Accounting

Dazzle, Inc. produces beads for jewelry making use.

Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for direct labor usage is:         Direct materials used $ 88,000   Direct labor used   161,000   Predetermined overhead rate (based on direct labor)   150 % […]

Dazzle, Inc. produces beads for jewelry making use. Read More »

Richards Corporation uses the FIFO method of process costing.

  Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 83,000 units, 70% complete as to materials and 25% complete as to conversion. Units started and completed: 253,000. Units completed and transferred out: 336,000. Ending Inventory: 31,500 units, 40% complete as

Richards Corporation uses the FIFO method of process costing. Read More »

A company uses the weighted-average method for inventory costing.

A company uses the weighted-average method for inventory costing. At the end of the period, 28,000 units were in the ending Work in Process inventory and are 100% complete for materials and 81% complete for conversion. The equivalent costs per unit are materials, $2.71, and conversion $2.35. Compute the cost that would be assigned to

A company uses the weighted-average method for inventory costing. Read More »

A company uses the weighted average method for inventory costing.

A company uses the weighted average method for inventory costing. At the start of a period the production department had 40,000 units in beginning Work in Process inventory which were 30% complete; the department completed and transferred 165,000 units. At the end of the period, 12,000 units were in the ending Work in Process inventory

A company uses the weighted average method for inventory costing. Read More »

A company uses a process costing system.

A company uses a process costing system. Its Assembly Department’s beginning inventory consisted of 53,200 units, 75% complete with respect to direct labor and overhead. The direct labor beginning inventory costs were $9,700. The department completed and transferred out 119,500 units this period. The ending inventory consists of 43,200 units that are 25% complete with

A company uses a process costing system. Read More »

Richards Corporation uses the FIFO method of process costing.

Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 99,000 units, 75% complete as to materials and 20% complete as to conversion. Units started and completed: 269,000. Units completed and transferred out: 368,000. Ending Inventory: 39,500 units, 40% complete as to

Richards Corporation uses the FIFO method of process costing. Read More »

Dazzle, Inc. produces beads for jewelry making use.

Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is:         Direct materials used $  107,000   Direct labor used $ 180,000   Predetermined overhead rate (based on direct labor)   163 % Goods

Dazzle, Inc. produces beads for jewelry making use. Read More »

Sparky Corporation uses the weighted-average method of process costing

Sparky Corporation uses the weighted-average method of process costing Following is a partial process cost summary for Mitchell Manufacturing’s Canning Department. Equivalent Units of Production Direct Materials   Conversion   Units Completed and transferred out     56,000         15,000     Units in Ending Work in Process:        

Sparky Corporation uses the weighted-average method of process costing Read More »