Production and cost data for the molding department

Assignment Help Accounting Basics
Reference no: EM13695259

Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2014 are presented below.

Production Data
June
Beginning work in process units 0
Units started into production 27,500
Ending work in process units 2,500
Percent complete-ending inventory 40 %

Cost Data
Materials $ 247,500
Labor 67,000
Overhead 141,000
Total $ 455,500



Prepare a schedule showing physical units of production.

Physical units
Units to be accounted for
Work in process, June 1

Started into production

Total units


Units accounted for
Transferred out

Work in process, June 30

Total units


LINK TO TEXT
LINK TO VIDEO



Determine the equivalent units of production for materials and conversion costs.

Materials
Conversion Costs
Total equivalent units



LINK TO TEXT
LINK TO VIDEO



Compute the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.)

Materials
Conversion Costs
Total Unit Cost
Unit Costs
$
$
$

LINK TO TEXT
LINK TO VIDEO



Determine the costs to be assigned to the units transferred and in process for June.

Transferred out
$
Work in process, June 30
$

LINK TO TEXT
LINK TO VIDEO



Prepare a production cost report for the Molding Department for the month of June.

ROSENTHAL COMPANY
Molding Department
Production Cost Report
For the Month Ended June 30, 2014
Equivalent Units
Quantities
Physical
Units

Materials
Conversion
Costs
Units to be accounted for
Work in process, June 1

Started into production

Total units


Units accounted for
Transferred out



Work in process, June 30



Total units





Costs

Materials
Conversion
Costs

Total
Unit costs
Total Costs
$
$
$
Equivalent units


Unit costs
$
$
$

Costs to be accounted for
Work in process, June 1
$
Started into production

Total costs
$

Cost Reconciliation Schedule
Costs accounted for
Transferred out
$
Work in process, June 30
Materials
$
Conversion costs


Total costs
$

Reference no: EM13695259

Questions Cloud

Write the acid ionization equation and ionization conexpress : write the acid ionization equation and ionization conexpression for the hydrogen carbonate ion
Financial markets are the forums : Financial markets are the forums in which buyers and sellers of financial assets
Locally hosted service and service provided using an saas : Describe the difference between a locally hosted service and a service provided using an SaaS provider. What are the critical points, other than cost, that an enterprise would need to consider in choosing to migrate from a locally hosted service to..
Director of internal auditor for a bicycle manufacturer : You are a newly hired Director of Internal Auditor for a bicycle manufacturer
Production and cost data for the molding department : Production and cost data for the Molding Department
Briefly describe the importance of ejection fraction : List the most important hormones involved in water-electrolyte balance regulation and briefly describe the importance of ejection fraction assessment in patients with heart failure.
Developing bio therapeutic drugs and research technologies : As part of a broad effort to invigorate its pipeline and move more aggressively into biotechnology, a major pharmaceutical company plans to set up a new division dedicated to developing bio therapeutic drugs and research technologies.
Operator of a nuclear power plant : Lumberjack Power, operator of a nuclear power plant, is planning to replace its current equipment with some that is more environmentally friendly. The old equipment has annual operating expenses of $6750 and can be kept for 8 more years. The equipmen..
Steps to forming a llc : Steps to forming a LLC

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd