Exam 28: Process Cost Accounting

On October 1, 2019, there was no beginning inventory in the Bottling Department. During the month, production was started on 7,280 units. The total cost of materials was $36,400. All materials were placed in production at the start of the manufacturing process in the department. During the month, 5,800 units were transferred to the next department. There were 1,600 units still in process at the end of the month. 1. What is the cost per equivalent unit for materials? 2. What is the cost of materials in the goods transferred to the next department? 3. What is the cost of materials in the ending work in process inventory?

Use the following information for the questions. Cost data for a firm's first department, Dept. A, for June 2019 is given below.Material costs place into productio -Prepare a cost of production report for the month of June from the information given.

The Painting Department transferred 5,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 800 units were still in process at the end of the month, and were 65% complete. Production costs incurred for the month totaled $24,230. Inventory costs would be determined using a unit cost (rounded to two decimal places)of

The current department costs categories are

Materials issued to production are recorded by debiting Raw Materials Inventory and crediting the departmental work in process accounts.

On a cost of production report, the total of the costs of products transferred out of a department and the cost of the ending work in process still in the department must equal the cumulative total cost for the department.

Under the average cost method, current period materials, labor and overhead added to production are added to the beginning inventory balance. The sum is then allocated between transferred out and costs remaining in ending work in process based on equivalent units of labor incurred.

The equivalent units of production are calculated on the Units of Production report.

On July 1, 2019, there was no beginning inventory in Dept. A, the first department. During the month, production was started on 4,000 units. The total cost of materials was $22,000. All materials were placed in production at the start of the manufacturing process in the department. During the month, 2,850 units were transferred to the next department. There were 690 units still in process at the end of the month. 1. What is the cost per equivalent unit for materials? 2. What is the cost of materials in the goods transferred to the next department? 3. What is the cost of materials in the ending work in process inventory?

A cost of production report usually contains a(n)-----------schedule and a cost schedule.

During the month, 8,000 units of a product were completed and transferred out and 3,000 units were 1/3 complete at the end of the period. The direct material cost was $115.00 per unit and the combined labor and overhead cost was $227.00 per unit. What is the cost of the ending work in process?

The ending balance of a(n)-----------Inventory account for a production department must agree with the amount shown for that department in the cost of production report.

A firm had a beginning work in process inventory totaling $4,900 and current period costs of $26,200. Equivalent production was 5,280 units, and 2,960 units were completed and transferred to the finished goods inventory. Inventory costs would be determined using a unit cost (rounded to two decimal places)of

-Using the information given, what are the quantity to account for, the quantity accounted for, and the equivalent production units for the month of November for Department R?

During the month, 2,450 units of a product were completed and 700 units were 60% complete with respect to labor and are still in process. The total equivalent units of production for labor for the month is

Data about production in the Processing Department for July is given below. 1. Compute the equivalent units of production for the prior department costs. 2. Compute the equivalent units of production for materials. 3. Compute the equivalent units of production for labor and overhead.

At the end of the month, the transfer of manufacturing overhead to work in process includes a-----------to Manufacturing Overhead account

Each section of the production report has two parts. They reconcile

To calculate the unit cost of production for a year, the beginning inventory cost is added to the current period manufacturing costs, and the total is divided by the equivalent units of production.