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Solutions Ch. 17 Problems

Solutions Ch. 17 Problems. Process Costing. Pr. 17-30—Simple weighted average. EUs = C&T + EI *%. 17-31 Journal entries (from 17-30 ). 17-32--FIFO. Pr. 17-32 Step 2 alternative. Alternative: (all the work) – (work done last period) = ( C&T + EI *% complete) – (BI*% complete)

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Solutions Ch. 17 Problems

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  1. Solutions Ch. 17 Problems Process Costing

  2. Pr. 17-30—Simple weighted average EUs = C&T + EI*%

  3. 17-31 Journal entries (from 17-30).

  4. 17-32--FIFO

  5. Pr. 17-32 Step 2 alternative Alternative: (all the work) – (work done last period) =(C&T + EI*% complete) – (BI*% complete) DM: 22,500 +2500*100% - 5000*100% = 20,000 CC: 22,500 +2500*70% - 5000*60% = 21,250

  6. Pr. 17-32, steps 3 & 4 Note: Move ahead to next slide, where the audio can be heard related to Step 5.

  7. Pr. 17-32, Step 5 Note: Narration continues to introduce Problem 33, the next department.

  8. Pr. 17-33: Transferred-in costs

  9. Pr. 17-33: Transferred-in costs

  10. Pr. 17-33: Transferred-in costs

  11. Pr. 17-34: Transferred-in costs, FIFO

  12. Pr. 17-34: Transferred-in costs, FIFO

  13. Pr. 17-34: Transferred-in costs, FIFO 7500*30%*$170.00 seems clearer to me

  14. Pr. 17-41: Standard process costing Standard costing simplifies accounting Don’t need to calculate the unit cost (step 4) Costs assigned at standard amount; difference is variance.

  15. Pr. 17-41: Standard process costing

  16. Pr. 17-41: Standard process costing

  17. Pr. 17-41: Standard process costing

  18. End of Solutions

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