can i please get help with problem P3-1B Problems: Set B 1 PROBLEMS: SET B P3-18
ID: 341158 • Letter: C
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can i please get help with problem P3-1B
Problems: Set B 1 PROBLEMS: SET B P3-18 Wilbury Company manufactures a nutrient, Everlife, through two manufacturing Joumalize transactions processes: Blending and Packaging All materials are entered at the beginning of each (Lo 2), AP process. On August 1, 2017, inventories consisted of Raw Materials $5,000, Work in Process-Blending $0, Work in Process-Packaging $3,945, and Finished Goods $7,50D. The beginning inventory for Packaging consisted of 500 units, two-fifths complete as to conversion costs and fully complete as to materials. During August, 9,000 units were started into production in Blending, and the following transactions were completed 1Purchased $25,000 of raw materials on account. 2. Issued raw materials for production: Blending $18,930 and Packaging $9,140 3. Incurred labor costs of $25,770 4. Used factory labor: Blending $15,320 and Packaging $10,450 5, Incurred $36,500 of manufacturing overhead on account. 6. Applied manufacturing overhead at the rate of $28 per machine hour Machine hours were Blending 900 and Packaging 300. 7. Transferred 8,200 units from Blending to Packaging at a cost of $44,940 8. Transferred 8,600 units from Packaging to Finished Goods at a cost nf $67,490. 9. Sold goods costing $62,000 for $90,000 on account. Journalize the August transactions. P3-2B Steiner Corporation manufactures water skis through two processes: Molding Complete four steps necessary and Packaging. In the Molding Department, fiberglass is heated and shaped into the to prepare a production cost form of a ski. In the Packaging Department, the skis are placed in eartons and sent to the reporl. finished goods warehouse. Materials are entered at the beginning of both processes. (LO 3, 4), AP Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department for January 2017 are presented Production Data Beginning work in process units Units started into production Ending work in process units Percent complete-ending inventory 50,000 2,500 40% Cost Data Materials Labor Overhead January 510,000 92,500 150,000 Total Instructions (a) Compute the physical units of production. (b) Determine the cquivalent units of production for materials and conversion costs. (c) Compute the unit costs of production. (d) Determine the costs to be assigned to the units transferred out and in process. (e) Prepare a production cost report for the Molding Department for the month of (d) Transferred out $722,000 (c)Materials $10.20 Cc $5 January 30,500 P3-3B Borman Corporation manufactures in separate processes refrigerators and freezers Complete four steps necessary for homes. In each process, materials are entered at the beginning and conversion costs to prepare a production cost are incurred uniformly. Production and cost data for the first process in making two prod. report ucts in two different manufacturing plants are as follows. (LO 3,4), AP Stamping Department Plant A Plant B Production Data-June Work in process units, June I Units started into production Work in process units, June 30 Work in process percent complete R12 Refrigerators F24 Freezers 2,500 60 75Explanation / Answer
WILBURY COMPANY General journal for the month of August Ref Account Title Debit Credit 1 Raw material 25000 Accounts Payable 25000 (To purchase of raw material on account) 2 Work-in-process - Blending 18930 Work-in-process - Packaging 9140 Raw material 28070 (Issue of raw material for production) 3 Wage Expense 25770 Wages Payable 25770 (Labor costs incurred) 4 Work-in-process - Blending 15320 Work-in-process - Packaging 10450 25770 Wage Expense (Use of labor for production) 5 Manufacturing Overhead 36500 Accounts Payable 36500 (Manufacturing overhead incurred) 6 Work-in-process - Blending 25200 Work-in-process - Packaging 8400 Manufacturing Overhead 33600 (Manufacturing overhead applied to production) 7 Work-in-process - Packaging 44940 Work-in-process - Blending 44940 (Transfer of 8,200 units from Blending to Packaging) 8 Finished Goods 67490 Work-in-process - Packaging 67490 (Transfer of 8,600 units from Packaging to Finished goods) 9 Cost of goods sold 62000 Finished Goods 62000 (Cost of the goods sold) Accounts Receivable 90000 Sales 90000 (Goods sold on account)
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