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Dawa
#1 Oct 5 2009 08:13pm
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post or pm me if you can do managerial accounting... shouldn't take too long... I'm just too lazy to do it atm...
Dawa
#2 Oct 5 2009 08:44pm
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Problem 1


Fiedel Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2008, inventories consisted of Raw Materials $28,000, Work in Process-Mixing $0, Work in Process-Packaging $255,000, and Finished Goods $291,000. The beginning inventory for Packaging consisted of 14,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 51,000 units were started into production in the Mixing Department and the following transactions were completed.
Purchased $302,300 of raw materials on account.

Issued raw materials for production: Mixing $211,700 and Packaging $47,400.

Incurred labor costs of $252,000.

Used factory labor: Mixing $187,400 and Packaging $69,800.

Incurred $791,200 of manufacturing overhead on account.

Applied indirect manufacturing overhead on the basis of $25 per machine hour. Machine hours were 30,100 in Mixing and 8,000 in Packaging.

Transferred 47,000 units from Mixing to Packaging at a cost of $982,400.

Transferred 57,000 units from Packaging to Finished Goods at a cost of $1,316,100.

Sold goods costing $1,643,700 for $2,503,700 on account.

Journalize the October transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description/Account Debit Credit
1.

2.


3.

4.


5.

6.


7.

8.

9.

(To record sales.)


(To record cost of goods sold.)

Problem 2


Chen Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2008 are as follows.
Production Data-Basketballs Units Percent
Complete
Work in process units, July 1 685 60%
Units started into production 1,370
Work in process units, July 31 822 30%

Cost Data - Basketballs
Work in process, July 1
Materials $1,028
Conversion costs 822
$1,850
Direct materials 3,288
Direct labor 2,165
Manufacturing overhead 1,452






Calculate the following. (Round unit costs to 3 decimal places, e.g. 2.250. Round all other answers to 0 decimal places, e.g. 125.)
The equivalent units of production for materials and conversion.

Materials
Conversion costs



The unit costs of production for materials and conversion costs.

Unit cost-Materials $
Unit cost-Conversion costs $



The assignment of costs to units transferred out and in process at the end of the period.

Costs accounted for
Transferred out $
Work in process, July 31
Materials $
Conversion costs


Total costs $








Prepare a production cost report for the month of July for the basketballs. (Round unit costs to 3 decimal places, e.g. 2.250. Round all other answers to 0 decimal places, e.g. 125.)
CHEN COMPANY
Basketball Department
Production Cost Report
For the Month Ended July 31, 2008

Equivalent Units

Quantities
Physical Units
Materials
Conversion Costs

Units to be accounted for
Work in process, July 1
Started into production

Total units


Units accounted for
Transferred out
Work in process, July 31



Total units




Costs
Materials
Conversion Costs
Total

Unit costs
Costs in July $
$
$

Equivalent units


Unit costs $
$


Cost to be accounted for
Work in process, July 1 $
Started into production

Total costs $


Cost Reconciliation Schedule

Costs accounted for
Transferred out $
Work in process, July 31
Materials $
Conversion costs


Total costs $



This is all process cost managerial accounting should be pretty ez fg imo


This post was edited by Dawa on Oct 5 2009 08:59pm
EagleHeart
#3 Oct 6 2009 04:41am
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This should give u everything you need for problem 2. you just have to put them in. If you have any questions let me know



Beg WIP 685
+ Started 1370
Accounted for 2055
Equiv Units
Material Conversion
Complete 1233 1233 1233
End WIP 822 822 246.6
Accounted for 2055 2055 1479.6



Material Conversion Costs
Beg WIP 1850 1028 822
Current 7303 5453 1850
Account for 9153 6481 2672

2055 1479.6

= 3.15 1.81


Completed
1233 (3.15+1.81) = 6115.68

End WIP
Mat 822*3.15 = 2589.3
Conver 246.6*1.81 = 446.35
Total WIP = 3035.65
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