Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 985 572 Beginning inventory Current period units started Ending inventory 27,275 18,722 Quantity information is obtained from the manufacturing records and includes the following. 850 units (70% complete as to materials, 60% complete as to conversion) 6,000 units 1,600 units (50% complete as to materials, 20% complete as to conversion) ercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO mpute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate culations.) Answer is complete but not entirely correct.

Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 985 572 Beginning inventory Current period units started Ending inventory 27,275 18,722 Quantity information is obtained from the manufacturing records and includes the following. 850 units (70% complete as to materials, 60% complete as to conversion) 6,000 units 1,600 units (50% complete as to materials, 20% complete as to conversion) ercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO mpute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate culations.) Answer is complete but not entirely correct.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 32P: Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a...

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Exercise 8-43 & 8-44 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 24,053 7,855 142,267 70,145 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,700 units 18,000 units (75% complete as to materials, 35% complete as to conversion) Exercise 8-44 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8- 5) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method. Note: Do not round intermediate calculations. Round your final…
Exercise 8-43 & 8-44 (Static) (LO 8-5) [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs. Beginning inventory Current period units started Ending inventory Quantity information is obtained from the manufacturing records and includes the following: $ 20,553 6,805 225,147 117,460 Cost of goods transferred out Cost of ending inventory Exercise 8-44 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8- 5) $ 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,000 units 11,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method. Note:…
Problem 3. A company uses the FIFO method to account for its work in process inventories. The accounting records show the following information: * uIt 1011owing information: Beginning work in process inventory Materials Conversion costs Debits to work in process inventory this period: P 360 180 Materials Conversion costs P 3,714 2,258 Units: Beginning inventory Percent of completion (materials, 60%, conversion cost, 30%) Started this period Ending inventory Percent of completion:(materials, 40%, conversion cost, 20%) 300 units 2,000 units 600 units Requirements: 1. Compute the equivalent units for materials and conversion costs. 2. Compute the unit cost for materials and conversion costs. • 3. Compute the cost of goods transferred out. 4. Compute the cost of the ending inventory.
Required information Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 991 Conversion costs 332 Current period costs Direct materials 13,580 Conversion costs 8,844 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 650 units (60% complete as to materials,50% complete as to conversion) Current period units started 4,400 units Ending inventory 1,300 units (40% complete as to materials,20% complete as to conversion) Exercise 8-35 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: a. Compute the equivalent units for the materials and…
Required information Exercise 8-35 & 8-36 (Algo) (LO 8-5) Skip to question [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 980 Conversion costs 557 Current period costs Direct materials 26,600 Conversion costs 18,090 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (60% complete as to materials,50% complete as to conversion) Current period units started 5,900 units Ending inventory 1,500 units (40% complete as to materials,15% complete as to conversion) Exercise 8-35 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: a. Compute the equivalent units for the…
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
Required information Exercise 8-35 & 8-36 (Algo) (LO 8-5) Skip to question [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 980 Conversion costs 557 Current period costs Direct materials 26,600 Conversion costs 18,090 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (60% complete as to materials,50% complete as to conversion) Current period units started 5,900 units Ending inventory 1,500 units (40% complete as to materials,15% complete as to conversion) Exercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5) Compute the cost of goods…
ning services - SQU Libraries - SQU Portal Attendand XYZ Company developed the following data for the current year: Ending work in process inventory OMR250,000 ; Direct materials used OMR96,000; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350,000 ; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: O a. OMR380,000 O b. OMR145,000 O c. OMR120,000 Q d. None of the answers given e. OMR580.000 YZCompany uses normal costing. Following are
Cullumber Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $257000 $257000. $256800. ◆ $259900. O $261100. 12300 8200 54000 4300 40000 15400 12300 How much is the cost of direct materials used in production?
Inventories: As of January 1: Direct materials Work-in-process Finished goods As of December 31: Direct materials Work-in-process Finished goods Other amounts (for the year): Administrative costs Direct labor Direct material purchases Indirect plant labor Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue Required: a. Prepare a cost of goods sold statement. (seee) $ 247 256 824 $ 254 249 843 3,540 5,546 6,674 3,558 852 5,951 1,184 1,435 1,156 833 481 40,234
ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done 215 75 335 385 265 485 1,610 1,690 1,700 220 X ean thes ust.
Oriole Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $259000 O $263100. O $259000. $261700. O $258600. 12500 8400 56000 4500 42000 15600 12500 How much is the cost of direct materials used in production?