VICTORY COMPANY,FAST CO,TAMAR.CO

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Given P20-06A


Given Data P20-06A:
TAMAR CO.					Instructions:
Goods in Process Inventory			Acct. No. 133		Assume Tamar Co. uses the FIFO method to account for its process
					costing system.
Date	Explanation	Debit	Credit	Balance	1. Prepare the company's process cost summary for May using
Oct 1	Balance			241,740	FIFO.
31	Direct materials	496,800		738,540	2. Prepare the journal entry dated May 31 to transfer the cost of
31	Direct labor	1,203,300		1,941,840	completed units to finished goods.
31	Applied overhead	962,640		2,904,480
Beginning goods in process inventory: 3,000 units 100% complete as to direct
materials and 40% complete as to direct labor and overhead.
Direct materials				$19,800
Direct labor				$123,300
Factory overhead				$98,640
During October: Of the 22,200 units completed, 3,000 were from beginning goods in
process. The remaining 19,200 were units started and completed during May.
Ending goods in process inventory: 2,400 units 100% complete as to direct
materials and 80% complete as to direct labor and overhead.
Check figure:
Total cost transferred to finished goods				$2,667,840

P20-02A

	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
	0	0		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:
	0	0
				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.
	0	0
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			0
Direct labor			0
Total costs transferred out			0
Costs of ending goods in process			0
Direct materials			0
Direct labor			0
Total costs of ending goods in process			0
Total costs accounted for			0

Enter appropriate data in yellow cells. Your entries for "Equivalent Units" will be verified.

Enter appropriate data in yellow cells. Your entries for"Total Costs" and "Cost per EUP" will be verified.

Given P20-02A

Given Data P20-02A:
VICTORY COMPANY
For the month of November:
Number of units transferred to finished goods	700,000
Number of units 30% complete as to labor at
end of period	180,000
Beginning inventory:
Direct materials	$420,000
Direct labor	$139,000
Direct materials cost for period	$2,220,000
Direct labor cost for period	$3,254,000
Check figure:
(2) Direct labor cost per equivalent unit	$4.50
(3b)	$783,000

P20-04A

	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
			0
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			0	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			0	(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.
	0	0	0
	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
	0	0	0
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
		0
FAST CO.
General Journal
Account	Debit	Credit
Finished Goods Inventory		0
Goods in Process Inventory			0

Enter appropriate data in yellow cells. Your totals in each section will be verified.

Enter appropriate data in yellow cells. Your entries will be verified.

P20-06A


Problem 20-06A	Student Name:
	Class:
TAMAR CO.					Instructions:
Process Cost Summary					Note: Data is provided below the forms as
For Month Ended May 31					well as on the "Given P20-06A" sheet.
Costs Charged to Production					Assume Tamar uses the FIFO method to account for its process costing system.
Costs of beginning goods in process					1. Prepare the company''s process cost summary using FIFO.
Direct materials					2. Prepare the journal entry at the end of the period to transfer the cost of completed units to finished goods.
Direct labor
Factory overhead					TAMAR CO.
Costs incurred this period
Direct materials					Goods in Process Inventory			Acct. No. 133
Direct labor
Factory overhead					Date	Explanation	Debit	Credit	Balance
Total costs to account for					Oct 1	Balance			241,740
			0		31	Direct materials	496,800		738,540
Unit cost information					31	Direct labor	1,203,300		1,941,840
Units to account for					31	Applied overhead	962,640		2,904,480
Beginning goods in process
Units started this period					Beginning goods in process inventory: 3,000 units 100% complete as to direct
Total units to account for					materials and 40% complete as to direct labor and overhead.
		0			Direct materials				$19,800
Units accounted for					Direct labor				$123,300
Completed and transferred out					Factory overhead				$98,640
Ending goods in process
Total units accounted for					During October: Of the 22,200 units completed, 3,000 were from beginning goods in
		0			process. The remaining 19,200 were units started and completed during May.
	Direct	Direct	Factory
Equivalent units of production	Materials	Labor	Overhead		Ending goods in process inventory: 2,400 units 100% complete as to direct
Units to complete beginning goods in process					materials and 80% complete as to direct labor and overhead.
Direct materials
Direct labor
Factory overhead					Check figure:
Units started and completed					Total cost transferred to finished goods				$2,667,840
Units of ending goods in process
Direct materials
Direct labor
Factory overhead
Equivalent units of production
	0	0	0
	Direct	Direct	Factory
Cost per EUP	Materials	Labor	Overhead
Costs incurred this period
Divided by equivalent units of production (EUP)
Cost per EUP				Carry to two decimal places (i.e., $52.50 or $52.00 or $52.04).
	0	0	0
Cost assignment and reconciliation
Costs transferred out
Cost of beginning goods in process
Cost to complete beginning goods in process:
Direct materials
Direct labor
Factory overhead
Cost of untis started and complted this period:
Direct materials
Direct labor
Factory overhead
Total cost of goods finished this period
Costs of ending goods in process:
Direct materials
Direct labor
Factory overhead
Total costs accounted for
		0	0
TAMAR CO.
General Journal
Account	Debit	Credit
Finished Goods Inventory				0
Goods in Process Inventory				0
Given Data P20-06A:
TAMAR CO.
Goods in Process Inventory			Acct. No. 133
Date	Explanation	Debit	Credit	Balance
Oct 1	Balance			241,740
31	Direct materials	496,800		738,540
31	Direct labor	1,203,300		1,941,840
31	Applied overhead	962,640		2,904,480
Beginning goods in process inventory: 3,000 units 100% complete as to direct
materials and 40% complete as to direct labor and overhead.
Direct materials				$19,800
Direct labor				$123,300
Factory overhead				$98,640
During October: Of the 22,200 units completed, 3,000 were from beginning goods in
process. The remaining 19,200 were units started and completed during May.
Ending goods in process inventory: 2,400 units 100% complete as to direct
materials and 80% complete as to direct labor and overhead.
Check figure:
Total cost transferred to finished goods				$2,667,840

Enter appropriate data in yellow cells. Your totals in each section will be verified.

Enter appropriate data in yellow cells. Your entries will be verified.

Given P20-04A

Given Data P20-04A:
FAST CO.
Goods in Process Inventory			Acct. No. 133
Date	Explanation	Debit	Credit	Balance
Oct 1	Balance			335,930
31	Direct materials	102,050		437,980
31	Direct labor	408,200		846,180
31	Applied overhead	244,920		1,091,100
Beginning goods in process inventory:
Direct materials				$59,450
Direct labor				$172,800
Factory overhead				$103,680
During October:
Units started				140,000
Units transferred to finished goods				150,000
End of October:
Units in goods in process inventory				20,000
Percent complete				80.00%
Check figure:
(1) Total cost transferred to finished goods				$982,500