ACCT 241 Week 4 Assignment Help 3 | American University
- american-university / ACCT 241
- 02 Aug 2019
- Price: $12
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ACCT 241 Week 4 Assignment Help 3 | American University
1.
Quality
Brick Company produces bricks in two processing departments—Molding and Firing.
Information relating to the company’s operations in March follows:
A. Raw materials used in production:
Molding Department, $23,000; and Firing Department, $8,000.
B. Direct labor costs incurred:
Molding Department, $12,000; and Firing Department, $7,000.
C. Manufacturing overhead was
applied: Molding Department, $25,000; and Firing Department, $37,000.
D. Unfired, molded bricks were transferred
from the Molding Department to the Firing Department. According to the
company’s process costing system, the cost of the unfired, molded bricks was
$57,000.
E. Finished bricks were transferred
from the Firing Department to the finished goods warehouse. According to the
company’s process costing system, the cost of the finished bricks was $103,000.
F. Finished bricks were sold to
customers. According to the company’s process costing system, the cost of the
finished bricks sold was $101,000.
Required:
Prepare
journal entries to record items (a) through (f) above. (If no entry is required
for a transaction/event, select "No journal entry required" in the
first account field.)
2.
Clonex
Labs, Inc., uses the weighted-average method in its process costing system. The
following data are available for one department for October:
|
|
Percent Completed |
||||
|
|
Units |
Materials |
Conversion |
||
|
Work in process, October 1 |
30,000 |
65 |
% |
30 |
% |
|
Work in process, October 31 |
15,000 |
80 |
% |
40 |
% |
The
department started 175,000 units into production during the month and
transferred 190,000 completed units to the next department.
Required:
Compute
the equivalent units of production for October.
3.
Superior
Micro Products uses the weighted-average method in its process costing system.
Data for the Assembly Department for May appear below:
|
|
Materials |
Labor |
Overhead |
|||
|
Work in process, May 1 |
$ |
18,000 |
$ |
5,500 |
$ |
27,500 |
|
Cost added during May |
$ |
238,900 |
$ |
80,300 |
$ |
401,500 |
|
Equivalent units of production |
|
35,000 |
|
33,000 |
|
33,000 |
Required:
Compute
the cost per equivalent unit for materials, labor, overhead, and in total.
(Round your answers to 2 decimal places.)
4.
Data
concerning a recent period’s activity in the Prep Department, the first
processing department in a company that uses process costing, appear below:
|
|
Materials |
Conversion |
||||
|
Equivalent
units in ending work in process inventory |
|
2,000 |
|
|
800 |
|
|
Cost
per equivalent unit |
$ |
13.86 |
|
$ |
4.43 |
|
A
total of 20,100 units were completed and transferred to the next processing
department during the period.
Required:
1.
Compute the cost of ending work in process inventory for materials, conversion,
and in total.
2.
Compute the cost of the units completed and transferred out for materials,
conversion, and in total.
5.
Maria
Am Corporation uses the weighted-average method in its process costing system.
The Baking Department is one of the processing departments in its strudel
manufacturing facility. In June in the Baking Department, the cost of beginning
work in process inventory was $3,570, the cost of ending work in process
inventory was $2,860, and the cost added to production was $43,120.
Required:
Prepare
a cost reconciliation report for the Baking Department for June.
|
Cost of beginning
work in process inventoryselected answer correct |
$3,570selected answer correct |
|
Costs added to
production during the periodselected answer correct |
43,120selected answer correct |
|
Total cost to be
accounted for |
$46,690 |
|
Costs accounted for as follows: |
|
|
Cost of ending
work in process inventoryselected answer correct |
$2,860selected answer correct |
|
Cost of units
completed and transferred outselected answer correct |
43,830selected answer correct |
|
Total cost
accounted for |
$46,690 |
6.
Chocolaterie
de Geneve, SA, is located in a French-speaking canton in Switzerland. The
company makes chocolate truffles that are sold in popular embossed tins. The
company has two processing departments—Cooking and Molding. In the Cooking
Department, the raw ingredients for the truffles are mixed and then cooked in
special candy-making vats. In the Molding Department, the melted chocolate and
other ingredients from the Cooking Department are carefully poured into molds
and decorative flourishes are applied by hand. After cooling, the truffles are
packed for sale. The company uses a process costing system. The T-accounts
below show the flow of costs through the two departments in April:
|
Work in Process—Cooking |
|||
|
Balance 4/1 |
8,000 |
Transferred out |
160,000 |
|
Direct materials |
42,000 |
|
|
|
Direct labor |
50,000 |
|
|
|
Overhead |
75,000 |
|
|
|
Work in Process—Molding |
|||
|
Balance 4/1 |
4,000 |
Transferred out |
240,000 |
|
Transferred in |
160,000 |
|
|
|
Direct labor |
36,000 |
|
|
|
Overhead |
45,000 |
|
|
Required:
Prepare
journal entries showing the flow of costs through the two processing
departments during April. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
USA 
India