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Student Name: Class: Problem 20-02A Part 1 (a) and (b) VICTORY COMPANY VICTORY COMPANY Equivalent units of production Units completed and transferred...

This question was answered on Jan 14, 2013. View the Answer
Help!!! Process Cost Accounting!
Student Name: Class: Problem 20-02A Part 1 (a) and (b) VICTORY COMPANY VICTORY COMPANY For the month of November: Direct Direct Number of units transferred to finished goods 700,000 Equivalent units of production Materials Labor Number of units 30% complete as to labor at Units completed and transferred out end of period 180,000 Units of ending goods in process Beginning inventory: Direct materials Direct materials $420,000 Direct labor Direct labor $139,000 Total equivalent units of production Direct materials cost for period $2,220,000 Direct labor cost for period $3,254,000 Part 2 Direct Direct Check figure: Cost per equivalent unit of production Materials Labor (2) Direct labor cost per equivalent unit $4.50 Costs of beginning goods in process (3b) $783,000 Costs incurred this period Total costs Instructions: Assume Victory uses the average-cost method to account for its process Divided by Equivalent units of production costing system. Cost per equivalent unit of production 1. Prepare the company's process cost summary using average cost. Part 3 2. Prepare the journal entry at the end of the period to transfer the cost of completed units to finished goods. Direct Direct Assigning product costs to units Materials Labor Costs transferred out Direct materials Direct labor Total costs transferred out Costs of ending goods in process Direct materials Direct labor Total costs of ending goods in process Total costs accounted for
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Student Name: Class: Problem 20-04A FAST CO. FAST CO. Process Cost Summary For Month Ended October 31 Goods in Process Inventory Acct. No. 133 Costs Charged to Production Date Explanation Debit Credit Balance Costs of beginning goods in process Oct 1 Balance 335,930 Direct materials 31 Direct materials 102,050 437,980 Direct labor 31 Direct labor 408,200 846,180 Factory overhead 31 Applied overhead 244,920 1,091,100 Costs incurred this period Direct materials Beginning goods in process inventory: Direct labor Direct materials $59,450 Factory overhead Direct labor $172,800 Total costs to account for Factory overhead $103,680 Unit cost information During October: Units to account for Units started 140,000 Beginning goods in process Units transferred to finished goods 150,000 Units started this period Total units to account for End of October: Units in goods in process inventory 20,000 Units accounted for Percent complete 80.00% Completed and transferred out Ending goods in process Check figure: Total units accounted for (1) Total cost transferred to finished goods $982,500 Direct Direct Factory Equivalent units of production Materials Labor Overhead Instructions: Units completed and transferred out Units of ending goods in process Assume Fast uses the average-cost method to account for its process Direct materials costing system. Direct labor 1. Prepare the company's process cost summary using average cost. Factory overhead Equivalent units of production 2. Prepare the journal entry at the end of the period to transfer the cost of completed units to finished goods. Direct Direct Factory Cost per EUP Materials Labor Overhead Cost of beginning goods in process Costs incurred this period Total costs Divided by EUP Cost per EUP Cost assignment and reconciliation Costs transferred out Direct materials Direct labor Factory overhead Costs of ending goods in process Direct materials Direct labor Factory overhead Total costs accounted for FAST CO. General Journal Account Debit Credit Finished Goods Inventory Goods in Process Inventory
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Student Name:
Class:
Problem 20-02A
Part 1 (a) and (b) VICTORY COMPANY
VICTORY COMPANY Equivalent units of production
Units completed and transferred out
Units of ending goods in process
Direct...

This question was asked on Jan 14, 2013 and answered on Jan 14, 2013.

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