Exercise 2: Preparation of quantity schedule in process costing Exercise 3: Quantity schedule and equivalent units Exercise 4: Cost per equivalent unit – weighted average and FIFO method Accounting students can take help from Video lectures, handouts, helping materials, assignments solution, On-line Quizzes, GDB, Past Papers, books and Solved problems. Shipping for finished goods are: 400 units. Addition of materials and beginning inventory, Business and Quality Improvement Programs, Costing of Units Transferred Out; Abnormal Loss, Cost of Production Report; Normal and Abnormal Loss, Cost of Production Report; Spoiled Units – Normal and Abnormal, Definition and explanation of process costing system, Characteristics and Procedures of Process Costing System, Procedure for Materials, Labor and Factory Overhead Costs in a Process Costing System, General Questions and Answers About Process Costing, Cost Flow and Journal Entries–Process Costing System, Characteristics and Procedure of Process Costing System, General Questions and Answers about Process Costing System, Accounting Principles and Accounting Equation. During march ,10,500 units were put into process. View 2_Exercises_Job_order_costing_with_solution.pdf from AA 1Ágnes Siklósi PhD Managerial Accounting Job-Order Costing Seminar 2 True/False Questions 1. In department B, conversion costs are incurred uniformly throughout the process. Of the 60,000 units received, 50,000 were transferred out; 9,000 units were in process at the end of the month (all materials, 2/3 converted); 1,000 lost units were 1/2 complete as to materials and conversion costs. Brooks Inc. $56,500. Materials are added in the beginning of the process in department B. Materials are added at the end of the process, following inspection. Costs added in the Assembly department were: materials, $41,650; labor, $101,700; and factory overhead. Packaging department: 100 units, 3/4 complete as to packaging materials and 1/4 complete as to direct labor. Pietra – Gonatas, Inc. uses process costing to account for the costs of its only product, product D. Production takes place in three departments; Fabrication, Assembly, and Packaging. Accounting For Management, Explanations, Exercises, Problems and Calculators, Exercise 1: Computation of equivalent units under weighted average and FIFO method, Exercise 2: Preparation of quantity schedule in process costing, Exercise 3: Quantity schedule and equivalent units, Exercise 4: Cost per equivalent unit – weighted average and FIFO method, Exercise 5: Equivalent units, cost per equivalent unit – weighted average method, Exercise 6: cost reconciliation – weighted average method, Exercise 7: Quantity schedule, cost per equivalent units – FIFO method, Exercise 8: Cost reconciliation – FIFO method, Exercise 9: Process costing journal entries, Exercise 10: Cost of production report of 2nd department, Exercise 11: Cost of production report – normal loss, Exercise 12: Cost of production report – abnormal loss, Exercise 13: Cost of production report – normal loss at the end of process, Solutions: Available for all 13 exercises. Process Costing Problem 3: . It is ascertained that in each process normally 5% of the total weight is lost and 10% is scrap which from processes A and B realizes Rs.80 … For December, the Production Control Department of Carola Chemical, Inc., reported the following production data for Department 2: All materials were put into process in Department 1. In department 2, inspection takes place at the 96% stage of completion, after which materials are added to good units. At the end of the fiscal year, June 30, the following inventory of product D is on hand: Very fascinating! Save my name, email, and website in this browser for the next time I comment. View Process Costing Practice Exercise Solution.xlsm from ACCY 202 at University of Mississippi. Managerial and Cost Accounting Exercises I 14 Problem 4: Solution Solution 4 a1)of the raw materials purchases remain in ending raw materials inventory.