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Category > Accounting Posted 27 Sep 2017 My Price 10.00

process in Department 1

Calculating unit cost; units gained in production

A company manufactures a liquid product called Glitter. The basic ingredients are put into process in Department 1. In department 2, other materials are added that increase the number of units being processed by 50%. The factory has only two departments.

                                                                                                                          Units

Production Summary                                                                       Dept. 1               Dept. 2

Started in processAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦..      18,000

Received from prior departmentAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦                                     14,000

Added to units in processAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦                                        7,000               

Finished and transferredAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.        14,000                  15,000

In process, end of monthAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦           4,000                      6,000

Stages of completion-materials, labor, and factory

OverheadAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦               A??1                          A??1

Cost summary

MaterialsAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦        90,000                   36,000

LaborAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.         30,000                   13,500

Factory OverheadAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦          15,000                     4,500

Calculate the following for each department:

Unit cost for the month for materials labor, and factory overhead

Cost of the units transferred, and

Cost of the work in process

Question 2

Alpha Manufacturing makes one main product, Bravo, and a by-product Delta, which splits off from the main product when the work is three-fourths completed. Delta is sold without further processing and without being placed in stock. During June, $1,200 is realized from the sale of the by-product.

Make the entries to record the recovery and sale of the by-product, on account, on the assumption that the recovery is treated as one of the following:

A reduction in the cost of the main product

Other income

Cost Accounting

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 10:09 PM My Price 10.00

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