Two Cost Accounting questions-21 March
Account_tutor
1. 1. Harmon Company uses the weighted average method in its process costing system. The Curing Department of Harmon Company reported the following information for the month of November.
| Units | Percent complete with respect to materials | Percentage complete with respect to conversion |
Work in process, November 1 | 10,000 | 100% | 80% |
Units started | 28,000 |
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Completed and transferred out | 30,000 |
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Work in process, November 30 | 8,000 | 100% | 30% |
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Costs for November | Materials |
| Conversion |
Work in process, November 1 | $34,500 |
| $48,600 |
Added during the month | $146,000 |
| $194,400 |
All materials are added at the beginning of the process.
Required: Compute the following items using the weighted average method.
i. The equivalent units of production for materials
ii. The cost per equivalent unit for conversion
iii. The total cost assigned to units transferred out of the curing department during November
iv. The cost assigned to work in process inventory as of November 30
2. 2. Hunsicker Corporation has provided the following data for the month of January.
Inventories |
| Beginning | Ending |
| Raw materials | $30,000 | $33,000 |
| Work in process | $20,000 | $18,000 |
| Finished goods | $52,000 | $50,000 |
Additional Information |
|
| Raw material purchases | $63,000 |
| Direct labor costs | $92,000 |
| Manufacturing overhead cost incurred | $75,000 |
| Indirect materials included in manufacturing overhead costs incurred | $6,000 |
| Manufacturing overhead cost applied to work in process | $72,000 |
Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.
10 years ago
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two_cost_accounting_questions-21_march.xlsx
