ACCT 222 Problems Excel Template 5, Fall 2014

Name: Section: Enter formulas to determine missing amounts. Backgrounds of correct entries will turn green. Exercise 5-2 Ending Units in Process Units a. 600 8,000 8,600 - 0% b. 900 6,500 7,000 400 50% c. 1,500 12,600 12,900 1,200 25% d. 100 7,250 7,200 150 50% e. - 8,400 8,200 200 50% f. 400 6,200 6,200 400 25% Beginning Units in Process Units Started in Production Units Transferred to Finished Goods Percent Complete nits in Process - 8,600 200 7,200 300 13,200 75 7,275 100 8,300 100 6,300 Total Equivalent Units Equivalent Units Name: Section: When unit costs and totals are correct the cell will change to green. Exercise 5-3 Cost Element Unit Cost Materials $ 45,000 20,000 $ 2.250 Labor 36,000 20,000 $ 1.800 Factory overhead 22,500 20,000 $ 1.125 Total $ 103,500 $ 5.175 Production Cost Unit Output Name: Section: When unit costs and totals are correct the cell will change to green. Exercise 5-4 Cost Element Unit Cost Materials $ 18,900 10,000 $ 1.890 Labor 44,100 10,000 4.410 Factory overhead 26,250 10,000 2.625 Total $ 89,250 $ 8.925 * Units completed and transferred 3,000 units in process, two-thirds completed Unit output for the month 10,000 Production Cost Unit Output* Name: Section: When unit costs and totals are correct the cell will change to green. Exercise 5-5 Production Cost Cost Element Total Materials $ 1,250 $ 99,150 $ 100,400 Labor 675 54,925 55,600 Factory overhead 950 75,050 76,000 Total $ 2,875 $ 229,125 $ 232,000 * Units completed and transferred units in process, 1/2 completed Unit output for the month Beginning Work in Process Cost for Month Unit Cost 40,000 $ 2.51 40,000 1.39 40,000 1.90 $ 5.80 40,000 Unit Output * Name: Section: When subtotals and totals are correct the cell will change to green. Exercise 5-8 Cost Element Unit Cost Materials $ 8,800 10,000 $ 0.88 Labor 7,200 10,000 0.72 Factory overhead 8,800 10,000 0.88 Total $ 24,800 $ 2.48 (a) Transferred from Assembly 30,000 10,000 3.00 Total $ 54,800 $ 5.48 (b) Production Cost Unit Output Name: Section: When unit costs and totals are correct the cell will change to green. Exercise 5-13 a. Production Cost Cost Element Total Materials $ 200 $ 3,328 $ 3,528 Labor 500 10,000 $ 10,500 Factory overhead 300 6,672 $ 6,972 Total $ 1,000 $ 20,000 $ 21,000 * Units completed and transferred 600 units in process, 1/3 completed Unit output for the month b. Cost in Mixing Cost in Blending Cost of goods transferred to finished goods c. Cost in Mixing Cost in Blending: Materials Labor Factory overhead Cost of ending work in process inventory Beginning Work in Process Cost for Month Unit Cost 8,400 $ 0.42 8,400 1.25 8,400 0.83 $ 2.50 200 8,400 21,000 Unit Output * Name: Section: When subtotals and totals are correct the cell will change to green. Problem 5-1 Superior Products Co. Cost of Production Summary For the Month Ended February 28, 20-- Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for $ 90,000 Unit output for month: Finished and transferred to finished goods during month 60,000 Equivalent units of work in process, end of month 2,500 Total equivalent production 62,500 Unit cost for month: Materials Labor Factory overhead Total $ 1.44 Inventory costs: $ 86,400 Cost of work in process, end of month: Materials Labor Factory overhead Total production costs accounted for $ 90,000 Costs of goods finished and transferred to finished goods during month Name: Section: When subtotals and totals are correct the cell will change to green. Problem 5-2 Erin Company Cost of Production Summary For the Month Ended October 31, 20-- Cost of work in process, beginning of month: Materials Labor Factory overhead $ 5,900 Cost of production for month: Materials Labor Factory overhead 23,500 Total costs to be accounted for $ 29,400 Unit output for month: Finished and transferred to finished goods during month 13,000 Equivalent units of work in process, end of month 1,000 Total equivalent production 14,000 Unit cost for month: Materials Labor Factory overhead Total $ 2.10 Inventory costs: Cost of work in process, end of month: Materials Labor Factory overhead Total Total production costs accounted for $ 29,400 Costs of goods finished and transferred to finished goods during month Name: Section: When subtotals and totals are correct the cell will change to green. Problem 5-7 Phillies Manufacturing Co. Cost of Production Summary - Cutting For the Month Ended July 31, 2013 Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Started in process and transferred to Shaping during month Equivalent units of work in process, end of month Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to Shaping Cost of work in process, end of month: Materials Labor Factory overhead Total Total production costs accounted for Phillies Manufacturing Co. Cost of Production Summary - Shaping For the Month Ended July 31, 2013 Cost of goods received from Cutting during month Cost of production for month: Materials Labor Factory overhead Total Total costs to be accounted for Unit output for month: Finished and transferred to Finishing during month Equivalent units of work in process, end of month Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to Finishing: Unit cost of Cutting and Shaping combined Units transferred to Finishing during month Cost of work in process, end of month: Costs in Cutting Costs in Shaping Total production costs accounted for Phillies Manufacturing Co. Cost of Production Summary - Finishing For the Month Ended July 31, 2013 Cost of goods received from Shaping during month Cost of production for month: Materials Labor Factory overhead Total Total costs to be accounted for Unit output for month: Finished and transferred to finished goods during month Equivalent units of work in process, end of month Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to finished goods: Units transferred to finished goods during month Cost of work in process, end of month: Costs in Cutting Costs in Shaping Costs in Finishing Total production costs accounted for Unit cost of Cutting, Shaping, and Finishing combined Name: Section: When subtotals and totals are correct the cell will change to green. Problem 5-9 Units Unit Cost Costs in Cooking Dept Materials Labor In process, beginning of month Rec'd from Mixing during month Cost incurred this month Total units and costs to be accounted for (2) Average cost of units from Mixing Dept. (1) (3) Unit cost for finished goods Assignment of costs: (4) Units finished In process end of month (1/2 completed) Total equiv. units and costs accounted for * Equivalent units - Cooking Department Finished during the month Equivalent units in process, end of month Equivalent units end of month Cost from Mixing Dept. Factory Overhead Unit cost for month in Cooking Dept. with equivalent production* Total Cost Name: Section: When subtotals and totals are correct the cell will change to green. Problem 5-10 Reynolds, Inc. Cost of Production Summary - Cutting For the Month Ended May 31, 20-- Cost of work in process, May 1: Materials Labor Factory overhead Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Finished and transferred to Grinding Finished and on hand Equivalent units of work in process, May 31 Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to Grinding Cost of goods finished and on hand Cost of work in process, May 31: Materials Labor Factory overhead Total Total production costs accounted for Reynolds, Inc. Cost of Production Summary - Grinding For the Month Ended May 31, 20-- Cost of work in process, May 1: Cost in Cutting Cost in Grinding: Materials Labor Factory overhead Cost of goods received from Cutting Cost of production in Grinding for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Finished and transferred to finished goods Equivalent units of work in process, May 31 Total equivalent production Unit cost for month: Cost for Cutting: Cost Units Beginning inventory Transferred in this month Totals Average cost per unit Cost in Grinding: Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred: Unit cost of Cutting and Grinding combined Units transferred to finished goods during month Cost of work in process, May 31: Costs in Cutting Costs in Grinding Total production costs accounted for Name: Section: When totals and subtotals are correct the cell will change to green. Problem 5-11 Mankato Manufacturing Co. Cost of Production Summary - Forming For the Month Ended March 31, 20-- Cost of work in process, beginning of month: Cost in Shaping Cost in Forming: Materials Labor Factory overhead Cost of goods received from Shaping during month Cost of production in Forming for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Finished and transferred to Finishing during month Equivalent units of work in process, end of month Total equivalent production Unit cost for month: Cost Units Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to Finishing: Unit cost of Shaping and Forming combined Units transferred to Finishing during month Cost of work in process, end of month: Costs in Shaping Costs in Forming Total production costs accounted for Name: Section: When totals and subtotals are correct the cell will change to green. Problem 5-13R 1. Ito Manufacturing Co. Cost of Production Summary - Mixing For the Month Ended December 31, 20-- Cost of work in process, beginning of month: Materials Labor Factory overhead Total Cost of production for month: Materials Labor Factory overhead Total Total costs to be accounted for Unit output for month: Finished and transferred to Blending during month Equivalent units of work in process, end of month Total equivalent production Unit cost for month: Cost Units Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to Blending Cost of work in process, end of month: Materials Labor Factory overhead Total Name: Section: When totals and subtotals are correct the cell will change to green. Problem 5-13R Total production costs accounted for Ito Manufacturing Co. Cost of Production Summary - Blending For the Month Ended December 31, 20-- Cost of work in process, beginning of month: Cost in Mixing Cost in Blending: Materials Labor Factory overhead Cost of goods received from Mixing Cost of production in Blending for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Finished and transferred to Bottling during month Finished and on hand Equivalent units of work in process, end of month Total equivalent production Unit cost for month: Cost Units Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to Bottling: Unit cost of Mixing and Blending combined Units transferred to Bottling during month Costs of goods finished and on hand: Unit cost of Mixing and Blending combined Units finished and on hand Cost of work in process, end of month: Cost in Mixing Cost in Blending: Materials Labor Factory overhead Total production costs accounted for Name: Section: When totals and subtotals are correct the cell will change to green. Problem 5-13R Ito Manufacturing Co. Cost of Production Summary - Bottling For the Month Ended December 31, 20-- Cost of work in process, beginning of month: Cost in Mixing Cost in Blending Cost in Bottling: Materials Labor Factory overhead Cost of goods received from Blending Cost of production in Bottling for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Finished and transferred to finished goods Equivalent units of work in process, end of month Total equivalent production Unit cost for month: Costs from beginning work in process and brought in from Blending: Cost Units Beginning inventory Goods received from Blending Total Average unit cost Costs added in Bottling: Cost Units Materials Labor Factory overhead Total Inventory costs: Unit costs combined Units transferred to finished goods during month Cost of work in process, end of month: Costs in Mixing and Blending Costs in Bottling Total production costs accounted for 2. Ito Manufacturing Co. Departmental Cost Work Sheet transferred: Name: Section: When totals and subtotals are correct the cell will change to green. Problem 5-13R For the Month Ended December 31, 20-- Analysis Mixing: Opening inventory in process Started in process Costs for month: Materials Labor Factory Overhead Finished and transferred to Blending Closing work in process Totals Blending: Opening inventory in process Received during month from Mixing Costs added during month: Materials Labor Factory Overhead Finished and transferred to Bottling Completed and on hand Closing work in process Totals Bottling: Opening inventory in process Received during month from Blending Costs added during month: Materials Labor Factory Overhead Finished and transferred to stock Closing work in process Adjustment due to averaging costs from prior departments Totals Summary: Cost per Unit Transferred Units Received in Dept. Units Transferred or on Hand Amount Charged to Dept. Name: Section: When totals and subtotals are correct the cell will change to green. Problem 5-13R Materials: Mixing Blending Bottling Labor: Mixing Blending Bottling Factory overhead: Mixing Blending Bottling Total production costs for December Add work in process, beginning of month: Mixing Blending Bottling Total Deduct work in process, end of month: Mixing Blending Bottling Cost of production, goods fully manufactured during December Name: Section: When totals and subtotals are correct the cell will change to green. Problem 5-13R 3. GENERAL JOURNAL Account Title Debit Credit Work in Process - Mixing Work in Process - Blending Work in Process - Bottling Materials Work in Process - Mixing Work in Process - Blending Work in Process - Bottling Payroll Work in Process - Mixing Work in Process - Blending Work in Process - Bottling Factory Overhead Work in Process - Blending Work in Process - Mixing Work in Process - Bottling Work in Process - Blending Finished Goods Work in Process - Bottling 4. Ito Manufacturing Co. Statement of Cost of Goods Manufactured For the Month Ended December 31, 20-- Materials Labor Factory overhead Total Add work in process inventories, December 1 Total Less work in process inventories, December 31 Cost of goods manufactured during the month Amount Credited to Dept.