2.;Compute;both the direct labor cost and the direct materials cost per equivalent unit. (Round your answers to 2 decimal place. Omit the;$" sign in your response.);5.;award:0 out of;2.00 points;Problem 20-2A Part 3;3(a);Compute;both direct labor cost and direct materials cost assigned to units completed;and transferred out. (Due to rounding of cost;per unit, the total costs accounted for in the cost summary may not equal to;sum of all the costs given in the problem. Round your per unit costs to 2;decimal places and final answers to the nearest dollar amount.);3(b);Compute;both direct labor cost and direct materials cost assigned to ending goods in;process inventory. (Due to rounding of cost;per unit, the total costs accounted for in the cost summary may not equal to;sum of all the costs given in the problem. Round your per unit costs to 2;decimal places and final answers to the nearest dollar amount.);Problem 20-3A Journalizing in process costing, equivalent units and;costs L.O. C2, P1, P2, P3;[The following information applies to;the questions displayed below.];Li;Company produces large quantities of a standardized product. The following;information is available for its production activities for January.;Raw;materials;Factory;overhead incurred;Beginning;inventory;$;23,000;Indirect;materials used;$;75,500;Raw;materials purchased (on credit);275,000;Indirect;labor used;45,000;Direct;materials used;(170,000;Other;overhead costs;161,040;Indirect;materials used;(75,500;Total;factory overhead incurred;$;281,540;Ending;Inventory;$;52,500;Factory;overhead applied;Factory;payroll;(140%;of direct labor cost);Direct;labor used;$;201,100;Total;factory overhead applied;$;281,540;Indirect;labor used;45,000;Total;payroll cost (paid in cash);$;246,100;Additional;information about units and costs of production activities follows.;Units;Costs;Beginning;goods in process inventory;2,300;Beginning;goods in process inventory;Started;38,000;Direct;materials;$;3,000;Ending;goods in process inventory;5,400;Direct;labor;2,700;Factory;overhead;4,200;$;9,900;Status of ending goods in;process inventory;Direct;materials added;170,000;Materials?Percent;complete;90;%;Direct;labor added;201,100;Labor;and overhead?Percent complete;75;%;Overhead;applied (140% of direct labor);281,540;Total;costs;$;662,540;Ending;goods in process inventory;$;72,050;During;January, 18,000 units of finished goods are sold for $120 cash each. Cost;information regarding finished goods follows.;Beginning;finished goods inventory;$;165,000;Cost;transferred in;590,490;Cost;of goods sold;(606,390;Ending;finished goods inventory;$;149,100;Section Break;Learning Objective: 20-C2 Define and compute equivalent units and;explain their use in process cost accounting.;Learning Objective: 20-P3 Record the flow of factory overhead costs in;process cost accounting.;Problem 20-3A Journalizing in process costing, equivalent units and;costs L.O. C2, P1, P2, P3;Learning Objective: 20-P1 Record the flow of direct materials costs in;process cost accounting.;Difficulty: Hard;Learning Objective: 20-P2 Record the flow of direct labor costs in;process cost accounting.;6.;award:0 out of;5.00 points;Problem 20-3A Part 1;Required;1(a);Prepare;journal entry dated January 31 to record the purchase of raw materials. (Omit the "$" sign in your response.);Date;General Journal;Debit;Credit;Jan. 31;n/r;n/r;n/r;n/r;1(b);Prepare;journal entry dated January 31 to record the direct materials usage. (Omit the "$" sign in your response.);Date;General Journal;Debit;Credit;Jan. 31;n/r;n/r;n/r;n/r;1;Date;General Journal;Debit;Credit;Jan. 31;n/r;n/r;n/r;n/r;1(j);Prepare;journal entries dated January 31 to record the sale of finished goods. (Omit the "$" sign in your response.);Date;General Journal;Debit;Credit;Jan. 31;n/r;n/r;n/r;n/r;n/r;n/r;n/r;n/r;eBook Links (4);Worksheet;0 out of;5.00 points;Problem 20-3A Part 2;2.;n/r;Total;costs to account for;$ n/r;eBook Links (3);Worksheet;Difficulty: Hard;Learning Objective: 20-C3 Define and prepare a process cost summary;and describe its purposes.;Problem 20-5A Part 1;Learning Objective: 20-C2 Define and compute equivalent units and;explain their use in process cost accounting.;Learning Objective: 20-P4 Record the transfer of completed goods to;Finished Goods Inventory and Cost of Goods Sold.;9.;award:0 out of;2.00 points;Problem 20-5A Part 2;2.;Prepare;the journal entry dated October 31 to transfer the cost of completed units to;finished goods inventory. (Omit the;$" sign in your response.);Date;General Journal;Debit;Credit;Oct. 31;n/r;n/r;n/r;n/r;eBook Links (3);Worksheet;Difficulty: Hard;Learning Objective: 20-C3 Define and prepare a process cost summary;and describe its purposes.;Problem 20-5A Part 2;Learning Objective: 20-C2 Define and compute equivalent units and;explain their use in process cost accounting.;Learning Objective: 20-P4 Record the transfer of completed goods to;Finished Goods Inventory and Cost of Goods Sold.

 

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