3. compute the cost of the ending inventory of work in process ANSWER IN EXCEL FORM

Q: Fill in the blank. ______ method is a costing method which includes beginning work-in-process…

A: There are various methods for valuation of inventory in cost accounting. Mainly, inventory is found…

Q: QUESTION 2 - Which of the following is a correct journal entry to record direct labor cost? - Work…

A: Direct labor cost is wages paid to labors in order to produce goods or provide services to…

Q: the amount of inventory that would be reported on the absorption costing balance sheet is:

A:

Q: A debit balance in Overhead Control: a. indicates applied overhead exceeds actual overhead. b.…

A: OVERHEAD ARE ALL COSTS ON THE INCOME STATEMENT EXCEPT THE DIRECT MATERIALS , DIRECT LABOR AND DIRECT…

Q: Required: (a) Prepare a statement of equivalent production to determine the equivalent units for…

A: An equivalent unit of production is an expression of the amount of work done by a manufacturer on…

Q: Which account is not used in JIT costing? a. Finished Goods Inventory b. Raw and In-Process…

A: The JIT is a management strategy that minimizes the inventory and increases efficiency. JIT is to…

Q: As production takes place, al manufacturing costs are added to the Multiple Choice Workin Process…

A: At the time of production, different costs are incurred such as direct material cost, direct labor…

Q: D. Compute the following cost: i Prime cost ii. Conversion cost iii. Inventoriable cost iv.…

A: Since it was asked to solve part D and E. D and E part has been solved.

Q: Calculate the: - Total cost of units completed and transferred to Finished Goods inventory - Cost of…

A: SOLUTION- Abnormal loss means that loss which is caused by unexpected or abnormal conditions such as…

Q: he cost of partially completed goods at the end of the period would be Group of answer choices…

A: Solution: Work in process in increase by the use of direct materials, direct labor costs and…

Q: What is the correct order of the inventories in regards to processing? Group of answer choices a…

A: Inventories are the collection of all those units which are available in enterprise in the form of…

Q: (c) Complete the Work in Process Inventory - Polishing Process T-account, clearly showing the ending

A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct…

Q: What is the TOTAL cost assigned to the ending work in process inventory?

A: Process costing: process costing is a costing method used by companies that produce homogeneous…

Q: Name the three inventory methods commonly associated with process costing.

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: True or False 1. The weighted average method includes the work in process beginning inventory cost…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: ndly assist with the following: a) Prepare a statement of equivalent production to determine the…

A: Step 1 Equivalent units are calculated by multiplying the number of physical (or actual) units on…

Q: In a process costing system, manufacturing overhead applied is usually recorded as a debit to: 7. A.…

A: Finished goods comprises of the units completed and sold and the opening and closing inventories.…

Q: For each cost pool, identify an appropriate cost driver. a. order department b. accounts…

A: Cost Driver: The direct reason for a cost is referred to as a cost driver. Fixed expenses do not…

Q: 2. Show how to prepare a journal entry to enter direct materials costs into the WIP Inventory…

A: The costing method in which the raw materials are processed through various processes to make a…

Q: Choose the best answer choice for each question   1. In a process cost system, the amount of work in…

A: We’ll answer the first question since the exact one wasn’tspecified. Please submit a new question…

Q: Which of the following would be included in the journ record the requisition of indirect materials?…

A: SOLUTION- MANUFACTURING OVERHEAD -  IT IS ALSO KNOWN AS FACTORY OVERHEAD AND PRODUCTION OVERHEAD .…

Q: Which account is not used in JIT costing? Finished Goods Inventory Raw and In-Process Inventory…

A:

Q: Appropriate base to allocate purchase department cost to different products is? A. Machine Hour B.…

A: Absorption costing involves allocation of production expenses to product based on a parameter

Q: Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.

A: To transfer of costs from work in process and finished goods, finished goods will be debited and…

Q: A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work…

A: Inventory in a production will go through different stages which is as follows: Raw…

Q: In a process cost system, machinery depreciation expense incurred is debited to a. manufacturing…

A: Process costing is a part of cost analysis which is used by organizations that have more than 1…

Q: The entry to record a transfer of direct materials for use in production would include a debit to…

A: On the issue of direct material for use in production, the work-in-process inventory is debited…

Q: As production takes place, all manufacturing costs are added to the: a. Finished-Goods Inventory…

A:

Q: Under FIFO method, what was the actual units of the Work in Process beginning inventory?

A: Normal wastage or material loss is the loss that is unavoidable due to the fundamental character of…

Q: All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process…

A: Costs of goods sold: It is a cost of sale and deviation between the sale and gross profit/loss; it…

Q: Required: Calculate the following (Show all your work )   1-Materials used in production )…

A: The required details of materials used in production, total manufacturing cost, cost of goods…

Q: Q3) As production takes place, all manufacturing costs are debited to the:  A. work in process…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Compute the ending inventory of work in process ANSWER IN EXCEL FORM

A: Under weighted average method of process costing, equivalent units will be equal to units completed…

Q: Allocated manufacturing overhead is always recorded with a debit to work-in-process inventory. with…

A: Manufacturing overhead accounts are allocated on the basis of predetermined overhead rate or…

Q: Prepare T accounts for the following: Raw Materials Inventory, Work in Process Inventory, Finished…

A: 1 & 2. Raw Material Inventory Particulars Amount(P) Particulars Amount(P) Opening balance…

Q: Under process costing, the costs incurred by each department are reported in . The perpetual…

A: Solution:- Under the process costing system, costs incurred by the each department are reported in…

Q: In a process cost system, the amount of work in process inventory is valued by Oa. a. multiplying…

A: The Ending WIP Inventory includes direct materials, direct labor and overheads incurred. For the…

Q: Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2?

A: Work in process inventory means inventory which is not in process yet, which is not completely…

Q: Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b)…

A: Cost of Goods Sold=Finished goods inventory, Beginning+Goods added-Finished goods inventory, Ending

Q: 4. As production takes place, all manufacturing costs are added to the: a. Work-in-Process Inventory…

A: Lets understand the basics. Work in progress inventory account is a account which shows that, how…

Q: b. Determine the ending balance of raw and in process inventory and finished goods invent Raw and In…

A: Budgeted conversion cost per unit = $78,120 / 155 *10/60 = $84 per unit

Q: The entry to record the cost of goods completed would include: a. credit to Finished Goods Inventory…

A: All the expenses are debited to WIP a/c and the Cost of goods of completed during the year are…

Q: As production takes place, all manufacturing costs are added to the: O A. Manufacturing Overhead…

A: Solution: As production takes palce, all manufacturing costs are added to the "work in process…

Q: total cost of the ending work in process inventory

A: