Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Sierra company manufactures woven blankets and accounts for product

08/01/2021 Client: saad24vbs Deadline: 3 days

Problem 20-1A Production cost flow and measurement; journal entries L.O. P1, P2, P3, P4


[The following information applies to the questions displayed below.]


Edison Company manufactures wool blankets and accounts for product costs using process costing. The following information is available regarding its May inventories.






Beginning Inventory




Ending Inventory




  Raw materials inventory


$


60,000




$


41,000




  Goods in process inventory




449,000






521,500




  Finished goods inventory




610,000






342,001






The following additional information describes the company's production activities for May.












  Raw materials purchases (on credit)


$


250,000




  Factory payroll cost (paid in cash)




1,850,300




  Other overhead cost (Other Accounts credited)




82,000




  Materials used








       Direct


$


200,500




       Indirect




50,000




  Labor used








       Direct


$


1,060,300




       Indirect




790,000




  Overhead rate as a percent of direct labor




115


%


  Sales (on credit)


$


3,000,000






The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost.




\\\\\ rev: 11_02_2011


references


 1.


value: 2.00 points






Problem 20-1A Part 1


Required:


1(a)


Compute the cost of products transferred from production to finished goods. (Omit the "$" sign in your response.)




  Cost of products transferred


$




1(b)


Compute the cost of goods sold. (Omit the "$" sign in your response.)




  Cost of goods sold


$


   rev: 10_31_2011


check my work eBook Links (4) references




 2.


value: 5.00 points






Problem 20-1A Part 2


2(a)


Prepare journal entry dated May 31 to record the raw materials purchases. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31


















2(b)


Prepare journal entry dated May 31 to record the direct materials usage. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31


















2(c)


Prepare journal entry dated May 31 to record the indirect materials usage. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31


















2(d)


Prepare journal entry dated May 31 to record the payroll costs. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31


















2(e)


Prepare journal entry dated May 31 to record the direct labor costs. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31


















2(f)


Prepare journal entry dated May 31 to record the indirect labor costs. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31


















2(g)


Prepare journal entry dated May 31 to record the other overhead costs. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31


















2(h)


Prepare journal entry dated May 31 to record the overhead applied. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31


















2(i)


Prepare journal entry dated May 31 to record the goods transferred from production to finished goods.(Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31


















2(j)


Prepare journal entry dated May 31 to record the sale of finished goods. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


May 31




































Fairfax Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During September, the company transferred 760,000 units of product to finished goods. At the end of September, the goods in process inventory consists of 203,000 units that are 90% complete with respect to labor. Beginning inventory had $438,165 of direct materials and $188,540 of direct labor cost. The direct labor cost added in September is $3,582,260, and the direct materials cost added is $2,932,335.


references


 3.


value: 2.00 points






Problem 20-2A Part 1


Required:


1(a)


Determine the equivalent units of production with respect to direct labor.




  Equivalent units






1(b)


Determine the equivalent units of production with respect to direct materials.




  Equivalent units




check my work eBook Links (2) references




 4.


value: 2.00 points






Problem 20-2A Part 2


2.


Compute both the direct labor cost and the direct materials cost per equivalent unit. (Round your answers to 2 decimal place. Omit the "$" sign in your response.)






Per equivalent unit


  Direct labor cost


$


  Direct materials cost


$


check my work eBook Links (2) references




 5.


value: 2.00 points






Problem 20-2A Part 3


3(a)


Compute both direct labor cost and direct materials cost assigned to units completed and transferred out. (Due to rounding of cost per unit, the total costs accounted for in the cost summary may not equal to sum of all the costs given in the problem. Round your per unit costs to 2 decimal places and final answers to the nearest dollar amount.)






Cost transferred out


  Direct materials


$


  Direct labor


$




3(b)


Compute both direct labor cost and direct materials cost assigned to ending goods in process inventory. (Due to rounding of cost per unit, the total costs accounted for in the cost summary may not equal to sum of all the costs given in the problem. Round your per unit costs to 2 decimal places and final answers to the nearest dollar amount.)






Costs of ending goods in process


  Direct materials


$


  Direct labor


$


Problem 20-3A Journalizing in process costing; equivalent units and costs L.O. C2, P1, P2, P3


[The following information applies to the questions displayed below.]


Li Company produces large quantities of a standardized product. The following information is available for its production activities for January.




















  Raw materials








  Factory overhead incurred








  Beginning inventory


$


16,000




  Indirect materials used


$


80,500




  Raw materials purchased (on credit)




280,000




  Indirect labor used




40,000




  Direct materials used




(171,500


)


  Other overhead costs




159,920
















  Indirect materials used




(80,500


)


  Total factory overhead incurred


$


280,420










  Ending Inventory


$


44,000






























  Factory overhead applied








  Factory payroll








     (140% of direct labor cost)








  Direct labor used


$


200,300




  Total factory overhead applied


$


280,420
















  Indirect labor used




40,000






















  Total payroll cost (paid in cash)


$


240,300






















Additional information about units and costs of production activities follows.




















  Units






  Costs










  Beginning goods in process inventory


2,600




  Beginning goods in process inventory










  Started


26,000




       Direct materials


$


3,000






  Ending goods in process inventory


4,900




       Direct labor




3,500












       Factory overhead




4,000






























$


10,500


  Status of ending goods in process inventory






  Direct materials added








171,500


     Materials—Percent complete


90


 %


  Direct labor added








200,300


     Labor and overhead—Percent complete


75


 %


  Overhead applied (140% of direct labor)








280,420




















  Total costs






$


662,720




















  Ending goods in process inventory






$


92,911


During January, 22,000 units of finished goods are sold for $160 cash each. Cost information regarding finished goods follows.












  Beginning finished goods inventory


$


150,000




  Cost transferred in




569,809




  Cost of goods sold




(598,390


)




  Ending finished goods inventory


$


121,419






references


 6.


value: 5.00 points






Problem 20-3A Part 1


Required:


1(a)


Prepare journal entry dated January 31 to record the purchase of raw materials. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


Jan. 31


















1(b)


Prepare journal entry dated January 31 to record the direct materials usage. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


Jan. 31


















1(c)


Prepare journal entry dated January 31 to record the indirect materials usage. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


Jan. 31


















1(d)


Prepare journal entry dated January 31 to record the factory payroll costs. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


Jan. 31


















1(e)


Prepare journal entry dated January 31 to record the direct labor costs used in production. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


Jan. 31


















1(f)


Prepare journal entry dated January 31 to record the indirect labor costs. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


Jan. 31


















1(g)


Prepare journal entry dated January 31 to record the other overhead costs—credit Other Accounts.(Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


Jan. 31


















1(h)


Prepare journal entry dated January 31 to record the overhead applied. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


Jan. 31


















1(i)


Prepare journal entry dated January 31 to record the goods transferred to finished goods. (Omit the "$" sign in your response.)


Date


General Journal


Debit


Credit


Jan. 31


















1(j)


Prepare journal entries dated January 31 to record the sale of finished goods. (Omit the "$" sign in your response.)




Date


General Journal


Debit


Credit


Jan. 31








































check my work eBook Links (4) references




 7.


value: 5.00 points






Problem 20-3A Part 2


2.


Prepare a process cost summary report for this company, showing costs charged to production, units cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. (Due to rounding of cost per unit, the total costs accounted for in the cost summary may not equal to sum of all the costs given in the problem. Round your cost per EUP answers to 2 decimal places and consider the same in the other calculations. Round other answers to the nearest dollar amount. Omit the "$" sign in your response.)




LI COMPANY


Process Cost Summary


For Month Ended January 31


  Costs Charged to Production






  Costs of beginning goods in process








$
























$


  Costs incurred this period








$






























  Total costs to account for




$








Unit cost information


Units to account for




Units accounted for
























  Total units to account for




  Total units accounted for










Equivalent units of production


Direct Materials


Direct Labor


Factory Overhead




 EUP


 EUP


 EUP




 EUP


 EUP


 EUP




  Equivalent units of production


 EUP


 EUP


 EUP






Cost per EUP


Direct Materials


Direct Labor


Factory Overhead




$




$




$




















  Total costs


$




$




$








 EUP






 EUP




 EUP




  Cost per EUP


$


 Per EUP


$


 Per EUP


$


 Per EUP






Cost assignment and reconciliation


  Costs transferred out








$
























$


  Costs of ending goods in process








$






























  Total costs to account for




$






roblem 20-5A Process cost summary, equivalent units, cost estimates L.O. C2, C3, P4


[The following information applies to the questions displayed below.]


Ogden Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting. During October, the company completed and transferred 24,600 units of product to finished goods inventory. Its 4,200 units of beginning goods in process consisted of $20,800 of direct materials, $203,300 of direct labor, and $100,040 of factory overhead. It has 3,000 units (100% complete with respect to direct materials and 90% complete with respect to direct labor and overhead) in process at month-end. After entries to record direct materials, direct labor, and overhead for October, the company’s Goods in Process Inventory account follows.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

University Coursework Help
Helping Hand
Top Essay Tutor
Quick Mentor
Coursework Assignment Help
Smart Accountants
Writer Writer Name Offer Chat
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$37 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$35 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$40 Chat With Writer
Quick Mentor

ONLINE

Quick Mentor

Hey, I have gone through your job posting and become very much interested in working with you.I can deliver professional content as per your requirements. I am a multi-skilled person with sound proficiency in the English language for being a native writer who worked on several similar projects of content writing and can deliver quality content to tight deadlines. I am available for both online and offline writing jobs with the promise of offering an incredibly responsive and supreme level of customer service. Thanks!

$30 Chat With Writer
Coursework Assignment Help

ONLINE

Coursework Assignment Help

Hey, I have gone through your job posting and become very much interested in working with you.I can deliver professional content as per your requirements. I am a multi-skilled person with sound proficiency in the English language for being a native writer who worked on several similar projects of content writing and can deliver quality content to tight deadlines. I am available for both online and offline writing jobs with the promise of offering an incredibly responsive and supreme level of customer service. Thanks!

$30 Chat With Writer
Smart Accountants

ONLINE

Smart Accountants

I feel, I am the best option for you to fulfill this project with 100% perfection. I am working in this industry since 2014 and I have served more than 1200 clients with a full amount of satisfaction.

$30 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

In lmx leaders treat followers - Tutorial 3 case problem 1 html - Discussion - Relocation of tata nano manufacturing plant case study - Unlawful occupation of property - 688a pacific highway belmont - No par common stock journal entry - Brompton on swale tip - Isolated storage windows phone - Katy perry lyrics firework video - Fallsburg school negotiations simulation - In the dying of anything brian patten - Mark mcgwire vortex power bat for sale - Mcq on segmentation targeting and positioning - Socccd.blackboard.com - Olive and the rhyme rescue crew letter d - Allegro 17.2 to altium - Breast exam soap note - Managerial Accounting - Tax salvage - Zeus and the frog king quill answers - Bread blessed and broken michael lynch - Prestwich company has budgeted production - Always living in spanish by marjorie agosin - Week 6 Individual Project - Jo carol lafleur - Gravimetric analysis simulation - Umuc haircuts case study - Psychology Final Grad Level - Productivity paradox - Diy tire drag sled - Configuration manager remote control - Aaron devor gender role behaviors and attitudes citation - Template for report writing - Electromagnetic actuators fallout 4 - What is etsy's business model - Phil 201 liberty university quiz 1 - Paper chromatography of a spinach leaf lab answer key - How to present appetizers attractively - Sport marketing 4th edition pdf - Eli lilly ranbaxy joint venture case - Starbucks debt financing - American rhetoric movie speeches - American government lenz and holman - Internet - Normal probability plot minitab - Beth r jordan tax return solution - Blake and mouton managerial grid - Illustrate Business Ethics, Social Issues, and Responsibility - Logan bar cleft lip - Examples of random error - Electric funeral machine - Character of luka in the bear - Operating asset turnover formula - Evaluate applied steel's situation what should applied steel do - Our lady of heaven church - The interaction between ethics and the criminal justice system - Organ Leader & Decision Making (reflection) - Terry barrett interpreting art pdf - American Government - 6 day bodybuilding workout schedule pdf - Kitchen renovation project charter - Viaguard dog dna test - Ramset chemset injection 101 - University of malta events - Due Friday by 3pm - Xlitemprod pearsoncmg answers - Rabbit proof fence daisy - Need in 12-rs - Hildegard of bingen alleluia o virga mediatrix - Chronic confusion as evidenced by - Excel module 4 sam exam - Ethics case study 2 - Thence up he flew and on the tree of life - What sound does a school bell make onomatopoeia - Comprehensive problem 1 accounting - Semi formal letter writing - Anatomy and physiology chapter 11 nervous system - Clinical Field Experience C - DQ 1 - Environment: Culture, Ethics, & Social Responsibility (Intro to Management) - Child benefit ch2 notes - WORK - 521 Week 5 Field Activity Paper - How the tectonic setting might be related to lithospheric extension in the death valley region - How to run pspice simulation in orcad - Research Paper: Introduction - Management Finance - Silver acetate and sodium chloride - Sand and salt mixture - Wing dome bigger badder cheese recipe - Circuit builder worksheet answers - Analysis on the Threats Defense Argument - 2 page essay - Acropolis institute of technology & research - Cry me a river video - Community assessment project nursing - Netflix push and pushback in streaming video - Adobe bridge cs3 update - Essay