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4-21
PROBLEM 4-29 (40 MINUTES)
1.
a. Equivalents units:
Physical
Units
Percentage
of
Completion
with
Respect to
Conversion
Equivalent Units
Direct
Material
Conversion
Work in process, June 1 ..................
30,000
35%
Units completed and
transferred out during June ........
40,000
100%
40,000
40,000
b. Unit costs:
Direct
Material
Conversion
Total
Total costs to account for
$348,800
$2,844,900
4-22
PROBLEM 4-29 (CONTINUED)
c.
Cost of goods completed and transferred out during June:
Cost remaining in June 30 work-in-process inventory:
Direct material:
percost
of number
Conversion:
percost
of number
2.
Journal entry:
Chapter 04 - Process Costing and Hybrid Product-Costing Systems
4-23
PROBLEM 4-30 (35 MINUTES)
1. Direct material cost was $1,390,000:
JR1163 ...............................
$ 225,000
JY1065 ...............................
710,000
2. Goods completed during April cost $2,002,000 (26,000 units x $77) as the following
calculations show:
Physical
Units
Percentage
Of
Completion
With
Respect to
Conversion
Equivalent Units
Direct
Material Conversion
Work in process, April 1……………….
3,000
80%
Chapter 04 - Process Costing and Hybrid Product-Costing Systems
4-24
PROBLEM 4-30 (CONTINUED)
Direct
Material
Conversion
Total
Work in process, April 1……………………
$ 230,000
$ 63,940
$ 293,940
3. The cost of the ending work-in-process inventory is $257,400:
4. (a) No material would be added during May. All material is introduced at the start
5. Given that the ending work-in-process inventory is at the 45% stage of completion,
4-25
PROBLEM 4-31 (50 MINUTES)
The missing amounts are shown below. A completed production report follows.
Work in process, October 1 (in units) ..................................................................
10,000
Work in process, October 1: conversion .............................................................
$ 30,225
PRODUCTION REPORT: FANTASIA FLOUR MILLING COMPANY
Weighted-Average Method
Percentage
of
Completion
with
Equivalent Units
Physical
Respect to
Direct
Units
Conversion
Material
Conversion
Work in process, October 1 ..........
10,000
15%
Chapter 04 - Process Costing and Hybrid Product-Costing Systems
4-26
PROBLEM 4-31 (CONTINUED)
Direct
Material
Conversion
Total
Work in process, October 1 ..........
$112,000
$ 30,225
$ 142,225
*$8.90 = $712,000 ÷ 80,000
4-27
PROBLEM 4-31 (CONTINUED)
Cost of goods completed and transferred out during October:
Cost remaining in October 31 work-in-process inventory:
Direct material:
percost
of number
Conversion:
percost
of number
Chapter 04 - Process Costing and Hybrid Product-Costing Systems
4-28
PROBLEM 4-32 (30 MINUTES)
Physical
Units
Percentage
Of
Completion
With
Respect to
Conversion
Equivalent Units
__________________
Direct
Material Conversion
________
__________
______
__________
Work in process, June 1……………….
200
25%
Units completed and transferred
during June…………………………..
600
100%
600
600
Direct
Material
Conversion
Total
_______
__________
______
Work in process, June 1……………………
$12,000
$ 6,000
$18,000
3. The cost of the June 30 work-in-process inventory is $34,000:
Chapter 04 - Process Costing and Hybrid Product-Costing Systems
4-29
PROBLEM 4-32 (CONTINUED)
4. Equivalent units measure the amount of manufacturing activity (i.e., for direct
material or conversion) that has been applied to a batch of physical units. If, for
Chapter 04 - Process Costing and Hybrid Product-Costing Systems
4-30
PROBLEM 4-33 (30 MINUTES)
1.
a. Equivalent units:
Percentage
of
Completion
with Respect
Tax
to
Returns
Conversion
(physical
(labor and
Equivalent Units
units)
overhead)
Labor
Overhead
Returns in process, February 1 .....
300
20%
Returns completed
b. Costs per equivalent unit:
Labor
Overhead
Total
Returns in process, February 1 ...................
£ 3,500
£ 4,000
£ 7,500
2.
Cost of returns in process on February 28:
Labor: equivalent units cost per equivalent unit
Chapter 04 - Process Costing and Hybrid Product-Costing Systems
4-31
PROBLEM 4-34 (50 MINUTES)
The missing amounts are shown below. A completed production report follows.
Units started during January ................................................................................
55,000
Units completed and transferred out during January .........................................
60,000
PRODUCTION REPORT: CANANDAIGUA CARPET COMPANY
Weighted-Average Method
Physical
Units
Percentage
of
Completion
with
Respect to
Conversion
Equivalent Units
Direct
Material
Conversion
Work in process, January 1 ............
25,000
25%
Units started during January ..........
55,000
4-32
PROBLEM 4-34 (CONTINUED)
Direct
Material
Conversion
Total
Work in process, January 1 ..............................
$232,000
$110,600
$ 342,600
Cost of goods completed and transferred out during January:
Cost remaining in January 31 work-in-process inventory:
Direct material:
percost
of number
Conversion:
percost
of number
Chapter 04 - Process Costing and Hybrid Product-Costing Systems
4-33
PROBLEM 4-35 (45 MINUTES)
1.
PRODUCTION REPORT: MIXING DEPARTMENT
(Weighted-Average Method)
November 20x5
Percentage
of
Completion
with
Equivalent Units
Physical
Respect to
Direct
Units
Conversion
Material
Conversion
Work in process, November 1 .......
5,000
70%
Units completed and transferred
out during November ..........
16,000
100%
16,000
16,000
Direct
Material
Conversion
Total
Work in process, November 1 .......
$ 31,600
$ 55,220
$ 86,820
