Principles of Cost Accounting: Week 5 Homework (P5-1, P5-6, P5-9)

Principles of Cost Accounting Week 5 Homework P5-1 Eugene Products Co. produces a latex paint and uses the process cost system. Materials, labor, and overhead are added evenly throughout the process. The following information was obtained from the company's accounts at the end of February. Production Costs Costs Incurred during month: Materials 30,000 Labor 20,000 Factory overhead 40,000 90,000 Production Report Units Finished and transferred to stockroom during month 56,000 Work in process, end of period, one-fourth completed 16,000 Required: Prepare a cost of production summary for February. (round unit costs to the three decimal places.) P5-6 Cost of production summary, two departments; beginning inventory. Harmon Corporation uses a process cost system. The records for the month of May show the following information: Production Report Cutting Grinding Units in process, May 1 5,000 10,000 Started during the month 20,000 - Received from prior department - 15,000 Finished and transferred 15,000 10,000 Finished and on hand 5,000 - Units in process, May 31 5,000 15,000 Stage of completion 1/5 1/3 Production Costs Work in process, May 1: Costs in Cutting 50,000 Materials 5,000 Labor 6,450 Factory overhead 3,550 Costs in Grinding Materials 5,000 Labor 5,500 Factory overhead 3,500 Costs incurred during the month Materials 37,000 40,000 Labor 45,000 44,000 Factory overhead 50,000 37,000 Total 147,000 185,000 Required: Prepare a cost of production summary for each department. P5-9 Cost of production summary, three departments, change in unit cost from prior department, departmental cost work sheet, journal entries, manufacturing statement Taguchi manufacturing Co. uses the process cost system. The following information for the month of December was obtained from the company’s books and from the production reports submitted by the department heads: Production Report Mixing Blending Bottling Units in Process, beginning of period 2500 1500 3000 Started in process during month 12500 - - Received from prior department - 13000 10000 Finished and transferred 13000 10000 11000 Finished and on hand - 500 - Units in Process, end of period 2000 4000 2000 Stage of completion 1/4 4/5 ½ Production Costs Works in process, beginning of period Cost in Mixing 3075 6150 Materials 1470 Labor 650 Factory Overhead 565 Cost in Blending 3660 Materials 240 Labor 905 Factory Oberhead 750 Cost in Bottling Materials 900 Labor 3100 Factory Overhead 3080 Costs incurred during the month Materials 15000 2500 1500 Labor 4750 8000 6500 Factory Overhead 5240 6100 7000 Total 27675 21570 31890 Required: Prepare cost of production summaries for the Mixing, Blending, and Bottling departments Prepare a departmental cost work sheet Draft the journal entries required to record the month’s operations Prepare a statement of cost of goods manufactures for December.
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