Week 2 Written Assignment - Problems and Exercises

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Template

P 03-07 Name :
Section :
Enter appropriate amount or item in the shaded cells. Use the drop-down lists when available.
An asterisk (*) will appear next to an incorrect entry in the outlined cells.
Leave no cells blank. Ensure to enter "0" wherever applicable.
Round unit costs to two decimal places.
Process Costing: One Process and Two Time Periods—FIFO Costing Method
1. Doover Company
Process Cost Report—FIFO Costing Method
For the Month Ended April 30
Physical Units
Beginning inventory Equivalent Units
Units started this period Direct Materials Conversion Costs
Units to be accounted for
Beginning inventory
Units started and completed
Ending inventory
Shaista Fathima: Enter as percentage incurred.
Units accounted for
Total Costs Direct Materials Conversion Costs
Beginning inventory =
Current costs =
Total costs
Current cost Equivalent units Cost per equivalent unit
Cost per equivalent unit =
=
Cost per equivalent unit
Cost of goods manufactured
and transferred out:
From beginning inventory
Current costs to complete =
Units started and
completed =
Cost of goods
manufactured
Ending inventory =
Total costs
3. Doover Company
Process Cost Report—FIFO Costing Method
For the Month Ended May 31
Physical Units
Beginning inventory Equivalent Units
Units started this period Direct Materials Conversion Costs
Units to be accounted for
Beginning inventory
Units started and completed
Ending inventory
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Units accounted for
Total Costs Direct Materials Conversion Costs
Beginning inventory =
Current costs =
Total costs
Current cost Equivalent units Cost per equivalent unit
Cost per equivalent unit =
=
=
Cost per equivalent unit
Cost of goods manufactured
and transferred out:
From beginning inventory
Current costs to complete
Units started and
completed
Cost of goods
manufactured
Ending inventory
Total costs

Solution

P 17-07_Sol Name : SOLUTION
Section :
Enter appropriate amount or item in the shaded cells. Use the drop-down lists when available.
An asterisk (*) will appear next to an incorrect entry in the outlined cells.
Leave no cells blank. Ensure to enter "0" wherever applicable.
Round unit costs to two decimal places.
Process Costing: One Process and Two Time Periods—FIFO Costing Method
1. Doover Company
Process Cost Report—FIFO Costing Method
For the Month Ended April 30
Physical Units
Beginning inventory 7,100 Equivalent Units
Units started this period 288,000 Direct Materials Conversion Costs
Units to be accounted for 295,100
Beginning inventory 7,100 - 0%
Shaista Fathima: Enter as percentage incurred. 		1,420 20%
Shaista Fathima: Enter as percentage incurred.
Units started and completed 275,600 275,600 100%
Shaista Fathima: Enter as percentage incurred. 		275,600 100%
Shaista Fathima: Enter as percentage incurred.
Ending inventory 12,400 12,400 100%
Shaista Fathima: Enter as percentage incurred. 		2,480 20%
Shaista Fathima: Enter as percentage incurred.
Units accounted for 295,100 288,000 279,500
Total Costs Direct Materials Conversion Costs
Beginning inventory $ 7,590 = $ 2,480 + $ 5,110
Current costs 352,350 = 100,800 + 251,550
Total costs $ 359,940
Current cost Equivalent units Cost per equivalent unit
Cost per equivalent unit $ 100,800 / 288,000 = $0.35
$ 251,550 / 279,500 = $0.90
Cost per equivalent unit $1.25 $0.35 + $0.90
Cost of goods manufactured
and transferred out:
From beginning inventory $ 7,590
Current costs to complete 1,278 = $ - + $ 1,278
Units started and
completed 344,500 = $ 96,460 + $ 248,040
Cost of goods
manufactured $ 353,368
Ending inventory 6,572 = $ 4,340 + $ 2,232
Total costs $ 359,940
3. Doover Company
Process Cost Report—FIFO Costing Method
For the Month Ended May 31
Physical Units
Beginning inventory 12,400 Equivalent Units
Units started this period 310,000 Direct Materials Conversion Costs
Units to be accounted for 322,400
Beginning inventory 12,400 0 0%
Shaista Fathima: Enter as percentage incurred. 		9,920 80%
Shaista Fathima: Enter as percentage incurred.
Units started and completed 293,100 293,100 100%
Shaista Fathima: Enter as percentage incurred. 		293,100 100%
Shaista Fathima: Enter as percentage incurred.
Ending inventory 16,900 16,900 100%
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred. 		5,070 30%
Shaista Fathima: Enter as percentage incurred.

Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred.
Shaista Fathima: Enter as percentage incurred. 		Units accounted for 322,400 310,000 308,090
Total Costs Direct Materials Conversion Costs
Beginning inventory $ 6,572 = $ 4,340 + $ 2,232
Current costs 395,081 = 117,800 + 277,281
Total costs $ 401,653
Current cost Equivalent units Cost per equivalent unit
Cost per equivalent unit $ 117,800 / 310,000 = $0.38
$ 277,281 / 308,090 = $0.90
=
Cost per equivalent unit $1.28 $0.38 + $0.90
Cost of goods manufactured
and transferred out:
From beginning inventory $ 6,572
Current costs to complete 8,928 0 + 8,928
Units started and
completed 375,168 111,378 + 263,790
Cost of goods
manufactured $ 390,668
Ending inventory 10,985 6,422 + 4,563
Total costs $ 401,653