hw6 - Process costing is most relevant to use when there is a mass production of homogenous items such as chemicals including oils gas and

hw6 - Process costing is most relevant to use when...

This preview shows page 1 - 2 out of 6 pages.

Q4-1Q4-2E4-1a.Work in Process - Molding$ 23,000 Work in Process - Firing$ 8,000 Raw Materials$ 31,000 b.Work in Process - Molding$ 12,000 Work in Process - Firing$ 7,000 Wages Payable$ 19,000 c.Work in Process - Molding$ 25,000 Work in Process - Firing$ 37,000 Manufacturing Overhead$ 62,000 d.Work in Process - Firing$ 57,000 Work in Process - Molding$ 57,000 e.Finished Goods$ 103,000 Work in Process - Firing$ 103,000 f.Cost of Goods sold$ 101,000 Finished Goods$ 101,000 E4-9Units Materials WIP beginning5,000 $ 4,320 Units started in process45,000 Units transferred out42,000 WIP ending8,000 Cost added during the month$ 52,800 1)48,000 Process costing is most relevant to use when there is a mass production of homogenous items such as chemicals including oils, gas and feedstuffs.Both systems have the same basic purpose—to assign material, labor, and overhead cost to products. They also both use MOH, RM , WIP, and FG accounts. The flow of costs through the accounts are the same.The beginning work in process inventory was 80% complete with respect to matrespect to labor and overhead. The ending work in process inventory was 75%

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture