Sunland Products manufactures and sells a variety of camping products. Recently the company opened a new factory to manufacture a deluxe portable cooking unit. Cost and sales data for the first month of operation are shown below: Beginning inventory Units produced Units sold Manufacturing costs Fixed overhead Variable overhead Direct labour Direct material Selling and administrative costs Fixed Variable 0 units 11,200 10,100 $100,800 $3 $12 $28 $207,100 per unit per unit per unit. $3 per unit sold The portable cooking unit sells for $110. Management is interested in the opening month's results and has asked for an income statement.
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- Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information related to this years production: Â Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $57,540 and the total conversion cost is $36,036. Using the weighted-average method, what are the unit costs if the company transferred out 17,000 units? What is the value of the inventory transferred out and the value of the ending WIP inventory?Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.New Image Sports uses a process-costing system. For March, the company had the following activities. Beginning work-in-process inventory (one third complete) 6,000 units Units placed in production 24,000 units Good units completed 18,000 units Ending work-in-process inventory 10,000 units Cost of beginning work-in-process $ 5,000 Direct material costs, current $18,000 Conversion costs, current $13,800Direct materials are placed into production at the beginning of the process. All spoilage is normal and is detected at the end of the process. Ending WIP is 50% completed as to conversion. Required: Prepare a production cost worksheet using the FIFO method.
- Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production. Units Materials Cost Conversion Cost Inventory on September 1 950 $ 5,550 $ 2,354 % Complete 60% 30% Units Started 3,150 Costs Added in September $ 28,940 $ 8,156 Inventory on September 30 1,200 % Complete 80% 60% Required: Use the information above to complete a Process Costing Production Report under the FIFO Assumption. Beginning Inventory: Units Started: Units to Account for: Ending Inventory: Units Completed and Transferred: Units to Account for: Step 2: Compute the Equivalent Units of Production. Beginning Inventory: Material and Conversion % Complete: Material and Conversion % to Complete: Material and Conversion Equivalent Units: Material and Conversion Units Completed and Transferred: Material and Conversion Beginning Inventory: Material and Conversion Units Started and…Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production. Units Materials Cost Conversion Cost Inventory on September 1 950 $ 5,550 $ 2,354 % Complete 60% 30% Units Started 3,150 Costs Added in September $ 28,940 $ 8,156 Inventory on September 30 1,200 % Complete 80% 60% Required: Use the information above to complete a Process Costing Production Report under the FIFO Assumption. Beginning Inventory:? Units Started? Units to Account for:? Ending Inventory? Units Completed and Transferred? Units to Account for? Step 2: Compute the Equivalent Units of Production. Beginning Inventory? % Complete? % to Complete? Equivalent Units? Units Completed and Transferred? Beginning Inventory? Units Started and Completed? % Complete? Equivalent Units? Ending Inventory? % Complete? Equivalent Units? Total Equivalent Units of…Recording manufacturing costs in a JIT costing system Lally, Inc. produces universal remote controls. Lally uses a JIT costing system. One of the Company’s products has a standard direct materials cost of $9 per unit and a standard conversion cost of $35 per unit. During January 2018 Lally produced 500 units and sold 495 units on account at $45 each. It purchased $4,800 of direct materials on the account and incurred actual conversion costs totaling $14,000. Requirements Prepare summary journal entries for January. January 1, 2018, the balance of the Raw and In-Process Inventory account was $70. Use a T-account to find the January 31 balance. Use a T-account to determine whether conversion costs are over-allocated or under-allocated for the month. By how much? Prepare the journal entry to adjust the Conversion Costs account.
- The processing department at Wildhorse Corporation evaluated the costs associated with manufacturing paper towels for the past month. Beginning and newly added costs for May are as follows. Step 3: Account for costs Total costs DM Conversion Costs Costs in beginning WIP Inventory (from last period) $1,780 $1,480 $300 Costs added to WIP Inventory this period 12,020 8,120 3,900 Total costs to account for $13,800 $9,600 $4,200 (a) Show the T-account for Wildhorse’s WIP Inventory reflecting all of the appropriate costs above. WIP Inventory select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option…Collin Company manufactures small appliances and uses an activity-based costing system. Information from its system for the year for all products follows: Activity cost pool Total cost Total activity. Assembly Inspection Packaging $460,000 $298,500 $19,700 A. $139,977.76 B. $115,566.24 C. $23,187.50 D. $26.50 20,000 8,500 1,800 machine - hours inspection - hours order The company makes 875 of its stand mixers a year, which requires a total of 27 machine hours, 15 inspection hours, and 9 orders. The stand mixer requires $16.00 in direct materials per unit and $10.50 in direct labor per unit. The stand mixer sells for $160 per unit. What is the profit margin in total for the stand mixer? (Do not round intermediary calculations and round your final answer to the nearest cent.)Limpiar Company produces a liquid household cleaning product. The Mixing Department, the first process department, mixes the ingredients required for the cleaning product. The following data are for May: Work in process, May 1 Quarts started Quarts transferred out Quarts in EWIP Direct materials cost Direct labor cost Overhead applied Direct materials are added throughout the process. Ending inventory is 40 percent complete with respect to direct labor and overhead. 270,000 225,000 45,000 $1,194,000 $169,000 $338,000 Required: Prepare a production report for the Mixing Department for May. If an answer is zero, enter "0".
- Compute the total cost of the units transferred to finished goods Inventory. JKL FABRICATORS Ic., manufactures frames to bicycles. Each frame passes through three processes: CUTTING, WELDING & PAINTING. In July, the PAINTING Department reported the following data. Beginning WIP consisted of 40,500 units, 95% complete with respect to direct labor and overhead. Costs in the beginning inventory included prime cost, P15,000; applied overhead P12,110 and transferred-in, P31,500. Costs added to production during the month were direct materials, P72,900; direct labor P64,880; transferred-in, P102,060. Overhead was assigned using the following information: Activity Inspection Maintenance Receiving Rate P7.50 per inspection hour P12 per maintenance hour P10 per receiving order Actual Driver Usage 3,000 inspection hours 1,200 maintenance hours 1,000 receiving orders At the end of the month, 121,500 units were transferred out to the Finished Goods Inventory, leaving 13,500 units in the ending…Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information related to this year’s production: Units to Account For Units Materials Conversion Beginning work in process inventory 500 500 250 Started 19,500 Total units to accounted for 20,000 Ending inventory was 100% complete as to materials and 80% complete as to conversion, and the total materials cost is $54,000 and the total conversion cost is $34,010. Using the weighted-average method, what are the unit costs if the company transferred out 15,000 units? If required, round final answers to two decimal places. Costper unit Materials $fill in the blank 1 Conversion $fill in the blank 2 Using the weighted-average method, what is the value of the inventory transferred out and the value of the ending WIP inventory? Inventory transferred out $fill in the blank 3…Cornerstones of Cost Management 4th Ed. - Chapter 4 Scenario II: Goodmark Company produces two types of birthday cards: scented and regular. Goodmark uses the Overhead Control account to accumulate both actual and applied overhead. The company has the following data for the past year: Actual overhead $760,000 Sales $3,500,000 Materials used $1,100,000 Applied Overhead (in each account): Work in process $72,000 Finished goods 216,000 Cost of goods sold 432,000 Required: 1. Calculate the overhead variance for the year and label it under- or overapplied. Overhead variance: $ ________ (underpaid or overpaid) 2. Assuming the variance is not material, the following closing entry would be made: Debit _________ for $___________ and credit _______ for $ __________ 3. If the overhead variance is material, indicate how much of the variance would be __________ to each of the following accounts (if an amount is zero, enter "0"): Work in…