Week
5 P5-1 P5-6 P5-9 – EXCEL TEMPLATES
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.
P5-6 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
P5-9
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 ¼
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
Overhead 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 stamen of cost of goods manufactures for December
SOLUTION PREVIEW
Problem 5-1
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Eugene
Products Co.
Cost
of Production Summary
For
the Month Ended February 28, 20xx
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Cost of production for month:
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Materials
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$30,000
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Labor
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20,000
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Factory overhead
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40,000
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Total costs to be
accounted for
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$90,000
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File name: Week-5-P5-1-P5-6-P5-9.xls File type: application/vnd.ms-excel Price: $20
