Calculations 1-14

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2125113 Ass;ignnrent Print View

Exercise 1ti1 5 Completing a process cost sumftrary L-A. C3
The follot,ing partially completed process cost summary descdbes lhe May production actilities of Raman
Company, lts production output is sent to its warehouse for shipping.

Ectuivalent units of production
Units trirnsfened ou

Units of r::lnding goods in process

Equilalr:n1l units of production

Costs

per

EUP

Costs of ikleginning goods in process
Costs inr:;uned this period

Total ccsl.s

Direct Direct l:;actory
Materials Labor C’rrerhead
$ 35,000 $ 1,600 $ 3,200
8731:00 1?4i0?0 2081909

$908,800 $105,600 $ ztt,2o

Direct F,actary
Labor t.)rcrhead

122,000 ‘l?2,000
1o:ooo

19999

132,000 132,000

__” 1_ ”

Unit corit information

Direct Materialr;

Direct
M

aterials

122,000
20:000

142,0AA

Units in Jnr*ginning goods in process 7,000
Units si:arnlled this period 135,000
Units cr)rrlrpleted and transfened out ‘122,000
Units in emding goods in process 20,000

Prepare il$ process cost summary using the weighted-arerage rnethod. {ffi*l*n* ys$-r*”
fr$Tsw*tr*i :f6 ff d***sr’*a$ p$**es nnd *qsrssid*r th* s&ffi”** is’x t*r’u *thsr **$s*^.r$atfr**s.
anwpd#r$ iiqp the neares8 ***&*r as’*i*qJnt” #ret** *$r* n*$*n *$gr: *x’r y*r”xr ir#sp#ffiffi”)

*qlsr* B*n ffi{.$F
ffisl**d *t*r*r

RAMAN COMPANY
Process Cost Summary

For Month Ended

May 3

to ProductionCosts C;tir

6
-L-

t
– – –E.–,,, -a , ,

ezto.mhecl oud.rrcg raw hi ll ll, comft m.tpx

Total costs to account for

Units to account for

(Click tro select)

Click to select) | –

Total units to account for

Er:lurir,alent Units of Production (EUP)

lcri’k {;;]

l (cti”k 1,.;’,

Equiwkrn{ units of production

I (‘i”k 1,;; ;

It-“”sq’ia|

Total ccrgl’g

Icri”k r,;, ,

Cost per liiiUP

Units accounted for

{Click to select) T

(Click to sefect) ?

Total units accounted for

Direct Labor

Factory Owrhead

Direct Materi:rls

$
Factory Owrhead
$

Cost assignment and reconciliation

per EUP

Direct Labor

per EUP per EUP

1t11

UOSTS tri:lnsleffe0 OUt
(Click: to select) t

(Click to select) v

(C1ick lar select) ?

2t25t13 Asliignnent Print Viary

Total tranrsfened out
Cos ts of endino qoods in orocess
(Click ln,select) ?

(Click tar select) q

(Click tr::r select)

Total errrling goods in process

Total crcrlits accounted for

Yieur-,r!rui
ljllcrkshrarilt

Fx*rciser i’ri-?5 Co;”npfef*?$ a pflocess c*sf s{Jn?rrlary
r.s. c3

Fxerc8e f li:’4 Recording overhead costs L.O. PS
Prepare joumal entdes to record the following production acti\,ities.

1. Paidorerheadcosts(otherthanindirectmaterialsandindirectlal:ror)of$23,000.(Omitthe”$”signin
your rc*;ponse.)

General Joumal

Debit

Credit

ffi
2. Used{i5B,000ofdirectlaborinproduction.AppliedorrerheadatSso/oofdirectlaborcosts.{Omitthe”$”

your response,)

General Joumal Debit Oedit
@ffi
rffi

View H!ffi#1

Workshet*t: . .”’ .. :
Fxercise t’$–f Recarding ov*rh*ad costs 1.0- P3

Exercise 16-11A Casts assrgned to output-F|FO L.O. C4, P4
During April, the production department of a process manufucturing system completed a numberof units o

a product and transfened them to fnished goods, Of these transferrecl units, 59,000 were in process in the
production department at the beginning of April and 310,000 werc si:arted and completed in April. April’s
beginning inEntory units were 70Yo comflete with respect to materials and 30Yo complete with respect to
labor. At the end of April, 87,000 additional units were in process in the prcduction department and were
600/o complete with respect to materials and 60% complete with rcsper;t to labor.

The production department had $1,025,000 ofdirect materials and $6i’2,000 of direct labor cost charged to
it during April. Also, its beginning in\entory included $121,UO of direct materials cost and $49,890 of direct
labor.

1 . Using the FIFO method, compute the direct matedals cost and th i! direct labor cost per equi\alent unit
for the department. (Round your ansrLers to 2 decimal pl;rces Omit the ‘$” sign in

your

respon{re”}

Direct Materials Direct L,abor
Cost p€,r equi\alent unit $ EUP $ EUP

ezto.nhecloud.nrcgrarrhill.corrvhm.tpx 2111

2125113

General Joumal

@ri
mI

@l!
ezto.n*’recl oud. rncg r aw hi I I . clrm/hm.tpx

Acrsignnent PrintVieu

2. Using the FIFO method, assign April’s ccsts to the dep€rrtment’s output-€pecifically, its units
tmnslbned to fnished goods and its ending goods in prccess inr,entory. {Round your intermediate
calculations and linal ansffer to 2 decimal places Omit thu “$” sign in your

response.)

Total cost $

View Ftnt#1

lfforkshGet

Fxercfsr:r 16-i 1A Cosfs as$igfr?ed fo oi.rfpr.rf-FfF0 l.O.
c4, p4

Exercr’se 1ti-13A Equiualent unrls computed-FFA L.O. C4
The proddction department in a process manufacturing system completed 196,500 units of product and
transfener! them to finished goods during a Ecent period. Of thesr:r units, 28,000 were in process at the
beginningl of the period- The other 168,500 units were started and completed during the period. At period
end. 25,500 units were in process.

Compute the depailment’s equi\ralent units of production with respe(;t to direct materials under each of the
three separate assumptions using the FIFO method fur process costing.

l. All dircpt materials are added to products lvhen processing begin{i.

Total EUP

2. Dtnect rnaterials are added to products evenly throughout the process. Eeginning goods in process
in\entoly was 45% comdete, and ending goods in process inr,entury was 65% complete.

Total EUP

3. One+alf of direct materials is added to products when the process begins and the other half is added
when the process is 70% complete as to direct labor. Beginning goods in prccess inr,entory is 30%
complete as to direct labor, and ending goods in process inrentorlr is 55% complete as to direct labor.

View l-{nt#1

. Exercise 16.1sAti:suivarentunitscomputed-FtFo hi:?:H,i:’:S;jm*:”.nm*f;t:;;Worksheet L’o’ c4
FrFo.

Fxerclse 16-5 Recording cost of completed goods L.O” P4
Prepane joumal entries to rccord the fullowing activties.

l- Transfered completed producls with a cost of $140,000 to fnished goods inventory. {Omit the “$” sign
in your response.)

General Joumal

Debit Credit

l(cti”*ffi
@

2. Sold $449,000 ofproducts on credit. Theircost is $174,000. (Omitthe “$” sign in your response.)

Total HUP

Debit Credit

3t11

2J25113

Raw material’s; purchases (on credit)
Factory payr

Direct
lndirect

Labor used
Direct
lndirect

Orerhead rater ins a percent of direct labor
Sales (on cn:lrC,it)

ezto.ml’rec| oud.mcg ra\ F hi I I .r:rrm/hm.tpx

As,slg nrnent Print Vieut

View.llinl#1

!rysrksihi:r,l*t

Fxercgse x 6-5 Recorct’rng cosf of conrplefeef goods ;
L,A. P4

Exercise 1’6-3 Recording casts ol labor L.O. P2
Prepare joumal entries to record the following production actiVties.

1. lncuncd total labor cost of $Z/,000, which is paid in cash. {Omit the “$” sign in your response.}

Debit

msl,
t.-

[(C;tick to select) i- |

2. Used $f:i2,000 of direct labor in production. {*mit th* **$” sign in your resp*nse”i

@sr ‘
[l’

3. Used lFl5,000 of indirect labor. {S*nit tlte
on$” si$n in y*ur respnrrse.}

@il
ld’

Raw materii’tls; inrentory
Goods in proc’ess inwntory
Finished gorr;ds inr,entory

Debit
Debit
Credit
Credit
Credit

Workshe eii

Exer*ise “1,{i-3 Recardi*g r*sfs *f fab*r L.0” Pz

Problem 16-1 A Production cost flow and neasurement; jaurnal enl’4es L.A. PI , P2, P3, P4
[me foilowing infomation appliesto fhe guesfibns displayed below.]

Edison Company manufactures urool blankets and accounts for product: costs using prccess costing. The
following infornation is available regarding its May in\,entories.

Beginning Ending
lnlentory lnventory
$ 57,000 $ 49,000
425,000 il9,500
636,000 333,001

The following arcilditional information describes the company’s production ilctivities for May.

$ 300,000
1,600,000

99,000

$ 195,500
70,000

$ 707,000
893,000

12lo/o

$ 3,000,00c

4111

2125t13

Problem 1,6-1A Part 1
Required:
1(a)Compute the cost of products transbned ftom pmduction to finished goods. (omit the “$” dgn in

your response,)

Cost ofproducts transfened $
1(b) Compute the cost of goods sold. (Omit the ”

Cos;t of goods sold $

Workshreirrt

Prablem I fi-f A Farl l

iliffrcu{g: i-{ard

Problem 16.14

Part 2

2(a) Prepare joumal.entry dated May 31 to record the raw materials purchases. (Omit the “$” sign in your

response.)

DatE General Joumal Debit Credit
May 31rm

2(b)Prepare ioumal entry dated May 31 to record the direct matedal$ usage. {Omit the “$” dgn in your
resp$niiie”)

Datel

May il”l

Debit Credit

%
2(c)Prepare ianmal entry datd May 31 to recqd the indirect matetidtl ussge. (Offit &e ‘$” sign in yaur

respsilriil:l-l

Datr: Debit Credit
May 31

ffi
2(d) Preparejoumal entry dated May 31 to record the payroll costs. {Onrit the “$” sign in your response.)

Datt’r General Joumal Debit Credit

General Joumal

(Click to select) l-

General Joumal
General Joumal
May 31

ffi
2(e)Prepare joumal entry dated May 31 to record the direct labor crrsts. {Omil the “$” sign in your

resp*n $*,, !

Date Debit Credit
May 31

ffi
2(f) Prepare joumal entry dated May 31 to record the indirect labor crrsts. (Omit the “$” dgn in your

resPcnsie”)

ezto.n*recl oud.nrcg ranrrhil l.r:inry’hm.px

– ‘tij

5111

2t2AB Assignnent Print Vierry

l[late General Joumal Debit Credit
t\/ery31 @

-Fl(Click to select) | Y

2(g)Preparc joumal entry dated May 31 to record the otherorerhr:ad costs. (Omit the “$” sign in your
res4xlnse.)

Dtate General Joumal Debit Credit

Glick to select) i v

2(h)Prcpare joumal entry dated May 31 to recod the orerhead applied. (Omit the “$” sign in your
r*$pfil’nss.)

[]’ate General Joumal Debit Credit
May 31

W
2(i) Prepate.ioumal entry dated May 31 to rccod the goods transft:ned ftom production to finished goods.

{Omit the ”

I\{ilry 31

Dinte General Joumal
M,a1r .J1

2(j) Prepaue joumal entry dated May 31 to record the sale of finish,:d goods. {Omit the “$” sign in your
resprsrYl$s.1

Date Debit Credit
May, 31

@ —-lI

General Joumal
Debit Credit

Worksh*r*l

Fr*b lem t fi:-1 A Part ? . -:,

! ^:”

Problem 16-2,4 Cost per equivalent unrt; cosfs assrgned fo produc,tl L.O. C2, C3
[The following inform ation ap plies to fhe guestrbns disp layed b e low.]

Fairfax Company uses weighted-a\,erage process costing to account for its production costs. Direct labor is
added elenly throughout the process. Dircct materials are added at th,:r beginning ofthe process. During
September, the company transbned 785,000 units of product to finisheC goods. At the end d September,
the goods in process in\,entory consists of 179,000 units that are 50(i5 complete with respect to labor.
Begtnning antentory had $375,96O of direct matedals and $65,588 of direrlt labor cost. The direct labor cost
added in September is $1,246,162, and the direct materials cost added iri’ $2,516,949.

sectionBreak :::iffilifi”:'”f ,:;:3i::3′:””u'”‘””

Prablem 16-.11,,4, Part I
Required:
1(a) Determitrrir the equiwlent units of production with respect to direct liltnr.

ezto.rrhec I oud. nrc g r auF h i I I . r;lrm/h m. tpx 6t11

212913

both the direct labor cost and the direct materials
to 2 decimal place. Omit the ‘$” sign in your re

rHffiTt Print Meuv

per equiwlent unit. {Round
.l

{(b)

Prable

Problem
2-

Warks

-r$ij,

Prabfem 1
3(a) Com

out.
am

start of
USES

Process

tl
l-lo Part 2

Aa-zn Part I
I

I’1.
I

I
I
I
I
I

-l,r i-tt

.1″bcmt
,f”!91″8,”d

aterials
your

Per equiulent
unit

$
i* ‘*”**’-

q
i=..-“–_..,.,___ :_” -“i

Part 2

11,

Part 3
both direct labor cost and direct materials cost ass
nd your per unit costs to 2 decimal places and

to units cornpleted and tmnsfuned
I anwrrers to the neares* dsllar

to ending goods in process

Cost transfened
out

$l
**-*i

materials
decimal

cost
I places final an$rers to the neares*
dolla

I goods in pnrcess

Prabtem 1 Pa* 3

Prablem I
Easton Co. ces its product thrwgh a single processing depart Direct rnaterials are added at the

, and direct labor and orcrhead are added erenly the process. The company
rcporting periods for its weighted-a\€Ege process ng system. lts Goods in

account bllcnrs afrer entries for direct materials,

both direct labor cost and direct
ti {Round ycur per unit cosfs ttr 2
*rountl
I’
I

j Costs of ending

1
I

process cosf sumffnry; egunralenf unrfs L.A. C2,

ezto. nhecl oud. nrcg raru- hi I tpx

labor, and owrfiead eosts fur

7111

2t25t13

Debit Credit

103,000

423,000
249,AOO

rtssig nrnent Print View

Acr :t. No.133
llalance

276,296

379,286

802,286
1 ,051 ,296

Octoberr.

Goods in Process lnrcntory
Dart e Explanation

Ocl:. 1 Balance
31 Direct materials
:3’tr Direct labor
:3’l Applied owrhead

Its beginning goods in process consisted of $43,030 of direct rnaterials, $79,920 ot direct labor, and
$153,3,36 of fuctory or,erhead. During October, the company start,:d 144,000units and transfenEd 151,000
units tr)finished goods. At theend of the month, the goods in pn,:ess inrentory consisted of 20,800 units
that were 80% complete with respect to direct labor and hctory ov:rrhead.

Required:
l. Prepare the companyb process cost summary for October using the weighted-arerage method. {Round

you:r cosl per EUp an$,uers to 3 decimal places anl consider the same in the other
calc.ulationg Round other an${rers to the nearesf dollat irmounl Omit the “$” sign in your
req:ronse.)

EASTON CO.
Process Cost Summary

For Month Ended October 31

Tc{:il [eginnirg goods ln process

tLilick to sdect)

Tokrl inrcuned this penod

Tota I r::r:sts to accor.rnt firr $

Unit c, rst inforrnation
Units accounted for

(CIick to select)

{Gick to sdect)

–
?

Total units accountd forTotal units to acconnt for

Equiwlent units of production

@r-i
@ili
Equivalernt units of production

mrt
@iir
Total corlts

@I
Cost pe,r EUP

Drect t/aterials Drect Labor Factory Owrhead
EUP

EUP
EUP
EUP
EUP
EUP

EUP EUP EUP

Dire:;t Materials Direct Labor Factory Orcrhead

$
EUP
per EUP
EUP
per EUP
EUP
per EUP

Cost assignment and reconciliation
Costs lri:lnsfered out

(Clic’k to select) lv
k
?

iT
!m
itF

Clicl.,r to select

Clictl to select

Total trirnrsfened out
Costs cil ending goods in process

ezto. mhecl oud. nrc g r av\F hi I I .’c,r:rndhm. tpx

Cor;’tsi; Charged to Production

Units to account for

iGi;1,r,
‘io sdect)

8111

(Cli,ck to select) rr

(Cliic,k to select) I

(Clrickr to select) v

2t25113 Assigtrnent PrintView

Prepare the joumal entry dated October 31 to transfer the cost of the comdeted units to finished goods
in\,entoD/. {Omit the “$” dgn in your response.}

Date General Joumal Debit Credit
oct.:31 @ –TJ]

bforkshe,efi

FraSlem 1€i-4A Prccess c+sls*m maty: eguirraienf
unifs 1″6. t-)il, S3, F4

Problem ? 6-54 Process cast summary, equivalent unifg cosl esfl:xafes L.A. C2, C3, P4
phefollowing lnformation appliesto ffie quesf,bns displayed below.l

Ogden Co. manufactures a single product in one department. All direct materials are added at the
beginning ol the manufacturing process. Direct labor and or,erhealj are added evenly throughout the
process. Thre company uses monthly reporting periods for its weight{d-a\erage prcrcess cost accounting.
During Octobel the company completed and transfened 23,200 units of product to finished goods
inrentory. ft{i 4,100 units of beginning goods in process consisted of 5i20,000 o{ direcl matedals, $205,300
of dit.ect labor, and $98,840 of factory or,erhead. lt has 2,200 units (1 00% complete with respect to direct
materials and 800/o complete with respect to direct labor and owrhr:nd) in process at month-end. After
entries to recod direct materials, direct labor, and o\ierhead for Octobrr, the company’s Goods in Process
ln\entory account follows.

Total reinrJing goods in process

Total corsts to account for

Goods in Process ln\entory
Date Explanation

Oct. 1 Balance
31 Direct materials
31 Direct labor
31 I ApplieO owrhead

+-‘u’ rJl

Debit Credit

495,900
1,288,300

982,44A

Acct. ttlo.133
Balartce

3:14,140
8;10,040

2,108,340
3,0!)0,780

$ection friir4*’63

Pr*blerx I ti’-54 Pr***ss ctlst stltrtr:rl*{y, eqLJivzl*nt
u*its, cast#,:;ti{rc6fes L.*. C2, C:i, P4

_U;:

^an f

13.

Problem t’6-SA Pad 1
1. Prepare the company’s process cost summary for October using the weighted-arcrage method.{Round

your co$ per €UP an$,vers to 2 decimal places anrl eonsider the same in the other
calcrulations, Round olher ans\n ers to the neare* dollal amount Qmit the “$” Sgn in your
response.)

OGDEN CO.
Process Cost Summary

For Month Ended October 31
Crcsts Charged to Production

Tiolhill beginning goods in process

C,o’t;ts incuned this period

ezto. nthecl oud. i’itcg ravir” hi I I . cotftm. tpx 9t11

(Click to select) ?

(Click to select) f

(Click to select)

2125t13

Totill incuned this period

Trrtall costs to account for

Units to account for
(tlliuk to select) rr

(illick to select) !F

Tollilll units to account for

Equirclent units of produetion

(C:lick to select) f v

re[s

Equi’vialent units of production

Cost per EUP

(Clit;l’r to select) l-

ffi[
Toterl costs

{Clicl< to select) i-

Gos’t p,er EUP

Cost assignment and reconciliation
Costrs ll,nansfened out

(C:lick to select T
F

x
?

Clilc,k to select

Clic:k to select)

Total transferred out
Costs nf endinq qoods iSL::i ot enAlng 9OOOS ln PrOceS

(Cli,tk to select) I –
(Clirll< to select) ?

(Ctir:l< to seleet) rr

rtssig nnrcrit Print View

Unill cost information

EUP
EUP
EUP
EUP

per EUP $

Units accounted for
Click to select ?

n
TClick to select)

Total units accounted for

Dre,:;t Materials Direct Labor
EUP

EUP
EUP
EUP
per EUP $
Factory Owrhead
EUP

,::
EUP

EUP
per EUP

Total r:nding goods in process

Total crlrits to account for $

Warksheet

Prnblem f li.”iiA Fart’l

Problem 16-5;A Pad 2
2. Prepare the joumal entry dated October 31 to transfur the cost ol’comdeted units to finished goods

in\entory, {Omit the “$” sign in your response,}

Date General Joumal Debit Credit
Oct. 31

ffi
ezto. nhecl oud. nng raur hi I l. convhm.tpx 10111

– sign in your nrsponse,)

Cos;t of goods sold $
Workshreirrt
Prablem I fi-f A Farl l
iliffrcu{g: i-{ard
Problem 16.14 Part 2
2(a) Prepare joumal.entry dated May 31 to record the raw materials purchases. (Omit the “$” sign in your
response.)
DatE General Joumal Debit Credit
May 31rm
2(b)Prepare ioumal entry dated May 31 to record the direct matedal$ usage. {Omit the “$” dgn in your
resp$niiie”)
Datel
May il”l
Debit Credit
%
2(c)Prepare ianmal entry datd May 31 to recqd the indirect matetidtl ussge. (Offit &e ‘$” sign in yaur
respsilriil:l-l
Datr: Debit Credit
May 31
ffi
2(d) Preparejoumal entry dated May 31 to record the payroll costs. {Onrit the “$” sign in your response.)
Datt’r General Joumal Debit Credit
General Joumal
(Click to select) l-
General Joumal
General Joumal
May 31
ffi
2(e)Prepare joumal entry dated May 31 to record the direct labor crrsts. {Omil the “$” sign in your
resp*n $*,, !
Date Debit Credit
May 31
ffi
2(f) Prepare joumal entry dated May 31 to record the indirect labor crrsts. (Omit the “$” dgn in your
resPcnsie”)
ezto.n*recl oud.nrcg ranrrhil l.r:inry’hm.px
– ‘tij
5111

2t2AB Assignnent Print Vierry
l[late General Joumal Debit Credit
t\/ery31 @
-Fl(Click to select) | Y
2(g)Preparc joumal entry dated May 31 to record the otherorerhr:ad costs. (Omit the “$” sign in your
res4xlnse.)
Dtate General Joumal Debit Credit
Glick to select) i v
2(h)Prcpare joumal entry dated May 31 to recod the orerhead applied. (Omit the “$” sign in your
r*$pfil’nss.)
[]’ate General Joumal Debit Credit
May 31
W
2(i) Prepate.ioumal entry dated May 31 to rccod the goods transft:ned ftom production to finished goods.
{Omit the “$’ sign in your response.)
I\{ilry 31
Dinte General Joumal
M,a1r .J1
2(j) Prepaue joumal entry dated May 31 to record the sale of finish,:d goods. {Omit the “$” sign in your
resprsrYl$s.1
Date Debit Credit
May, 31
@ —-lI
General Joumal
Debit Credit
It
Worksh*r*l
Fr*b lem t fi:-1 A Part ? . -:,
! ^:”
Problem 16-2,4 Cost per equivalent unrt; cosfs assrgned fo produc,tl L.O. C2, C3
[The following inform ation ap plies to fhe guestrbns disp layed b e low.]
Fairfax Company uses weighted-a\,erage process costing to account for its production costs. Direct labor is
added elenly throughout the process. Dircct materials are added at th,:r beginning ofthe process. During
September, the company transbned 785,000 units of product to finisheC goods. At the end d September,
the goods in process in\,entory consists of 179,000 units that are 50(i5 complete with respect to labor.
Begtnning antentory had $375,96O of direct matedals and $65,588 of direrlt labor cost. The direct labor cost
added in September is $1,246,162, and the direct materials cost added iri’ $2,516,949.
sectionBreak :::iffilifi”:'”f ,:;:3i::3′:””u'”‘””
o
Prablem 16-.11,,4, Part I
Required:
1(a) Determitrrir the equiwlent units of production with respect to direct liltnr.
ezto.rrhec I oud. nrc g r auF h i I I . r;lrm/h m. tpx 6t11

212913
both the direct labor cost and the direct materials
to 2 decimal place. Omit the ‘$” sign in your re
rHffiTt Print Meuv
per equiwlent unit. {Round
.l
{(b)
Prable
Problem
2-
Di
Di
Warks
-r$ij,
Prabfem 1
3(a) Com
out.
am
start of
USES
Process
tl
l-lo Part 2
i
Aa-zn Part I
I
I’1.
I
I
I
I
I
I
-l,r i-tt
.1″bcmt
,f”!91″8,”d
aterials
your
Per equiulent
unit
$
i* ‘*”**’-
i
q
i=..-“–_..,.,___ :_” -“i
Part 2
11,
Part 3
both direct labor cost and direct materials cost ass
nd your per unit costs to 2 decimal places and
to units cornpleted and tmnsfuned
I anwrrers to the neares* dsllar
to ending goods in process
Cost transfened
out
$l
**-*i
materials
decimal
cost
I places final an$rers to the neares*
dolla
I goods in pnrcess
Prabtem 1 Pa* 3
Prablem I
Easton Co. ces its product thrwgh a single processing depart Direct rnaterials are added at the
, and direct labor and orcrhead are added erenly the process. The company
rcporting periods for its weighted-a\€Ege process ng system. lts Goods in
account bllcnrs afrer entries for direct materials,
both direct labor cost and direct
ti {Round ycur per unit cosfs ttr 2
*rountl
I’
I
j Costs of ending
1
I
process cosf sumffnry; egunralenf unrfs L.A. C2,
ezto. nhecl oud. nrcg raru- hi I tpx
labor, and owrfiead eosts fur
7111

2t25t13
Debit Credit
103,000
423,000
249,AOO
rtssig nrnent Print View
Acr :t. No.133
llalance
276,296
379,286
802,286
1 ,051 ,296
Octoberr.
Goods in Process lnrcntory
Dart e Explanation
Ocl:. 1 Balance
31 Direct materials
:3’tr Direct labor
:3’l Applied owrhead
Its beginning goods in process consisted of $43,030 of direct rnaterials, $79,920 ot direct labor, and
$153,3,36 of fuctory or,erhead. During October, the company start,:d 144,000units and transfenEd 151,000
units tr)finished goods. At theend of the month, the goods in pn,:ess inrentory consisted of 20,800 units
that were 80% complete with respect to direct labor and hctory ov:rrhead.
Required:
l. Prepare the companyb process cost summary for October using the weighted-arerage method. {Round
you:r cosl per EUp an$,uers to 3 decimal places anl consider the same in the other
calc.ulationg Round other an${rers to the nearesf dollat irmounl Omit the “$” sign in your
req:ronse.)
EASTON CO.
Process Cost Summary
For Month Ended October 31
Tc{:il [eginnirg goods ln process
tLilick to sdect)
Tokrl inrcuned this penod
Tota I r::r:sts to accor.rnt firr $
Unit c, rst inforrnation
Units accounted for
(CIick to select)
{Gick to sdect)
t
–
?
Total units accountd forTotal units to acconnt for
Equiwlent units of production
@r-i
@ili
Equivalernt units of production
mrt
@iir
Total corlts
@I
Cost pe,r EUP
Drect t/aterials Drect Labor Factory Owrhead
EUP
EUP
EUP
EUP
EUP
EUP
EUP EUP EUP
Dire:;t Materials Direct Labor Factory Orcrhead
$
EUP
per EUP
EUP
per EUP
EUP
per EUP
Cost assignment and reconciliation
Costs lri:lnsfered out
(Clic’k to select) lv
k
?
iT
!m
itF
Clicl.,r to select
Clictl to select
Total trirnrsfened out
Costs cil ending goods in process
ezto. mhecl oud. nrc g r av\F hi I I .’c,r:rndhm. tpx
Cor;’tsi; Charged to Production
Units to account for
iGi;1,r,
‘io sdect)
8111

(Cli,ck to select) rr
(Cliic,k to select) I
(Clrickr to select) v
2t25113 Assigtrnent PrintView
Prepare the joumal entry dated October 31 to transfer the cost of the comdeted units to finished goods
in\,entoD/. {Omit the “$” dgn in your response.}
Date General Joumal Debit Credit
oct.:31 @ –TJ]
bforkshe,efi
FraSlem 1€i-4A Prccess c+sls*m maty: eguirraienf
unifs 1″6. t-)il, S3, F4
Problem ? 6-54 Process cast summary, equivalent unifg cosl esfl:xafes L.A. C2, C3, P4
phefollowing lnformation appliesto ffie quesf,bns displayed below.l
Ogden Co. manufactures a single product in one department. All direct materials are added at the
beginning ol the manufacturing process. Direct labor and or,erhealj are added evenly throughout the
process. Thre company uses monthly reporting periods for its weight{d-a\erage prcrcess cost accounting.
During Octobel the company completed and transfened 23,200 units of product to finished goods
inrentory. ft{i 4,100 units of beginning goods in process consisted of 5i20,000 o{ direcl matedals, $205,300
of dit.ect labor, and $98,840 of factory or,erhead. lt has 2,200 units (1 00% complete with respect to direct
materials and 800/o complete with respect to direct labor and owrhr:nd) in process at month-end. After
entries to recod direct materials, direct labor, and o\ierhead for Octobrr, the company’s Goods in Process
ln\entory account follows.
Total reinrJing goods in process
Total corsts to account for
Goods in Process ln\entory
Date Explanation
Oct. 1 Balance
31 Direct materials
31 Direct labor
31 I ApplieO owrhead
+-‘u’ rJl
Debit Credit
495,900
1,288,300
982,44A
Acct. ttlo.133
Balartce
3:14,140
8;10,040
2,108,340
3,0!)0,780
$ection friir4*’63
Pr*blerx I ti’-54 Pr***ss ctlst stltrtr:rl*{y, eqLJivzl*nt
u*its, cast#,:;ti{rc6fes L.*. C2, C:i, P4
_U;:
^an f
13.
Problem t’6-SA Pad 1
1. Prepare the company’s process cost summary for October using the weighted-arcrage method.{Round
your co$ per €UP an$,vers to 2 decimal places anrl eonsider the same in the other
calcrulations, Round olher ans\n ers to the neare* dollal amount Qmit the “$” Sgn in your
response.)
OGDEN CO.
Process Cost Summary
For Month Ended October 31
Crcsts Charged to Production
Tiolhill beginning goods in process
C,o’t;ts incuned this period
ezto. nthecl oud. i’itcg ravir” hi I I . cotftm. tpx 9t11

(Click to select) ?
(Click to select) f
(Click to select)
2125t13
Totill incuned this period
Trrtall costs to account for
Units to account for
(tlliuk to select) rr
(illick to select) !F
Tollilll units to account for
Equirclent units of produetion
(C:lick to select) f v
re[s
Equi’vialent units of production
Cost per EUP
(Clit;l’r to select) l-
ffi[
Toterl costs
{Clicl< to select) i- Gos't p,er EUP Cost assignment and reconciliation Costrs ll,nansfened out (C:lick to select T F f x ? Clilc,k to select Clic:k to select) Total transferred out Costs nf endinq qoods iSL::i ot enAlng 9OOOS ln PrOceS (Cli,tk to select) I - (Clirll< to select) ? (Ctir:l< to seleet) rr rtssig nnrcrit Print View $ Unill cost information EUP EUP EUP EUP per EUP $ Units accounted for Click to select ? n TClick to select) Total units accounted for Dre,:;t Materials Direct Labor EUP EUP EUP EUP per EUP $ Factory Owrhead EUP ,:: EUP EUP per EUP Total r:nding goods in process Total crlrits to account for $ Warksheet Prnblem f li."iiA Fart'l Problem 16-5;A Pad 2 2. Prepare the joumal entry dated October 31 to transfur the cost ol'comdeted units to finished goods in\entory, {Omit the "$" sign in your response,} Date General Joumal Debit Credit Oct. 31 ffi ezto. nhecl oud. nng raur hi I l. convhm.tpx 10111 sign in your response.)

I\{ilry 31
Dinte General Joumal
M,a1r .J1
2(j) Prepaue joumal entry dated May 31 to record the sale of finish,:d goods. {Omit the “$” sign in your
resprsrYl$s.1
Date Debit Credit
May, 31
@ —-lI
General Joumal
Debit Credit
It
Worksh*r*l
Fr*b lem t fi:-1 A Part ? . -:,
! ^:”
Problem 16-2,4 Cost per equivalent unrt; cosfs assrgned fo produc,tl L.O. C2, C3
[The following inform ation ap plies to fhe guestrbns disp layed b e low.]
Fairfax Company uses weighted-a\,erage process costing to account for its production costs. Direct labor is
added elenly throughout the process. Dircct materials are added at th,:r beginning ofthe process. During
September, the company transbned 785,000 units of product to finisheC goods. At the end d September,
the goods in process in\,entory consists of 179,000 units that are 50(i5 complete with respect to labor.
Begtnning antentory had $375,96O of direct matedals and $65,588 of direrlt labor cost. The direct labor cost
added in September is $1,246,162, and the direct materials cost added iri’ $2,516,949.
sectionBreak :::iffilifi”:'”f ,:;:3i::3′:””u'”‘””
o
Prablem 16-.11,,4, Part I
Required:
1(a) Determitrrir the equiwlent units of production with respect to direct liltnr.
ezto.rrhec I oud. nrc g r auF h i I I . r;lrm/h m. tpx 6t11

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