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Student Name:
Class:
Part 1 (a) and (b)
Direct Direct
Materials Labor
700,000 700,000
180,000
54,000
880,000 754,000
Correct! Correct!
Direct Direct
2,220,000 3,254,000
2,640,000$ 3,393,000$
Correct! Correct!
880,000 754,000
Direct Direct
Materials Labor
2,100,000$
3,150,000
5,250,000$ «- Correct!
540,000
243,000
783,000 «- Correct!
Problem 20-02A
McGraw-Hill/Irwin
Instructor
VICTORY COMPANY
Equivalent units of production (EUP)
Part 2
Units of ending goods in process
Units completed and transferred out
Direct materials
Direct labor
Total equivalent units of production
Costs transferred out
Part 3
Assigning product costs to units
Costs incurred this period
Total costs
Divided by Equivalent units of production
Total costs of ending goods in process
Direct materials
Direct labor
Total costs transferred out
Costs of ending goods in process
Direct materials
Direct labor
Student Name:
Class:
Problem 20-02A
McGraw-Hill/Irwin
Instructor
the goods in process inventory and retained earnings are understated;
of cost of goods sold and an understatement of net income on the
income statement for November. On the November 30 balance sheet,
units remaining in ending inventory is greater.
therefore total assets and equity are also understated.
Regarding financial statements, this error causes an overstatement
700,000
180,000
$420,000
$139,000
$3,254,000
$2,220,000
$4.50
$783,000
Given Data P20-02A:
VICTORY COMPANY
Direct labor
Direct materials
(3b)
(2) Direct labor cost per equivalent unit
Check figure:
Direct materials cost for period
Direct labor cost for period
Beginning inventory:
end of period
Number of units 30% complete as to labor at
Number of units transferred to finished goods
For the month of November:
Student Name:
Class:
59,450$
172,800
103,680 335,930$
102,050
408,200
244,920 755,170
1,091,100$
Correct!
30,000
140,000
170,000 «- Correct!
150,000
20,000
170,000 «- Correct!
Direct Direct Factory
Materials Labor Overhead
150,000 150,000 150,000
20,000
16,000
16,000
170,000 166,000 166,000
Correct! Correct! Correct!
Direct Direct Factory
Materials Labor Overhead
59,450$ 172,800$ 103,680$
102,050 408,200 244,920
161,500$ 581,000$ 348,600$
170,000 166,000 166,000
0.950$ 3.500$ 2.100$
Correct! Correct! Correct!
Costs incurred this period
McGraw-Hill/Irwin
Instructor
For Month Ended October 31
Process Cost Summary - Weighted Average Method
FAST CO.
Problem 20-04A
Unit cost information
Costs Charged to Production
Costs of beginning goods in process
Direct materials
Direct labor
Factory overhead
Completed and transferred out
Direct materials
Direct labor
Factory overhead
Total costs to account for
Units to account for
Beginning goods in process
Units started this period
Total units to account for
Units accounted for
Costs incurred this period
Ending goods in process
Total units accounted for
Cost per EUP
Equivalent units of production
Units completed and transferred out
Units of ending goods in process
Direct materials
Direct labor
Factory overhead
Equivalent units of production
Cost of beginning goods in process
Total costs
Divided by EUP
Cost per EUP
Student Name:
Class:
McGraw-Hill/Irwin
Instructor
Problem 20-04A
142,500$
525,000
315,000 982,500$
19,000
56,000
33,600 108,600
1,091,100$
Correct!
Account Debit Credit
982,500
982,500 «- Correct!
Transfer of goods to finished goods inventory.
General Journal
FAST CO.
Cost assignment and reconciliation
Direct labor
Costs transferred out
Direct materials
Direct labor
Factory overhead
Costs of ending goods in process
Direct materials
Factory overhead
Total costs accounted for
Goods in Process Inventory
Oct. 31 Finished Goods Inventory
Goods in Process Inventory Acct. No. 133
Date Explanation Debit Credit Balance
Oct 1 Balance 335,930
31 Direct materials 102,050 437,980
31 Direct labor 408,200 846,180
31
Applied overhead
244,920 1,091,100
59,450$
172,800$
103,680$
140,000
150,000
20,000
80.00%
982,500$
FAST CO.
Given Data P20-04A:
Check figure:
End of October:
During October:
Direct materials
Beginning goods in process inventory:
Direct labor
Factory overhead
(1) Costs transferred out to finished goods
Units started
Units transferred to finished goods
Units in goods in process inventory
Percent complete
