Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Example of Process Cost Report
Let suppose that the beginning work in progress in a Company in the month of November was 1,000 units that were 100 percent complete in terms of materials and 75 percent complete like to conversion. Raw materials costs relating to beginning work in progress amounted to shs.3,000 and conversion was shs.1,000. 10,000 units were completed throughout the period and transferred to finished goods stock account. 2,000 units were now in process and were 100 percent complete in relation to materials and 50 percent complete in relation to conversion costs. Costs incurred throughout the period were raw materials shs.33,000, conversion shs.43,000;
Required
Employ both FIFO and weighted average methods, to find out cost per equivalent unit and value of ending inventory. Organize the process cost report.
Process Cost Report
For the month of December
For Weighted Average Method
1st Step
Physical Units
Beginning W.I.P
1,000
Units started during the period
11,000 (10,000 + 2,000 - 1,000)
Units to account for:
12,000
2nd Step
Equivalent Units
Total Units
Materials
Conversion Costs
Units completed during the period:
10,000
Ending W.I.P
2,000
2,000 =(100% x 2,000)
1,000= (50% x 2,000)
Units accounted for
11,000
3rd Step
Cost Determination
Material Cost
Beginning W.I.P Materials: Conversion
3,000
-
Current costs
Cost to account for:
76,000
33,000
43,000
80,000
10,250
Shs.7
Shs.3
Shs.4
4th Step:
Cost Assignment:
Units started and completed during the current period: 9,000 x 7:
63,000
Ending W.I.P = Materials: 2,000 x 3:
6,000
= Conversion: 1,000 x 4:
4,000
Beginning W.I.P Materials
Conversion:
Cost of work done to complete beginning W.I.P
* costs
750 x 4
Costs Accounted for
You have recently graduated from VU and are now working for a small accounting firm. The firm recently purchases MYOB software for internal use. Upon learning that you had learnt M
Conan O'Brien Logging and Lumber Company owns 3,300 acres of timberland on the north side of Mount Leno, which was purchased in 2000 at a cost of $650 per acre. In 2012, O'Brien be
It is the year 2012. The Chief Executive of XYZ Systems Plc, a growing firm in the telecommunication sector, has called your team for an important meeting. "We are expanding": he s
Limitations of abc analysis
Compute the rate to be used in each department for applying overhead in both departments Budegeted Cost sheet Amount in $
Small Steps sells step stools. Their budget information is shown below. selling price: $40 per stool Variable expense:$30 per stool Fixed Expense:$24,000 use the above inform
Q. Is it possible to execute fca in the deficiency of a general ledger accounting system ? Ans. Yes. FCA can be executed for whichever solid waste management system and whi
what is planning and what part of this activity would you describe as planning in the situasion above
Banana Corporation had the following transactions relating to a patent: January 1, 2010: Purchased patent for $2,000,000. The patent had fifteen years remainnig although Banan
Are non-profit and governments required to depreciate assets? Why or why not? Would it make sense for them to use double declining balance? Is there a difference between a non-p
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd