Question 1 Biloxi Block Company produces cement blocks used in the foundation for buildings. The process takes place in two sequential departments. The following Cost data pertain to the month of October. Cost data Pouring Department Finishing Department Direct material entered into production Direct labor Applied manufacturing overhead Cost of goods completed and transferred out Cost of goods transferred to the finishing Deptt Cost of goods transferred to finished goods. $ 70,000 340,000 680,000 900,000 $ 25,000 280,000 420,000 400,000 Required: Prepare journal entries to record the following events. 1- Incurrence of cost for direct material and direct labor and application of manufacturing Overhead in the Pouring Department. 2- Transfer of goods from Pouring to Finishing. 3- Incurrence of costs for direct material and direct labor and application of manufacturing Overhead in the finishing department. 4- Transfer of goods from the Finishing Department to Finished goods inventory. Question 2 In a factory using a process cost system, the total production cost in March was $ 200,000 and the number of units produced was 100,000 units. This Unit cost is used to make the transfer from work-in-process inventory to finished goods inventory. Assuming 100,000 units were completed and in April cost of goods were going to be sod 90,000 units. Required: 1- Find out the cost per units 2- Journal entries to record the cost of goods sold .
Question 3 Idaho lumber Company grows harvests and processes timber for use in Construction. The following data pertains to the firm’s sawmill during November. Work-in-process November 1 Direct Material (DM) 65,000 Conversion (DL & M.O.H) 180,000 Cost incurred during Nov Direct Material (DM) 425,000 Conversion 690,000 The equivalent unit of activity for November was as follows: 7,000 equivalent units of Direct Material, 1740 equivalent units of conversion activity. Required Calculate the cost per equivalent unit for both direct material and Conversion during November using the weight average method. Question 4 Otsego Glass Company manufactures window glass for automobiles. The following data pertain to the Plate Glass department. Work in process, June 1: Direct Material (DM) $ 37,000 Conversion (DL &M.O.H) 36,750 Costs incurred during June Direct Material (DM) $ 150,000 Conversion (DL&M.O.H) 230,000 The equivalent units of activity for June were as follows: 17,000 equivalent units of direct material and 48,500 equivalent units of Conversion activity. Required: Calculate the cost per equivalent unit for both direct material and conversion, during June. Use Weight Average Process costing
Question 5 The following data pertain to Tulsa Paperboard Company, a manufacturer of cardboard boxes. Work in process, February 1
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