ACCT 222 Problems Excel Template 6, Fall 2014

Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Exercise 6-2 a. Equivalent Units Material Units completed Units, ending process: All material 25% labor and overhead Equivalent units b. Material Labor Overhead Total Work in process, beg. Current costs Total costs * Equivalent units Unit costs c. Completed and transferred d. Ending work in process: Materials Labor Overhead Total e. Total costs accounted for * * rounding difference Labor & Overhead Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Exercise 6-5 CASE 1 Units transferred Units in process, end of period Units in process, beginning of period Units started in process Units transferred Units in process, end of period Equivalent units - materials Units transferred Units in process, end of period, completed Equivalent units - labor and factory overhead Materials Labor Total costs for the period ÷ Equivalent units Unit cost for period CASE 2 Materials Labor Total cost ÷ Unit cost Equivalent units Equivalent units - materials Units transferred Equivalent units in process, end of period, all materials Equivalent units - labor and factory overhead Units transferred Equivalent units in process, end of period completed Units transferred Units in process, end of period Units started in process Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Exercise 6-5 CASE 3 Equivalent units - labor and factory overhead x Labor and factory overhead unit cost for period Total cost Less labor and factory overhead costs in process, beginning of period Labor and factory overhead current month Equivalent units - labor and factory overhead Less equivalent units in process, end of period completed Units transferred Units in process, end of period Less: Units started in process Less units transferred Units in process, beginning of period Units transferred Units in process, end of period Equivalent units - materials x Materials unit cost for period Total cost for materials Less materials cost in process, beginning of period Materials cost current month Name: Section: When totals and subtotals are correct the cell will change to green. Exercise 6-6 Materials Labor Overhead Total Beginning work in process Cost for November Total Equivalent units Average unit cost ( a ) ( b ) ( c ) ( d ) Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green Exercise 6-7 Cost of production for month: Materials Labor Factory overhead Total cost to be accounted for * Unit output for month: Finished and transferred Equivalent units of work in process Total Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Cost of goods finished and transferred Cost of work in process, end of month: Materials Labor Factory overhead Total production costs accounted for * *rounding difference Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green Exercise 6-8 Cost of production for month: Materials Labor Factory overhead Total cost to be accounted for Unit output for month: Finished and transferred Equivalent units of work in process Total Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Cost of goods finished and transferred Cost of work in process, end of month: Materials Labor Factory overhead Total production costs accounted for Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Exercise 6-9 Department 1 Unit output for month: Finished and transferred Equivalent units of work in process Total a. Unit cost for month: Materials Labor Factory overhead Total b. Cost of units finished and transferred c. Cost of work in process, end of month: Materials Labor Factory overhead Total Department 2 Unit output for month: Finished and transferred Equivalent units of work in process Total a. Unit cost for month: Materials Labor Factory overhead Total b. Cost of units finished and transferred: Cost in Dept. 1* Cost in Dept. 2 Total c. Cost of work in process, end of month: Cost in Dept. 1 Cost in Dept. 2: Materials Labor Factory overhead Total *Calculation of adjusted unit cost: Cost of units transferred from Dept. 1 Units transferred from Dept. 1 Units added New quantity Adjusted unit cost Name: Section: When totals and subtotals are correct the cell will change to green. Exercise 6-11 a. (1) Average Cost Dept. 1 Units finished and transferred Units in process, end of month Equivalent units - materials Units finished and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 2 Units finished and transferred Units in process, end of month Equivalent units - materials Units finished and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 3 Units finished and transferred Units in process, end of month Equivalent units - materials Units finished and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead a. (2) Dept. 1 Units finished and transferred Units in process, end of month Equivalent units - materials Units finished and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 2 Units finished and transferred Units in process, end of month Equivalent units - materials Units finished and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 3 Units finished and transferred Units in process, end of month Equivalent units - materials Units finished and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead a. (3) Dept. 1 Units finished and transferred Units in process, end of month Equivalent units - materials Units finished and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 2 Units finished and transferred Name: Section: When totals and subtotals are correct the cell will change to green. Exercise 6-11 Units in process, end of month, completed Equivalent units - materials Units finished and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 3 Units finished and transferred Units in process, end of month, completed Equivalent units - materials Units finished and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Name: Section: When totals and subtotals are correct the cell will change to green. Exercise 6-11 b. (1) FIFO Cost Dept. 1 Units in process, beginning of month Units started in process and transferred Units in process, end of month Equivalent units - materials Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 2 Units in process, beginning of month Units started in process and transferred Units in process, end of month Equivalent units - materials Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 3 Units in process, beginning of month Units started in process and transferred Units in process, end of month Equivalent units - materials Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead b. (2) Dept. 1 Units in process, beginning of month Units started in process and transferred Units in process, end of month Equivalent units - materials Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 2 Units in process, beginning of month Units started in process and transferred Units in process, end of month Equivalent units - materials Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 3 Units in process, beginning of month Units started in process and transferred Units in process, end of month Equivalent units - materials Units in process, beg. of month, to complete Name: Section: When totals and subtotals are correct the cell will change to green. Exercise 6-11 Units started in process and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead b. (3) Dept. 1 Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - materials Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Dept. 2 Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - materials Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Name: Section: When totals and subtotals are correct the cell will change to green. Exercise 6-11 Dept. 3 Units in process, beginning of month Units started in process and transferred Units in process, end of month, completed Equivalent units - materials Units in process, beg. of month, to complete Units started in process and transferred Units in process, end of month, completed Equivalent units - labor and factory overhead Name: Section: When final totals are correct the cell will change to green. Exercise 6-13 a. Relative Sales Basis Products A B C 1 Number of units 2 Unit sale price 3 Sales value, (1) x (2) 4 Percent of sales value 5 Allocation of joint cost of $20,000 6 Allocated joint cost per unit (5) ÷ (1) 7 Units in ending inventory 8 b. Adjusted Sales Basis Products A B C 1 Number of units 2 Unit sale price 3 Sales value, (1) x (2) 4 Less costs after split-off 5 Sales value at split-off, (3) - (4) 6 Percent sales value 7 Allocation of joint cost of $20,000 8 9 Units in ending inventory 10 Joint costs included in ending inventory valuation (6) x (7) Allocated joint cost per unit (7) ÷ (1) Joint costs included in ending inventory valuation (8) x (9) Inventory Inventory Name: Section: When totals and subtotals are correct the cell will change to green. Problem 6-1 1. Kerwin Kleaning Products Cost of Production Summary - Mixing Dept. For the Month Ended January 31, 20-- Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Materials: Finished and transferred to Blending during month Units of work in process, end of month completed Total equivalent production Labor and factory overhead: Finished and transferred to Blending during month Units of work in process, end of month completed Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Cost of work in process, end of month: Materials Labor Factory overhead Total production costs accounted for Costs of goods finished and transferred to Blending during month Name: Section: When totals and subtotals are correct the cell will change to green. Problem 6-1 Kerwin Kleaning Products Cost of Production Summary - Mixing Dept. For the Month Ended February 28, 20-- Cost of work in process, beginning of month: Materials Labor Factory overhead Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Materials: Finished and transferred to Blending during month Units of work in process, end of month completed Total equivalent production Labor and factory overhead: Finished and transferred to Blending during month Units of work in process, end of month completed Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to Blending during month Cost of work in process, end of month: Materials Labor Factory overhead Total production costs accounted for Name: Section: When totals and subtotals are correct the cell will change to green. Problem 6-1 Name: Section: When totals and subtotals are correct the cell will change to green. Problem 6-1 2. GENERAL JOURNAL Date Account Title Debit Credit Jan. 31 Work in Process - Mixing Materials 31 Work in Process - Mixing Payroll 31 Work in Process - Mixing Factory Overhead 31 Work in Process - Blending Work in Process - Mixing Feb. 28 Work in Process - Mixing Materials 28 Work in Process - Mixing Payroll 28 Work in Process - Mixing Factory Overhead 28 Work in Process - Blending Work in Process - Mixing Name: Section: When totals and subtotals are correct the cell will change to green. Problem 6-3 GENERAL JOURNAL Account Title Debit Credit a. Materials Accounts Payable b. Work in Process Materials c. Work in Process Payroll d. Factory Overhead Accumulated Depreciation Cash Supplies Inventory e. Work in Process Factory Overhead f. Finished Goods Inventory * Work in Process * Calculation of Costs Transferred to Finished Goods: Materials Labor Overhead Units completed Equivalent units in ending inventory: All materials 25% labor and overhead Total ### Work in process, beginning Current costs Total Equivalent units Unit costs Transferred out (units completed x total unit cost) Total Name: Section: When totals and subtotals are correct the cell will change to green. Problem 6-5 Peas Labor Overhead Cans Completed units Inventory, November 30 Total equivalent units Peas Labor Overhead Cans Total Unit costs 1. Completed cost of production (units completed x total unit cost) 2. Cost of ending inventory, November 30: Peas Labor Overhead Cans Total cost of ending inventory Name: Section: When totals and subtotals are correct the cell will change to green. Problem 6-6 Toluca Products Co. Cost of Production Summary For the Month Ended October 31, 20-- Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Materials: Finished and transferred to finished goods during month Units of work in process, end of month, completed Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Cost of work in process, end of month: Materials Labor Factory overhead Total production costs accounted for Costs of goods finished and transferred to finished goods during month Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Problem 6-7 Calumet Chemicals, Inc. Cost of Production Summary - Dept. A For the Month Ended May 31, 20-- Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Materials: Finished and transferred to Dept. B during month Units of work in process, end of month completed Total equivalent production Labor and factory overhead: Finished and transferred to Dept. B during month Units of work in process, end of month completed Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Cost of work in process, end of month: Materials Labor Factory overhead Total production costs accounted for Costs of goods finished and transferred to Dept. B during month Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Problem 6-7 Calumet Chemicals, Inc. Cost of Production Summary - Dept. B For the Month Ended May 31, 20-- Cost of goods received from Dept. A during month Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Materials: Finished and transferred to finished goods during month Units of work in process, end of month completed Total equivalent production Labor and factory overhead: Finished and transferred to finished goods during month Units of work in process, end of month completed Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to finished goods: Cost in prior departments* Cost in Dept. B Cost of work in process, end of month: Cost in prior departments Cost in Dept. B: Materials Labor Factory overhead Total production costs accounted for Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Problem 6-7 Calculation of adjusted unit cost: Cost of units transferred from Dept. A Units transferred from Dept. A Units added New quantity Adjusted unit cost Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Problem 6-8 Bristol Beverages, Inc. Cost of Production Summary For the Month Ended October 31, 20-- Cost of work in process, beginning of month Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: To complete beginning units in process, to complete Units started and finished during the month Ending units in process, completed Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to finished goods during month: Beginning units in process: Prior month's cost Current cost to complete: Materials Labor Factory overhead Units started and finished during the month Cost of work in process, end of month: Materials Labor Factory overhead Total production costs accounted for Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Problem 6-10 Mt. Soledad Manufacturing Company Cost of Production Summary - Machining Department For the Month Ended July 31, 20-- Cost of work in process, beginning of month: Materials Labor Factory overhead Cost of production for month: Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Materials: Finished and transferred to Finishing during month Units of work in process, end of month, % completed Total equivalent production Labor and factory overhead: Finished and transferred to Finishing during month Units of work in process, end of month, % completed Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Cost of work in process, end of month: Materials Labor Factory overhead Total production costs accounted for Costs of goods finished and transferred to Finishing during month Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Problem 6-10 *Rounding difference Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Problem 6-10 Mt. Soledad Manufacturing Company Cost of Production Summary - Finishing Department For the Month Ended July 31, 20-- Cost of work in process, beginning of month: Cost in Machining Department Cost in Finishing Department: Materials Labor Factory overhead Cost of goods received from Machining during month Cost of production for month Materials Labor Factory overhead Total costs to be accounted for Unit output for month: Materials: To complete beginning units in process Units started and fully manufactured during month Units of work in process, end of month, % completed Total equivalent production Labor and factory overhead: To complete beginning units in process, % to complete Units started and fully manufactured during month Units of work in process, end of month, % completed Total equivalent production Unit cost for month: Materials Labor Factory overhead Total Inventory costs: Costs of goods finished and transferred to finished goods during month: Beginning units in process: Prior month's cost Name: Section: When totals, subtotals, and final amounts are correct the cell will change to green. Problem 6-10 Current cost to complete: Labor Overhead Units started and finished during month Cost in prior department Cost in Finishing Dept. Cost of work in process, end of month: Cost in prior departments Cost in Finishing Dept: Materials Labor Factory overhead Total production costs accounted for *Rounding difference * * * * Name: Section: When final totals are correct the cell will change to green. Problem 6-11 Computation of sales value: Product AA A B C Totals Cost allocation using the relative sales value method: Product AA A B C Totals *Computed above **Rounded Quantity (pounds) Sales Price per Pound Sales Value Sales Value* Relative Sales Value** Joint Cost Allocated Cost Name: Section: When final totals are correct the cell will change to green. Problem 6-12 Product Barrels Price/bbl. Gasoline Kerosene Diesel fuel Totals Ultimate Sales Value Costs After Split-Off Sales Value at Split-Off Sales Value Percentage Joint Costs Assigned