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Category > Accounting Posted 24 Sep 2017 My Price 9.00

Gilbert, Inc.

Work in Process Inventory Accounts in Process Costing Systems

Gilbert, Inc., which uses a process costing system, makes a chemical used as a food preservative. The manufacturing process involves Departments A and B. The company had the following total costs and unit costs for completed production last month, when it manufactured 10,000 pounds of the chemical. Neither Department A nor Department B had any beginning or ending work in process inventories.

 

Total Cost

Unit Cost

Department A

    

Direct materials

$10,000

$1.00

Direct labor

2,600

0.26

Overhead

1,300

0.13

Total costs

$13,900

$1.39

Department B

    

Direct materials

$ 3,000

$0.30

Direct labor

700

0.07

Overhead

1,000

0.10

Total costs

$ 4,700

$0.47

Totals

$18,600

$1.86

1. How many Work in Process Inventory accounts would Gilbert use?

2. What dollar amount of the chemical’s production cost was transferred from Department A to Department B last month?

3. What dollar amount was transferred from Department B to the Finished Goods Inventory account?

4. What dollar amount is useful in determining a selling price for 1 pound of the chemical?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 09:09 PM My Price 9.00

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