Managerial Accounting
7th Edition
ISBN: 9781260247886
Author: Wild
Publisher: MCG
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Chapter 3, Problem 5PSB
Problem 16-5BA FIFO: Process cost summary; equivalent units; cost estimates C3 C4 P4
Refer to the data in Problem 16-4B. Assume that Switch uses the FIFO method to account for its
- Beginning work in process consisted of 10,000 units that were 75% complete with respect to direct materials and 60% complete with respect to conversion.
- Of the 22,000 units completed, 10,000 were from beginning work in process. The remaining 210,000 were units started and complete during January.
Required
- Prepare the company’s process cost summary for January using FIFO. Round cost per EUP to three decimal places.
- Prepare the
journal entry dated January 31 to transfer the cost completed units to finished goods inventory.
(2) Cost transferred out to, $743,554.
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Students have asked these similar questions
Product X is obtained after it passes through three distinct
processes. The following cost information is available for the
operation.
Total
Process 1
Process 2
Process 3
Direct materials added
$15,084
$5,200
$3,960
$5,924
Direct wages
18,000
4,000
6,000
8,000
Production overhead
18,000
1,000 units @ $6.00 per unit were introduced in Process 1.
Production overhead is to be distributed as a percentage of direct
wages.
Actual Output Units
Normal Loss
Scrap Value per Unit
Process 1
950
5%
$4.00
Process 2
840
10%
$8.00
Process 3
750
15%
$10.00
Prepare the process accounts and post your responses in the
Discussion Forum.
Given the following information, calculate the direct materials equivalent units for the period (assume all materials are added at the beginning of the process): % Complete as to Conversion costs Beginning work in process 15,000 units 25% Ending work in process 20,000 units 70% Units started during the period 53,000 units Units completed and transferred out 48,000 units Multiple choice question.
A. 62,000
B. 50,000
C. 68,000
D. 42,000
Beginning work in process (40% complete)
Direct materials.
Conversion cost
Total cost of beginning work in process
Number of units started
Number of units completed and transferred to finished goods
Ending work in process (75% complete)
Current period costs
Direct materials
Conversion cost
Total current period costs
a. Reconcile the number of physical units worked on during the period.
b. Calculate the number of equivalent units.
Required:
1. Using FIFO method of process costing, complete each of the following steps:
c. Calculate the cost per equivalent unit.
d. Reconcile the total cost of work in process.
Complete this question by entering your answers in the tabs below.
Req 1A
Req 1B
Req 1C
Units
Req 1D
?
35,900
34,300
21,350
Costs
$ 1,331,500
620,800
$ 1,952,300
$ 2,397,400
1,261,500
$ 3,658,900
Using FIFO method of process costing, reconcile the total cost of work in process.
Note: Use Equivalent Units rounded to the nearest whole unit and Cost per Equivalent Unit rounded to 5…
Chapter 3 Solutions
Managerial Accounting
Ch. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - Prob. 3MCQCh. 3 - 4. A company’s beginning work in process in...Ch. 3 - Prob. 5MCQCh. 3 - What is the main factor for a company in closing...Ch. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQ
Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Direct labor costs Flow through what accounts in a...Ch. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - 13. List the four steps in accounting for...Ch. 3 -
14. APPLE Companies such as Apple commonly...Ch. 3 - 15. GOOGLE Are there situations where Google can...Ch. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 19DQCh. 3 - Process vs. job order operations C1 For each of...Ch. 3 - Prob. 2QSCh. 3 - Prob. 3QSCh. 3 - Physical flow reconciliation C2 The following...Ch. 3 - Prob. 5QSCh. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Prob. 23QSCh. 3 - Prob. 24QSCh. 3 - Prob. 25QSCh. 3 - Prob. 26QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Exercise 16-13AFIFO: Completing a process cost...Ch. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Exercise 16-16 Weighted average: Process cost...Ch. 3 - Prob. 17ECh. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Prob. 21ECh. 3 - Prob. 22ECh. 3 - Prob. 23ECh. 3 - Prob. 24ECh. 3 - Prob. 25ECh. 3 - Prob. 26ECh. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 3PSACh. 3 - Prob. 4PSACh. 3 -
Problem 16-5AA FIFO: Process cost summary;...Ch. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Problem 16-4B Weighted average: Process cost...Ch. 3 - Problem 16-5BA FIFO: Process cost summary;...Ch. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - Prob. 3SPCh. 3 - Prob. 3CPCh. 3 - Prob. 1GLPCh. 3 - Prob. 1AACh. 3 - Prob. 2AACh. 3 - Prob. 3AACh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTN
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