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Student Name:
Class:
Part a.
Physical
Units Materials Labor Overhead
80,000
Correct! Correct! Correct! Correct!
Total Costs Materials Labor Overhead
1,222,800$ 240,000$ 546,000$ 436,800$
1,350,000 1,350,000
Costs to be accounted for:
Costs in beginning WIP inventory
Costs assigned to units transferred out:
FREMONT CORPORATION
Production Cost Report - Weighted Average
Flow of production units:
McGraw-Hill/Irwin
Instructor
Problem 08-50
Equivalent units
Costs:
Details
Beginning WIP inventory
Units to be accounted for:
Costs accounted for:
Materials
Work in Finished
Process Goods
793,152$ 337,560$
Account Title Debit Credit
240,048
Per problem statement
Work in Process
Part b. Adjustment required:
Prepare the journal entry below to adjust the accounts to the correct amounts
Unaudited
Units Costs
120,000 793,152$
20,000 337,560
FREMONT CORPORATION
Work-in-process inventory
Finished goods inventory
Given Data P08-50:
Unaudited inventory balances:
Student Name:
Class:
Prior
Physical Department
Units Costs Materials Conversion
Prior
Department
Total Costs Costs Materials Conversion
Correct!
323,400$ 98,000$ 164,400$ 61,000$
- -
36,000 36,000
Materials
Prior department costs
Costs to be accounted for:
Costs accounted for:
Costs assigned to units transferred out:
Costs from beginning WIP inventory
Instructor
McGraw-Hill/Irwin
PANTANAL, INC.
Production Cost Report - FIFO
Assembly Department
Problem 08-53
COMPUTE EQUIVALENT UNITS
Flow of production units
Current costs added to complete beginning WIP inventory:
Costs
DETAILS
Assembling Department beginning Work-in-process inventory:
Degree of
Costs Completion
98,000$ 100%
164,400 60%
61,000 40%
323,400$
Given Data P08-53:
PANTANAL, INC.
Work-in-process balance (August 1)
Conversion costs
Direct materials costs
Transferred-in from Molding
Beginning inventory (12,500 units)
Work-in-process
Student Name:
Class:
Material Number of Unit Material
Product Cost Units Cost
X-10 75,000$ 500$ 150$ «- Correct!
Physical Conv. Costs
Units Equiv. Units
Conversion
Total Costs
-$ -$
Costs to be accounted for:
Costs in beginning WIP inventory
Flow of costs
Units to be accounted for:
Flow of units
WASHINGTON, INC.
Instructor
McGraw-Hill/Irwin
Problem 08-58
Department A:
The conversion costs per equivalent unit are:
The material costs per unit are:
Part a.
Physical Conv. Costs
Units Equiv. Units
-
Conversion
Total Costs
-$ -$
Unit Unit Unit
Material Department Department Unit
Product Cost A Cost B Cost Cost
X-10 150$ 300$ -$ 450$ «- Correct!
Material Number of Units Total
Cost Units Cost Cost
X-10 100 150$ 15,000$
Work-in-Process Ending Inventory Balances are:
Part b.
Department A:
Cost of units transferred to finished goods:
Flow of costs
Costs to be accounted for:
Costs in beginning WIP inventory
Department B:
Flow of units
Units to be accounted for:
Beginning WIP inventory
Cost Units Cost Cost
X-20 35 450$ 15,750$
Correct!
50 300 15,000
From Department A
Conversion costs
Total X-10 X-20 X-40
500 300 200
400 260 180
225 165
450,000$ 75,000$ 135,000$ 240,000$
Given Data P08-58:
Data for April
Units completed in Department A
Units completed in Department B
Materials
WASHINGTON, INC.
Units started
