Student Name:
Class:
Part a.
Physical
Units Materials Labor Overhead
80,000
Correct! Correct! Correct! Correct!
Total Costs Materials Labor Overhead
Current period costs
Total costs to be accounted for
Costs per equivalent unit
Overhead
Materials
Labor
1,222,800$ 240,000$ 546,000$ 436,800$
Total ending WIP inventory
Overhead
Labor
Materials
Total costs accounted for
Total costs of units transferred out
Costs assigned to ending WIP:
Labor
Overhead
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
Units started this period
Total units to be accounted for
Units accounted for:
Units completed and transferred out:
From beginning inventory
Started and completed currently
Total transferred out
Units in ending WIP inventory
Total units accounted for
Work in Finished
Process Goods
793,152$ 337,560$
Account Title Debit Credit
Finished Goods would have been
Part c.
Income would have been
Work in Process would have been
Cost of Goods Sold
Finished Goods
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:
Beginning inventory (80% completed as to labor)
Units started
Current costs
Units completed and transferred to finished goods inventory
Finished goods inventory at beginning of period
Percent of direct labor costs applied to overhead
WIP percentage of completion as to conversion costs
Additional Inventory information:
Additional information:
Costs in beginning WIP inventory
Current period costs
Costs per equivalent unit
Materials
Conversion
Conversion
Total costs from beginning inventory
Current costs of units started & completed:
Total costs transferred out
Conversion
Materials
Total costs of units started and completed
Total ending WIP inventory
Costs assigned to ending WIP inventory:
Prior department costs
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
Units completed and transferred out:
From beginning inventory
Started and completed currently
Units In ending WIP inventory
Units to be accounted for:
Beginning WIP inventory
Units started this period
Units accounted for:
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
Conversion costs
Units
Direct materials costs
Cost of units transferred
Percent complete with respect to conversion
Percent complete with respect to direct materials
Number of units
Total August costs
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
Beginning WIP inventory
Units started this period
Units accounted for:
Completed and transferred out
Units in ending inventory
Conversion
Total Costs
Current period 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
Current period 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
Material Number of Units Total
Department B:
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
Units accounted for:
Completed and transferred out
Units in ending inventory
Conversion costs
Units started this period
Cost Units Cost Cost
X-20 35 450$ 15,750$
From Department B
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
Department B
Department A
Conversion costs:
Percent ending WIP is complete in Department B
Percent ending WIP is complete in Department A