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Chapter 18: Q1RQ (page 1005)
Question: What types of companies use job order costing systems?
Answer:
The companies that manufacture the specific or unique products in small quantities and provide specialized services to the customers or clients of the company uses the job order costing system.
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Question: List ways in which job order costing systems are similar to process costing systems.
Question: What is a production cost report?
Question: The Cutting Department has 6,500 units in process at the end of September that are 100% complete for direct materials and 85% complete for conversion costs. Calculate the equivalent units of production for direct materials and conversion costs.
Selected production and cost data of Laura’s Caliper Co. follow for May 2018:
Mixing Department | Heating department | |
Units to account for : | ||
| 25,000 | 10,000 |
| 90,000 | |
| 90,000 | |
Total units to account for | 115,000 | 100,000 |
Units accounted for: | ||
| 90,000 | 82,000 |
| 25,000 | 18,000 |
Total units accounted for | 115,000 | 100,000 |
On May 31, the Mixing Department ending Work-in-Process Inventory was 80%
complete for materials and 45% complete for conversion costs. The Heating Department ending Work-in-Process Inventory was 60% complete for materials and 35% complete for conversion costs. The company uses the weighted-average method. Requirements
1. Compute the equivalent units of production for direct materials and for conversion costs for the Mixing Department.
2. Compute the equivalent units of production for transferred in costs, direct materials, and conversion costs for the Heating Department.
Question: The Mixing Department’s production cost report for May shows \(12,500 in total costs, of which \)2,500 will remain in the department assigned to the units still in process at the end of the month. Prepare the journal entry to record the transfer of costs from the Mixing Department to the Packaging Department.
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