Question :
177.Bagger, Inc. uses a process costing system. The following operating : 1258516
177.Bagger, Inc. uses a process costing system. The following operating and cost data occurred during October:
October 1, Inventory:30,000 units100% complete for materials($60,000) and 50% completefor direct labor ($7,500) andoverhead ($15,000)
October 31, Inventory:20,000 units100% complete for materialsand 30% complete fordirect labor and overhead
Units started during Oct.:40,000 units
October production costs:Direct materials$110,100
Direct labor28,900
Overhead57,800
Materials are added at the beginning of the process. Direct labor and overhead are incurred evenly throughout the process. Prepare the October process cost summary assuming the weighted average method of inventory costing.
178.Kominski Company completed and transferred 90,000 units during the current period. Based on the following information, determine the cost of the goods completed during the current reporting period and journalize the transfer.
Direct MaterialsDirect Labor/OH
Costs of Beginning Work in Process:$576,000$400,000
Costs incurred this period2,400,0005,120,000
Equivalent units of production96,00092,000
Finished Goods Inventory8,190,000
Work in Process Inventory 8,190,000
179.Grayson Company had 8,700 units in beginning inventory with accumulated costs for direct materials of $17,900, $16,500 direct labor, and $13,200 of overhead. During July, the company completed and transferred 50,000 units to finished goods. Costs incurred in the current period included $45,000 of direct materials, $58,500 of direct labor, and $46,800 of factory overhead. Ending inventory consisted of 12,000 units which were 90% complete with respect to materials and 50% complete with respect to labor and overhead. Compute the value assigned to ending inventory based on the weighted average method of inventory costing.
180.During the year, LT Corp. introduced 132,000 units into production and 144,000 units were completed and transferred to finished goods. At the end of the year, the company had 13,600 units in process that were 80% complete. Determine how many units the company had in Work in Process at the beginning of the year.
181.The following table of cost information is available for the Renaldo Company for the month of November:
Goods inProcessInventory—MixingGoods inProcessInventory—MoldingFinishedGoodsInventory
Beginning Inventory$12,000$15,000$24,000
Costs incurred:
Direct materials22,00014,000
Direct labor32,00017,000
Overhead applied47,00024,500
Costs transferred out(100,000)(152,000)
Costs transferred in 100,000152,000
Cost of goods sold (149,000)
Ending inventory13,00018,50027,000
Based on the table of cost information above, prepare the general journal entry required to record the: a. Transfer of goods from the molding department to the finished goods inventory. b. Cost of goods sold for November. 182.Prepare general journal entries to record the following production activities for Oaks Manufacturing.a. Purchased $82,000 of raw materials on credit.b. Used $63,500 of direct materials in production.c. Used $12,800 of indirect materials.
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