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Exercise 4 - Y76uuuuuu b Exercise 4-1 Process Costing...

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Y76uuuuuu b Exercise 4-1 Process Costing Journal Entries [LO1] Quality Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company's operations in March follows: a. Raw materials were issued for use in production: Molding Department, $26,900; and Firing Department, $6,000. b. Direct labor costs were incurred: Molding Department, $17,700; and Firing Department, $6,000. c. Manufacturing overhead was applied: Molding Department, $23,400; and Firing Department, $39,900. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company's process costing system, the cost of the unfired, molded bricks was $66,900. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's process costing system, the cost of the finished bricks was $108,700. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $105,100. Required: Prepare journal entries to record items (a) through (f) above. (Omit the "$" sign in your response.) General Journal Debit Credit a. Work in process-Molding Department
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26900 Work in process-Firing Department 6000 Raw materials 32900 b. Work in process-Molding Department 17700 Work in process-Firing Department 6000 Wages payable 23700 c. Work in process-Molding Department 23400 Work in process-Firing Department
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39900 Manufacturing overhead 63300 d. Work in process-Firing Department 66900 Work in process-Molding Department 66900 e. Finished goods 108700 Work in process-Firing Department 108700 f. Cost of goods sold
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105100 Finished goods 105100 Exercise 4-2 Computation of Equivalent Units—Weighted-Average Method [LO2] Clonex Labs, Inc., uses a process costing system. The following data are available for one department for October: Percent Completed Units Materials Conversion Work in process, October 1 51,000 90
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% 55 % Work in process, October 31 39,000 73 % 53 % The department started 401,000 units into production during the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October assuming that the company uses the weighted-average method of accounting for units and costs. Materials Conversion Equivalent units of production 441470 433670 Feedback: Equivalent Units Materials Conversion Units transferred out 413,000 413,000
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Work in process, ending: 39,000 units × 73% 28,470 39,000 units × 53% 20,670 Equivalent units of production 441,470 433,670 Exercise 4-3 Cost per Equivalent Unit—Weighted-Average Method [LO3] Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 14,450 $ 23,260 $ 117,500 Cost added during May $
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86,300 $ 13,480 $ 71,200 Equivalent units of production 1,180 1,080 1,080 Required: Compute the cost per equivalent unit for materials, for labor, for overhead, and in total. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) Cost per equivalent unit Materials $ 85.38 Labor $ 34.02 Overhead $ 174.72 Total $ 294.12 Feedback:
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Materials Labor Overhead Total Cost of beginning work in process inventory $ 14,450 $ 23,260 $ 117,500 Cost added during the period 86,300 13,480 71,200 Total cost (a) $ 100,750 $ 36,740 $ 188,700
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