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Cost Accounting for Managers

by: Mrs. Antoinette Kiehn

Cost Accounting for Managers ACCT 310

Mrs. Antoinette Kiehn

GPA 3.75

Michael Constas

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Michael Constas
Class Notes
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This 3 page Class Notes was uploaded by Mrs. Antoinette Kiehn on Monday October 5, 2015. The Class Notes belongs to ACCT 310 at California State University - Long Beach taught by Michael Constas in Fall. Since its upload, it has received 52 views. For similar materials see /class/218771/acct-310-california-state-university-long-beach in Accounting at California State University - Long Beach.


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Date Created: 10/05/15
Chapter 4 Demonstration Problems Page 1 Demo 41 Madison Manufacturing Inc operates a plant that produces its own regionally marketed spicy steak sauce The sauce is produced in two processes Blending and Bottling In the Blending Department all Direct Materials are added at the start of the process and Direct Labor and Manufacturing Overhead are incurred evenly throughout the process Madison uses the FIFO Costing Method The Work in ProcessBlending Department account for January follows WORK IN PROCESSBLENDNG DEPARTMENT January 1 inventory Transferred to Bottling Department 5000 gallons 60 completed 17900 60000 gallons January charges Direct Material 61000 gallons 152500 Direct Labor 73600 Manufacturing Overhead 48800 January 31 inventory gallons 70 completed Please fill in the blanks Demo 42 Using the data in Demo 41 assume that Madison Manufacturing Inc uses the Weighted Average Costing Method The Beginning Balance of Work In Process includes 9332 of Direct Materials and 8568 of Conversion Costs Please fill in the blanks of Demo 61 I Demo 43 Vincent York Company manufactures briefcases During April the following production data and costs were gathered Units Beginning lnv100 complete Direct Materials 40 complete for 250 Conversion Started amp Completed 8400 Ending lnv 100 complete Direct Materials 50 complete for 400 Conversion Please Send Comments and Corrections to me at mconstascsulbedu Chapter 4 Demonstration Problems Page 2 Costs Direct Direct Manufacturing Materials Labor Overhead Total Beg Inventory 3755 1585 1185 6525 Current Costs 100320 61250 26250 187820 Total Costs 104075 62835 27435 194345 Calculate the cost of units produced using the Weighted Average Costing Method I Demo 44 Using the following division worksheet for the Stickem Glue Corporation determine the cost of the units produced using the Weighted Average Costing Method Quantity Data for Glue Processing of of of Direct Direct Manufacturing Gallons Materials Labor Overhead 200 100 60 50 Beginning WorklnProcess Add Gallons Started 3 500 Total Which Could Be Completed 3700 Less Gallons Completed 3 300 Ending Work In Process 100 30 25 Cost Data for Glue Processing Direct Direct Manufacturing Materials Labor Overhead Beginning Work in Process 40 240 300 Current Costs for Month m 6 600 9 900 Total Costs 740 6 840 10 200 Please Send Comments and Corrections to me at moonstascsulbedu Chapter 4 Demonstration Problems Page 3 I Demo 45 Given the following information for Stacy lnc Compute the Equivalent Units and the cost per Equivalent Unit using the Weighted Average Costing Method Production Beginning Work In Process 20 units Direct Materials 80 complete Direct Labor 50 complete Manufacturing Overhead 40 complete Units Completed 4000 units Ending Work In Process 40 units Direct Material 60 complete Direct Labor 30 complete Manufacturing Overhead 25 complete Costs Beginning Work In Process Direct Materials 9600 Direct Labor 4000 Manufacturing Overhead 2400 Cost Added This Month Direct Materials 24048 Direct Labor 16008 Manufacturing Overhead 12006 Please Send Comments and Corrections to me at mconstascsulbedu


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