Chapter 4 Solutions.docx
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Chapter 4 Solutions.docx
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Chapter4Solutions
Chapter4
ProcessCosting
SolutionstoQuestions
4-1Aprocesscostingsystemshouldbeusedinsituationswhereahomogeneousproductisproducedonacontinuousbasis.
4-2Job-orderandprocessingcostingaresimilarinthefollowingways:
1.Job-ordercostingandprocesscostinghavethesamebasicpurposes—toassignmaterials,labor,andoverheadcosttoproductsandtoprovideamechanismforcomputingunitproductcosts.
2.Bothsystemsusethesamebasicmanufacturingaccounts.
3.Costsflowthroughtheaccountsinbasicallythesamewayinbothsystems.
4-3Costaccumulationissimplerunderprocesscostingbecausecostsonlyneedtobeassignedtodepartments—notindividualjobs.Acompanyusuallyhasasmallnumberofprocessingdepartments,whereasajob-ordercostingsystemoftenmustkeeptrackofthecostsofhundredsoreventhousandsofjobs.
4-4Inaprocesscostingsystem,aWorkinProcessaccountismaintainedforeachprocessingdepartment.
4-5ThejournalentrytorecordthetransferofworkinprocessfromtheMixingDepartmenttotheFiringDepartmentis:
WorkinProcess,Firing
XXXX
WorkinProcess,Mixing
XXXX
4-6ThecoststhatmightbeaddedintheFiringDepartmentinclude:
(1)coststransferredinfromtheMixingDepartment;
(2)materialscostsaddedintheFiringDepartment;(3)laborcostsaddedintheFiringDepartment;and(4)overheadcostsaddedintheFiringDepartment.
4-7Undertheweighted-averagemethod,equivalentunitsofproductionconsistofunitstransferredtothenextdepartment(ortofinishedgoods)duringtheperiodplustheequivalentunitsinthedepartment’sendingworkinprocessinventory.
4-8Thecompanywillwanttodistinguishbetweenthecostsofthemetalsusedtomakethemedallions,butthemedalsareotherwiseidenticalandgothroughthesameproductionprocesses.Thus,processcostingisideallysuitedforthecompany’sneeds.
TheFoundational15
1.Thejournalentrieswouldberecordedasfollows:
WorkinProcess—Mixing
120,000
RawMaterialsInventory
120,000
WorkinProcess—Mixing
79,500
WagesPayable
79,500
2.Thejournalentrywouldberecordedasfollows:
WorkinProcess—Mixing
97,000
ManufacturingOverhead
97,000
3.The“unitscompletedandtransferredtofinishedgoods”iscomputedasfollows:
Pounds
Workinprocess,June1
5,000
Startedintoproductionduringthemonth
37,500
Totalpoundsinprocess
42,500
Deductworkinprocess,June30
8,000
Completedandtransferredoutduringthemonth
34,500
4.and5.
Theequivalentunitsofproductionformaterialsandconversionarecomputedasfollows:
EquivalentUnits
Materials
Conversion
Unitstransferredout
34,500
34,500
Workinprocess,ending:
8,000units×100%
8,000
8,000units×40%
3,200
Equivalentunitsofproduction
42,500
37,700
TheFoundational15(continued)
6.and7.
Materials
Conversion
Costofbeginningworkinprocess
$ 16,000
$ 12,000
Costaddedduringtheperiod
120,000
176,500*
Totalcost
$136,000
$188,500
*$79,500+$97,000=$176,500
8.and9.
Thecostperequivalentunitformaterialsandconversioniscomputedasfollows:
Totalcost(a)
$136,000
$188,500
Equivalentunitsofproduction(b)
42,500
37,700
Costperequivalentunit(a)÷(b)
$3.20
$5.00
10.and11.
Thecostofendingworkinprocessinventoryformaterialsandconversioniscomputedasfollows:
Materials
Conversion
Total
Equivalentunitsofproduction(a)
8,000
3,200
Costperequivalentunit(b)
$3.20
$5.00
Costofendingworkinprocess
inventory(a)×(b)
$25,600
$16,000
$41,600*
*$41,600istheJune30balanceintheWorkinProcess—MixingDepartmentT-account.
12.and13.
Thecostofmaterialsandconversiontransferredtofinishedgoodsiscomputedasfollows:
Materials
Conversion
Total
Unitstransferredout(a)
34,500
34,500
Costperequivalentunit(b)
$3.20
$5.00
Costofunitstransferredtofinished
goods(a)×(b)
$110,400
$172,500
$282,900
TheFoundational15(continued)
14.ThejournalentrytorecordthetransferofcostsfromWorkinProcesstoFinishedGoodswouldberecordedasfollows:
FinishedGoods282,900
WorkinProcess—Mixing282,900
15.Thetotalcosttobeaccountedforandthetotalcostaccountedforis:
Coststobeaccountedfor:
Costofbeginningworkinprocessinventory
$ 28,000
Costsaddedtoproductionduringtheperiod
296,500
Totalcosttobeaccountedfor
$324,500
Costsaccountedfor:
Costofendingworkinprocessinventory
$ 41,600
Costofunitscompletedandtransferredout
282,900
Totalcostaccountedfor
$324,500
Exercise4-1(20minutes)
a.Torecordissuingrawmaterialsforuseinproduction:
WorkinProcess—MoldingDepartment28,000
WorkinProcess—FiringDepartment5,000
RawMaterials33,000
b.Torecorddirectlaborcostsincurred:
WorkinProcess—MoldingDepartment18,000
WorkinProcess—FiringDepartment5,000
WagesPayable23,000
c.Torecordapplyingmanufacturingoverhead:
WorkinProcess—MoldingDepartment24,000
WorkinProcess—FiringDepartment37,000
ManufacturingOverhead61,000
d.Torecordtransferofunfired,moldedbricksfromtheMoldingDepartmenttotheFiringDepartment:
WorkinProcess—FiringDepartment67,000
WorkinProcess—MoldingDepartment67,000
e.TorecordtransferoffinishedbricksfromtheFiringDepartmenttothefinishedgoodswarehouse:
FinishedGoods108,000
WorkinProcess—FiringDepartment108,000
f.TorecordCostofGoodsSold:
CostofGoodsSold106,000
FinishedGoods106,000
Exercise4-2(10minutes)
Weighted-AverageMethod
EquivalentUnits
Materials
Conversion
Unitstransferredout
410,000
410,000
Workinprocess,ending:
30,000units×70%
21,000
30,000units×50%
15,000
Equivalentunitsofproduction
431,000
425,000
Exercise4-3(10minutes)
Weighted-AverageMethod
1.
Materials
Labor
Overhead
Costofbeginningworkinprocessinventory
$ 14,550
$23,620
$118,100
Costaddedduringtheperiod
88,350
14,330
71,650
Totalcost(a)
$102,900
$37,950
$189,750
Equivalentunitsofproduction(b)
1,200
1,100
1,100
Costperequivalentunit(a)÷(b)
$85.75
$34.50
$172.50
2.
Costperequivalentunitformaterials
$ 85.75
Costperequivalentunitforlabor
34.50
Costperequivalentunitforoverhead
172.50
Totalcostperequivalentunit
$292.75
Exercise4-4(10minutes)
Weighted-AverageMethod
Materials
Conversion
Total
Endingworkinprocessinventory:
Equivalentunitsofproduction
300
100
Costperequivalentunit
$31.56
$9.32
Costofendingworkinprocessinventory
$9,468
$932
$10,400
Unitscompletedandtransferredout:
Unitstransferredtothenextdepartment
1,300
1,300
Costperequivalentunit
$31.56
$9.32
Costofunitstransferredout
$41,028
$12,116
$53,144
Exercise4-5(10minutes)
BakingDepartment
CostReconciliation
Coststobeaccountedfor:
Costofbeginningworkinprocessinventory
$ 4,830
Costsaddedtoproductionduringtheperiod
25,650
Totalcosttobeaccountedfor
$30,480
Costsaccountedforasfollows:
Costofendingworkinprocessinventory
$ 1,120
Costofunitscompletedandtransferredout
29,360
*
Totalcostaccountedfor
$30,480
*Thecostofunitscompletedandtransferredoutcanbededucedasfollows:
Exercise4-6(15minutes)
Weighted-AverageMethod
1.
Materials
Labor
Overhead
Unitstransferredtothenextdepartment
790,000
790,000
790,000
Workinprocess,ending:
Materials:
50,000units×60%complete
30,000
Laborandoverhead:
50,000units×20%complete
10,000
10,000
Equivalentunitsofproduction
820,000
800,000
800,000
2.
Materials
Labor
Overhead
Costofbeginningworkinprocess
$68,600
$30,000
$48,000
Costaddedduringtheperiod
907,200
370,000
592,000
Totalcost(a)
$975,800
$400,000
$640,000
Equivalentunitsofproduction(b)
820,000
800,000
800,000
Costperequivalentunit(a)÷(b)
$1.19
$0.50
$0.80
Exercise4-7(30minutes)
Weighted-AverageMethod
1.
Equivalentunitsofproduction
Pulping
Conversion
Transferredtonextdepartment
146,000
146,000
Endingworkinprocess:
Pulping:
6,000unitsx100%complete
6,000
Conversion:
6,000unitsx75%complete
4,500
Equivalentunitsofproduction
152,000
150,500
2.
Costperequivalentunit
Pulping
Conversion
Costofbeginningworkinprocess
$ 1,500
$ 400
Costaddedduringtheperiod
59,300
22,100
Totalcost(a)
$60,800
$22,500
Equivalentunitsofproduction(b)
152,000
150,500
Costperequivalentunit,(a)÷(b)
$0.40
$0.1495
3.
Costofendingworkinprocessinventoryandunitstransferredout
Pulping
Conversion
Total
Endingworkinprocessinventory:
Equivalentunitsofproduction
6,000
4,500
Costperequivalentunit
$0.40
$0.1495
Costofendingworkinprocessinventory
$2,400
$673
$3,073
Unitscompletedandtransferredout:
Unitstransferredtothenextdepartment
146,000
146,000
Costperequivalentunit
$0.40
$0.1495
Costofunitscompletedandtransferredout
$58,400
$21,827
$80,227
Exercise4-7(continued)
4.
Costreconciliation
Coststobeaccountedfor:
Costofbeginningworkinprocessinventory
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