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    Problem 2 Process Costing Ulit

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    Kloie Sanoria
    The document provides data on the assembly and finishing departments of Cena company for the year ended December 31, 2020. It states that the assembly department uses weighted average process costing and the finishing department uses FIFO process costing. It provides beginning and ending work-in-process inventory levels and costs for both departments, as well as costs added during the year for direct materials, direct labor, and factory overhead. The document also provides some additional information on the company's costing policies for the two departments.

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    Problem 2 Process Costing Ulit

    Uploaded by

    Kloie Sanoria
    10 views4 pages
    The document provides data on the assembly and finishing departments of Cena company for the year ended December 31, 2020. It states that the assembly department uses weighted average process costing and the finishing department uses FIFO process costing. It provides beginning and ending work-in-process inventory levels and costs for both departments, as well as costs added during the year for direct materials, direct labor, and factory overhead. The document also provides some additional information on the company's costing policies for the two departments.

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    The document provides data on the assembly and finishing departments of Cena company for the year ended December 31, 2020. It states that the assembly department uses weighted average process costing and the finishing department uses FIFO process costing. It provides beginning and ending work-in-process inventory levels and costs for both departments, as well as costs added during the year for direct materials, direct labor, and factory overhead. The document also provides some additional information on the company's costing policies for the two departments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    10 views4 pages

    Problem 2 Process Costing Ulit

    Uploaded by

    Kloie Sanoria
    The document provides data on the assembly and finishing departments of Cena company for the year ended December 31, 2020. It states that the assembly department uses weighted average process costing and the finishing department uses FIFO process costing. It provides beginning and ending work-in-process inventory levels and costs for both departments, as well as costs added during the year for direct materials, direct labor, and factory overhead. The document also provides some additional information on the company's costing policies for the two departments.

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    © All Rights Reserved
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    Question :

    Problem 2. Cena company employs Weighted Average process costing system in the assembly department and FIFO process costing system in the finishing department concerning its only product which
    undergoes production in assembly department and finishing department. The following data for the year ended December 31, 2020 are provided:
    ASSEMBLY DEPARTMENT
    Units Cost
    January 1, 2020 December 31, 2020
    January 1, 2020
    December 31, 2020
    100,000 units – 40% completed as to conversion cost
    Cost of Direct material – P3M Cost of Direct labor – P5M
    Cost of Factory Overhead – P2M
    150,000 units – 80% completed ? as to conversion cost
    FINISHING DEPARTMENT
    Units Cost
    Units started during the year
    400,000 units
    DM cost added during 2020 – P12M
    DL cost added during 2020 – P15M
    FOH cost added during 2020 – P13M
    50,000 units – 70% incomplete conversion cost
    Cost of Transferred in – P10M Cost of Direct material – P6M Cost of Direct labor – P1M
    Cost of Factory Overhead – P3M
    30,000 units – 10% incomplete ? as to conversion cost
    Units started during the year
    DM cost added during 2020 – P30M
    DL cost added during 2020 – P40M
    FOH cost added during 2020 – P10M

    Additional information for the year:


    a. It is the company’s policy to add conversion cost evenly throughout the period in the two departments.
    b. It is the company’s policy to add all direct materials in the assembly department at the start of the process while all direct materials in the finishing department are added at the end of the process.
    c. There is no spoilage in both departments.
    1. In the assembly department, what is the cost of goods manufactured or cost assigned to units completed for the year ended December 31, 2020?
    a. 36,564,500b. 26,117,500 c. 36,451,200 d. 35,523,800
    2. In the assembly department, what is the cost assigned to December 31, 2020 work-in-process inventory?
    a. 13,436,400 b. 11,236,600 c. 13,548,800 d. 14,476,200
    3. In the finishing department, what is the cost of goods manufactured or cost assigned to units completed for the year ended December 31, 2020?
    a. 129,895,950 b. 125,716,750 c. 131,285,400 d. 128,452,100
    4. In the finishing department, what is the cost assigned to December 31, 2020 work-in-process inventory?
    a. 6,668,130 b. 6,276,330 c. 6,401,800 d. 9,235,100

    Expert Solution : 0 0

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