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Accounting

Process Cost Accounting Answers

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Answer (1)
a)
Units to account for
Units in beginning inventory 8,000
Units started 15,000
Total units to account for 23,000
b)
Units transferred = units to account for – units in ending inventory
= 23,000-5,000 = 18,000 units
c)
Units transferred remain the same at 18,000 units
d)
Units transferred are 18,000
Units from beginning inventory = 8,000
Units started and completed = 18,000-8,000=10,000

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Answer (2)
For the Month of
Quantity Schedule
Quantities
Physical Units
Material Labor
Units to be accounted for
Work in Process, Beginning 500
Started into Production 3,700
Total Units 4,200
Units Accounted for
Transferred Out 3,800 3,800 3,800
WIP, Ending 400 200 200
Total Units 4,200 4,000 4,000
Cost per Equivalent Unit
Unit Costs Material Labor Overhead
WIP 2,500 1,200 1,100
Costs in Month 13,500 9,200 8,500
Total Cost 16,000 10,400 9,600
Equivalent Units 4,000 4,000 4,000
Unit Costs 4 2.6 2.4
Cost Reconciliation Schedule
Costs to be accounted for
WIP, Beginning 4,800
Started into Production 31,200
Total Costs 36,000
Costs Accounted for
Transferred out 34,200
Work in process, Ending
Material 800
Labor 520
Overhead 480
Total WIP 1,800
Total costs 36,000
Production Cost Report – Average Cost Method
Equivalent Units

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Answer (1)a)Units to account forUnits in beginning inventoryUnits startedTotal units to account for8,00015,00023,000b)Units transferred = units to account for units in ending inventory= 23,000-5,000 = 18,000 unitsc)Units transferred remain the same at 18,000 unitsd)Units transferred are 18,000Units from beginning inventory = 8,000Units started and completed = 18,000-8,000=10,000Answer (2)Production Cost Report Average Cost MethodFor the Month ofQuantity ScheduleQuantitiesPhysical UnitsUnits to be accounted forWork in Process, BeginningStarted into ProductionTotal UnitsUnits Accounted forTransferred OutWIP, EndingTotal UnitsCost per Equivalent UnitUnit CostsWIPCosts in MonthTotal CostEquivalent UnitsUnit CostsCost Reconciliation ScheduleCosts to be accounted forWIP, BeginningStarted into ProductionTotal CostsCosts Accounted forTransferred outWork in process, EndingMaterialLaborOverheadTotal WIPTotal costsEquivalent UnitsMaterialLabor5003,7004,2003,8004004,200Material2,50013,50016,0004,00043,8002004,0003,8002004,0001,2009,20010,4004,0002.6Overhead1,1008,5009,6004,0002.4Labor4,80031,20036,00034,2008005204801,80036,0003)a)Quantity ScheduleQuantitiesUnits to be accounted forWork in Process, BeginningStarted into ProductionTotal UnitsUnits Accounted forTransferred OutWIP, EndingTotal UnitsPhysical UnitsEquivalent UnitsMaterialLabor16,0001,00017, ...
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