1. Jones Co. manufactures a product called Zens in a three-process series. All m

Question

1. Jones Co. manufactures a product called Zens in a three-process series. All materials are introduced at the beginning of the first process. Jones uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of October 2007 follow Units Completion Cost Conversion Work in process inventory: $140,400 12,000 5,000 14,000 60% 40% October 1 October 31 Started in October Direct materials cost Conversion cost 106,400 70,310 Completed in October 21,000 Prepare Jones' Department A cost of prodtuction report for Octoberges 93 944-945 of the text) Show your calculations in the space below: 2. Make the appropriate journal entry to transfer the cost of the completed units out of this department (assume that this is the last production department).

Explanation / Answer

Cost of production report:

Equivalent units:

9000

(21000-12000)

9000

9000

5000

5000(100%)

2000(40%)

$140,400

$21,360

(4800×4.45)

$68,400

(9000×7.6)

$40,050

(9000×4.45)

$108,450

$38,000

(5000×7.6)

$8,900

(2000×4.45)

$46,900

2.

Journal entry

% of completion material conversion Beginning inventory 100% 60% Ending inventory 100% 40%

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.