Beginning given 584400 493360 91040 costs added in

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beginning (given)$ 584,400$ 493,360$ 91,040Costs added in current period (given)4,612,0003,220,0001,392,000Total costs to account for$5,196,400$3,713,360$1,483,040(Step 4) Costs added in current period$3,220,000$1,392,000Divide by equivalent units of work done incurrent period (Solution Exhibit 17-21)÷460÷464Cost per equiv. unit of work done in current period$ 7,000$ 3,000(Step 5) Assignment of costs:Completed and transferred out (460 units):Work in process, beginning (80 units)Costs added to beginning work in processin current period $ 584,400200,000$493,360 + $91,040(8*×$7,000) + (48*×$3,000)17-?
Total from beginning inventoryStarted and completed (380 units)Total costs of units completed and transferred outWork in process, ending (120 units)Total costs accounted for784,4003,800,0004,584,400612,000$5,196,400(380×$7,000) + (380×$3,000)(72# ×$7,000)+ (36#×$3,000)$3,713,360+ $1,483,040*Equivalent units used to complete beginning work in process from Solution Exhibit 17-21, Step 2.Equivalent units started and completed from Solution Exhibit 17-21, Step 2.#Equivalent units in work in process, ending from Solution Exhibit 17-21, Step 2.17-?
17-23(20-25 min.)Standard-costing method, assigning costs.1.SOLUTION EXHIBIT 17-23ASteps 1 and 2: Summarize Output in Physical Units and Compute Output in Equivalent Units; Standard Costing Method of Process Costing for Bucky’s Boxes for July 2010(Step 1)(Step 2)Equivalent UnitsFlow of ProductionPhysicalUnitsDirectMaterialsConversionCostsWork in process, beginning (given)Started during current period (given)To account for185,000465,000650,000(work done before current period)Completed and transferred out during current period:From beginning work in process§185,000 ×(100% -100%); 185,000 ×(100% – 25%)185,0000138,750Started and completed327,000 ×100%, 327,000 ×100%327,000327,000327,000Work in process, ending* (given)138,000 ×100%; 138,000 ×80%138,000_______138,000110,400Accounted for650,000______________Work done in current period only465,000576,150§Degree of completion in this department: direct materials, 100%; conversion costs, 25%.512,000 physical units completed and transferred out minus 185,000 physical units completed and transferred out from beginning work-in-process inventory.*Degree of completion in this department: direct materials, 100%; conversion costs, 80%.17-?
2.SOLUTION EXHIBIT 17-23BSteps 3, 4, and 5: Summarize Total Costs to Account For, Compute Cost per Equivalent Unit, and Assign Total Costs to Units Completed and to Units in Ending Work in Process;Standard Costing Method of Process Costing for Bucky’s Boxes for July 2010TotalProductionCostsDirectMaterialsConversionCosts(Step 3) Work in process, beginning (given)$ 337,625$240,500 + $ 97,125Costs added in current period at standard costs1,814,415(465,000 ×$1.30)+ (576,150 ×$2.10)Total costs to account for$2,152,040$845,000+ $1,307,040(Step 4)Standard cost per equivalent unit (given)$ 1.30$ 2.10(Step 5)Assignment of costs at standard costs:Completed and transferred out (512,000 units):Work in process, beginning (185,000 units)Costs added to beg. work in process in current periodTotal from beginning inventory$ 337,625291,375629,000$240,500 + $97,125(0* ×$1.30) + (138,750* ×$2.10)Started and completed (327,000 units)Total costs of units transferred out1,111,8001,740,800(327,000×$1.30) + (327,000×$2.10)Work in process, ending (138,000 units)411,240(138,000# ×$1.30)+ (110,400# ×$2.10)Total costs accounted for$2,152,040$845,000+ $1,307,04017-?
Summary of variances for current performance:Costs added in current period at standard costs (see Step 3 above)

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