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Managerial Accounting 1B Ch16

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Question;Managerial Accounting 1B;Financial;and Managerial Accounting;Chapter 16;1.Exercise 16-6;Recording cost flows in a process cost system L.O. P1, P2, P3, P4;Lowes Lumber produces bagged bark;for use in landscaping. Production involves packaging bark chips in plastic;bags in a bagging department. The following information describes production;operations for October.;Bagging;Department;Direct materials used;$;230,000;Direct labor used;$;38,000;Predetermined overhead;rate (based on direct labor);120;%;Goods transferred from;bagging to finished goods;$;(203,500;The company's revenue for the;month totaled $450,000 from credit sales, and its cost of goods sold for the;month is $250,000.;(1);Prepare journal entry dated;October 31 to record its October production activities for direct material;usage.(Omit the "$" sign in your;response.);(2);Prepare journal entry dated;October 31 to record its October production activities for direct labor;usage.(Omit the "$" sign in your;response.);(3);Prepare journal entry dated;October 31 to record its October production activities for overhead;allocation.(Omit the "$" sign in your;response.);(4);Prepare journal entry dated;October 31 to record its October production activities for goods transfer;from production to finished goods.(Omit the;$" sign in your response.);(5);Prepare journal entries dated;October 31 to record its October activities for sales.(Omit the "$" sign in your response.);2.;Exercise 16-8 Computing equivalent units of production-weighted;average L.O. C2;During April, the production;department of a process manufacturing system completed a number of units of a;product and transferred them to finished goods. Of these transferred units;37,500 were in process in the production department at the beginning of April;and 150,000 were started and completed in April. April's beginning inventory;units were 60% complete with respect to materials and 40% complete with;respect to labor. At the end of April, 51,250 additional units were in;process in the production department and were 80% complete with respect to;materials and 30% complete with respect to labor.;1.;Compute the number of units;transferred to finished goods.;Number of units;2.;Compute the number of equivalent;units with respect to both materials used and labor used in the production;department for April using the weighted-average method.;Direct;Materials;Direct;Labor;Number of equivalent;units;3.Exercise 16-9 Costs;assigned to output and inventories-weighted average L.O. C2, P4;During April, the production;department of a process manufacturing system completed a number of units of a;product and transferred them to finished goods. Of these transferred units;37,500 were in process in the production department at the beginning of April;and 150,000 were started and completed in April. April?s beginning inventory;units were 60% complete with respect to materials and 40% complete with;respect to labor. At the end of April, 51,250 additional units were in;process in the production department and were 80% complete with respect to;materials and 30% complete with respect to labor.;The production department had $531,480;of direct materials and $407,689 of direct labor cost charged to it during;April. Also, its beginning inventory included $74,075 of direct materials;cost and $28,493 of direct labor.;1.;Using the weighted-average method;compute the direct materials cost and the direct labor cost per equivalent;unit for the department.(Round your answers;to 2 decimal places. Omit the "$" sign in your response.);Direct;Materials;Direct;Labor;Cost per equivalent;unit;2.;Using the weighted-average method;assign April's costs to the department?s output?specifically, its units;transferred to finished goods and its ending goods in process;inventory.(Round your intermediate;calculations and final answer to 2 decimal places. Omit the;$" sign in your response.);Total cost;4.Exercise 16-10;Computing equivalent units of production-FIFO L.O. C4;During April, the production;department of a process manufacturing system completed a number of units of a;product and transferred them to finished goods. Of these transferred units;37,500 were in process in the production department at the beginning of April;and 150,000 were started and completed in April. April's beginning inventory;units were 60% complete with respect to materials and 40% complete with;respect to labor. At the end of April, 51,250 additional units were in;process in the production department and were 80% complete with respect to;materials and 30% complete with respect to labor.;Compute the number of equivalent;units with respect to both materials used and labor used in the production;department for April using the FIFO method.;Direct;Materials;Direct;Labor;Number of equivalent;units;5.Exercise 16-11A;Costs assigned to output-FIFO L.O. C4, P4;During April, the production;department of a process manufacturing system completed a number of units of a;product and transferred them to finished goods. Of these transferred units;37,500 were in process in the production department at the beginning of April;and 150,000 were started and completed in April. April?s beginning inventory;units were 60% complete with respect to materials and 40% complete with;respect to labor. At the end of April, 51,250 additional units were in;process in the production department and were 80% complete with respect to;materials and 30% complete with respect to labor.;The production department had;$531,480 of direct materials and $407,689 of direct labor cost charged to it;during April. Also, its beginning inventory included $74,075 of direct;materials cost and $28,493 of direct labor.;1.;Using the FIFO method, compute the;direct materials cost and the direct labor cost per equivalent unit for the;department.(Round your answers to 2 decimal;places. Omit the "$" sign in your response.);Direct;Materials;Direct;Labor;Cost per equivalent;unit;$;$;2.;Using the FIFO method, assign;April's costs to the department?s output?specifically, its units transferred;to finished goods and its ending goods in process inventory.(Round your intermediate calculations and final answer;to 2 decimal places. Omit the "$" sign in your response.);Total cost;Problem 16-1A Production cost flow and measurement, journal;entries L.O. P1, P2, P3, P4;[The following information applies to the questions displayed;below.];Edison Company manufactures wool;blankets and accounts for product costs using process costing. The following;information is available regarding its May inventories.;Beginning;Inventory;Ending;Inventory;Raw materials;inventory;$;28,000;$;25,500;Goods in process;inventory;220,750;252,000;Finished goods;inventory;319,000;277,000;The following additional;information describes the company's production activities for May.;6. Problem 16-1A Part 1;Required;1(a);Compute the cost of products;transferred from production to finished goods.(Omit the "$" sign in your response.);Cost of products;transferred;1(b);Compute the cost of goods;sold.(Omit the "$" sign in your;response.);Cost of goods sold;7.Problem 16-1A Part;2;2(a);Prepare journal entry dated May 31;to record the raw materials purchases.(Omit;the "$" 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;$" sign in your response.);2(f);Prepare journal entry dated May 31;to record the indirect labor costs.(Omit the;$" sign in your response.);2(g);Prepare journal entry dated May 31;to record the other overhead costs.(Omit the;$" sign in your response.);2(i);Prepare journal entry dated May 31;to record the goods transferred from production to finished goods.(Omit the "$" 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.);Problem 16-2A 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;735,000 units of product to finished goods. At the end of September, the;goods in process inventory consists of 207,000 units that are 90% complete;with respect to labor. Beginning inventory had $244,920 of direct materials;and $69,098 of direct labor cost. The direct labor cost added in September is;$1,312,852, and the direct materials cost added is $1,639,080.;8.;Problem 16-2A Part 1;Required;1(a);Determine the equivalent units of;production with respect to direct labor.;Equivalent units;1(b);Determine the equivalent units of;production with respect to direct materials.;Equivalent units;9.;Problem 16-2A Part 2;2.;Compute both the direct labor cost;and the direct materials cost per equivalent unit.(Round your answers to 2 decimal place. Omit the;$" sign in your response.);Per;equivalent;unit;Direct labor cost;Direct materials cost;10.Problem 16-2A Part 3;3(a);Compute both direct labor cost and;direct materials cost assigned to units completed and transferred out.(Round your per unit costs to 2 decimal places and final;answers to the nearest dollar amount.);Cost;transferred;out;Direct materials;Direct labor;3(b);Compute both direct labor cost and;direct materials cost assigned to ending goods in process inventory.(Round your per unit costs to 2 decimal places and final;answers to the nearest dollar amount.);Costs;of ending goods in process;Direct materials;Direct labor

 

Paper#45495 | Written in 18-Jul-2015

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