222 CH 3 HW Solutions 5th edition

222 CH 3 HW Solutions 5th edition - CHAPTER 3 Process...

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CHAPTER 3 Process Costing Homework Solutions ANSWERS TO QUESTIONS (1, 10) 1. (a) Process cost. (b) Process cost. (c) Job order. (d) Job order. 10. Equivalent units of production measure the work done during the period, expressed in fully completed units. SOLUTIONS TO BRIEF EXERCISES (6, 7, 8) BRIEF EXERCISE 3-6 Total materials costs $32,000 ÷ Equivalent units of materials 10,000 = Unit materials cost $3.20 Total conversion costs $54,000 ÷ Equivalent units of conversion costs 12,000 = Unit conversion cost $4.50 Unit materials cost $3.20 + Unit conversion cost $4.50 = Total manufacturing cost per unit $7.70
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BRIEF EXERCISE 3-7 Assignment of Costs Equivalent Units Unit Cost Transferred out Transferred out 40,000 $13.00 $520,000 Work in process, 4/30 Materials Conversion costs Total costs 5,000 2,000 $ 4.00 $ 9.00 $20,000 18,000 38,000 $558,000 BRIEF EXERCISE 3-8 Total materials costs $15,000 ÷ Equivalent units of materials 20,000 = Unit materials cost $.75 Total conversion * costs* $47,500 ÷ Equivalent units of conversion costs 19,000 = Unit conversion cost $2.50 *$29,500 + $18,000 SOLUTIONS FOR DO IT! REVIEW EXERCISES (1, 2) DO IT! 3-1 1. False 2. False 3. True 4. False
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DO IT! 3-2 Work in Process—Mixing. .................................................... 10,000 Work in Process—Packaging. ............................................. 24,000 Raw Materials Inventory. .............................................. 34,000 (To record materials used) Work in Process—Mixing. .................................................... 8,000 Work in Process—Packaging. ............................................. 36,000 Factory Labor. ............................................................... 44,000 (To assign factory labor to production) Work in Process—Mixing. .................................................... 12,000 Work in Process—Packaging. ............................................. 54,000 Manufacturing Overhead. ............................................. 66,000 (To assign overhead to production) Work in Process—Packaging. ............................................. 21,000 Work in Process—Mixing. ............................................ 21,000 (To record transfer of units to the Packaging Department) Finished Goods Inventory. ................................................... 102,000 Work in Process—Packaging. ..................................... 102,000 (To record transfer of units to finished goods)
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SOLUTIONS TO EXERCISES (4, 5, 13) EXERCISE 3-4 1. Raw Materials Inventory. .......................................... 62,500 Accounts Payable. ............................................. 62,500
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222 CH 3 HW Solutions 5th edition - CHAPTER 3 Process...

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