Production Cost Report Empire Aviation owns the patent to manufacture the most agile starship in the galaxy, the Tie Fighter. The company uses a process costing system that includes two departments; Assembly and Quality Control The assembly department of Empire Aviation has the following production and manufacturing cost data for January 2022. There were no unfinished units as of December 31, 2021. Production: 500 units finished and transferred out; 200 units are in ending Inventory that are 100% complete as to materials and 30% complete as to conversion costs Manufacturing costs: Materials $900,000; labor $600,000; overhead $200,000 1. Using the information above, prepare a Production Cost Report for January Peach color cells require data entry, Yellow color cells require formulas 2. Answer the questions at the end of the report. Quantities Units to be accounted for Total units Units accounted for Total units Costs Unit costs Unit costs (a) (b) Costs to be accounted for Total costs Cost Reconciliation Schedule Cost accounted for Work in Process, ianuary 31 Supplemental Questions Production Cost Report Physical Units Equivalent Units Materials Conversion Costs Total

Production Cost Report Empire Aviation owns the patent to manufacture the most agile starship in the galaxy, the Tie Fighter. The company uses a process costing system that includes two departments; Assembly and Quality Control The assembly department of Empire Aviation has the following production and manufacturing cost data for January 2022. There were no unfinished units as of December 31, 2021. Production: 500 units finished and transferred out; 200 units are in ending Inventory that are 100% complete as to materials and 30% complete as to conversion costs Manufacturing costs: Materials $900,000; labor $600,000; overhead $200,000 1. Using the information above, prepare a Production Cost Report for January Peach color cells require data entry, Yellow color cells require formulas 2. Answer the questions at the end of the report. Quantities Units to be accounted for Total units Units accounted for Total units Costs Unit costs Unit costs (a) (b) Costs to be accounted for Total costs Cost Reconciliation Schedule Cost accounted for Work in Process, ianuary 31 Supplemental Questions Production Cost Report Physical Units Equivalent Units Materials Conversion Costs Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sayon Company employs FIFO process costing system concerning its only product which undergoes production in assembly department and finishing department. The following data for the year endec December 31, 2020 are provided: Assembly Department Units Cost January 1, 2020 100,000 units – 40% completed Cost of Direct material – P3M as to conversion cost Cost of Direct labor – P5M Cost of Factory Overhead – P2M 150,000 units – 80% completed as to conversion cost 400,000 units December 31, 2020 ? Units started DM cost added – P12M DL cost – P15M FOH cost – P13M Finishing Department Units Costs Cost of Transferred in - P10M January 1, 2020 50,000 units – 70% incomplete conversion cost DM cost – P6M DL cost – P1M FOH cost - P3М 30,000 units - 10% incomplete as ? to conversion cost December 31, 2020 Units started DM cost – P30M DL cost – P40M FOH cost – P10M Additional information: a. It is the company's policy to add conversion cost evenly throughout the period in the two departments. All…
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.Production: 6,600 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.Manufacturing costs: Materials $31,680; labor $20,700; overhead $35,460.Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.) QUIK FURNITURE COMPANYSanding DepartmentProduction Cost ReportFor the Month Ended March 31, 2020 Equivalent Units Quantities PhysicalUnits Materials ConversionCosts Units to be accounted for Work in process, March 1 enter a number of units Started into production enter a number of units Total units enter a total number of units Units…
Carica Company is a manufacturer with two production departments (Machining and Assembly) as well as two support departments (Materials Requisitions and Utility Services).For the last quarter of 2020, Carica’s cost records indicate the following: SUPPORT PRODUCTIONMaterials Requisitions(MR)Utility Services(US)Machining Assembly TotalBudgeted overhead costs before any interdepartment cost allocations$200,000 $1,000,000 $5,456,000 $7,458,000 $14,114,000Support work supplied by MR (Number of requisitions)0 25% 40% 35% 100%Support work supplied by US (Power costs)10% 0 30% 60% 100%Required:1. Allocate the two support departments’ costs to the two operating departments using the following methods: a. Direct method b. Step-down method (allocate MR first) c. Step-down method (allocate US first) d. The Algebraic method. 2. Compare and explain differences in the support-department costs allocated to each production department. 3. What approaches might be used to decide the sequence in which to…
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.Production: 7,100 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.Manufacturing costs: Materials $40,400; labor $20,600; overhead $39,460.Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)
The management of Shatner Manufacturing Company is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part, called CISCO, is a component of the company’s finished product.The following information was collected from the accounting records and production data for the year ending December 31, 2020.1. 8,000 units of CISCO were produced in the Machining Department.2. Variable manufacturing costs applicable to the production of each CISCO unit were: direct materials $5.23, direct labor $4.71, indirect labor $0.48, utilities $0.39.3. Fixed manufacturing costs applicable to the production of CISCO were: Cost Item Direct Allocated Depreciation $2,100 $960 Property taxes 500 370 Insurance 910 650 $3,510 $1,980 All variable manufacturing and direct fixed costs will be eliminated if CISCO is purchased. Allocated costs will not be eliminated if CISCO is purchased. So if CISCO is purchased,…
The management of Blossom Manufacturing Company is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part, called CISCO, is a component of the company's finished product. The following information was collected from the accounting records and production data for the year ending December 31, 2022. 1.8,100 units of CISCO were produced in the Machining Department. 2. Variable manufacturing costs applicable to the production of each CISCO unit were: direct materials $4.86, direct labor $4.40, indirect labor $0.48, utilities $0.38. 3. Fixed manufacturing costs applicable to the production of CISCO were: Cost Item Depreciation Property taxes Insurance Direct material Direct labor Indirect labor Utilities Depreciation Property taxes Insurance Direct Allocated $2,000 $940 All variable manufacturing and direct fixed costs will be eliminated if CISCO is purchased. Allocated costs will not be eliminated if CISCO is purchased. So if CISCO is…
The sanding department of Blossom Furniture Company has the following production and manufacturing cost data for March 2022, the first month of operation. Production: 10,200 units completed and transferred out; 4,280 units in ending work in process are 100% complete in terms of materials and 25% complete in terms of conversion costs. Manufacturing costs: materials $47,784; labour $40,100; overhead $34,282. Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 15.25.)
ABC Company uses a backflush costing system with three trigger points: Purchase of direct materials Completion of finished units Sale of finished units The following data are provided for April 2022: Purchase of raw materials - P3,000,000 Conversion costs incurred - P800,000 Standard direct material cost is P100 per unit while standard conversion cost is P25 per unit. ABC Company produced 28,500 units and was able to sell 28,300 units. How much is the Raw and In Process account as of the end of April?
The Faten Manufacturing Company started its operations in August 2020. Faten Company uses the Process Costing System. In August 2020 the company started with 7,000 units. At the end of August there were 500 units in ending work in process, only 20% completed as to materials and conversion costs. What is the total number of units that Faten Company needs to account for? a. 7,340 units O b. 7,000 units O c. 7,500 units O d. 7,360 units
Whispering Winds Company has developed the following standard costs for its product for 2022: WHISPERING WINDSCOMPANY Standard Cost Card Product A Cost Component Standard Quantity Standard Price Standard Cost Direct materials 4 pounds $3 $12 Direct labor 3 hours 8. 24 Manufacturing overhead 3 hours 4 12 $48 The company expected to produce 31,700 units of Product A in 2022 using 95,900 direct labor hours. Actual results for 2022 are as follows: 33,000 units of Product A were produced. Actual direct labor costs were $794,580 for 96,900 direct labor hours worked. Actual direct materials purchased and used during the year cost $369,875 for 134,500 pounds. Actual variable overhead incurred was $165,000 and actual fixed overhead incurred was $220,000. Compute the following variances showing all computations to support your answers. Indicate whether the variances are unfavorable. Compute the following variances showing all computations to support your answers. Indicate whether the variances…
ABC Company uses a backflush costing system with three trigger points: Purchase of direct materials Completion of finished units Sale of finished units The following data are provided for April 2022: Purchase of raw materials - P3,000,000 Conversion costs incurred - P800,000 Standard direct material cost is P100 per unit while standard conversion cost is P25 per unit. ABC Company produced 28,500 units and was able to sell 28,300 units. How much is the ending Finished Goods as of the end of April?
The management of Ramir Manufacturing Company is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part, called BROCO, is a component of the company's finished product. The following information was collected from the accounting records and production data for the year ending December 31, 2022. 1. 8,000 units of BROCO were produced in the Production Department. 2. Variable manufacturing costs applicable to the production of each BROCO unit were: direct materials $4.80, direct labor $4.30, indirect labor $0.43, utilities $0.40. 3. Fixed manufacturing costs applicable to the production of BROCO were: Cost Item Depreciation Property taxes Insurance Direct Allocated $2,100 $ 900 200 600 $1,700 500 900 $3.500 Total $3,000 700 1,500 $5.200 All variable manufacturing and direct fixed costs will be eliminated if BROCO is purchased. Allocated costs will not be eliminated if BROCO is purchased. So if BROCO is purchased, the fixed manufacturing…