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The Skate Board Company Uses a Process Cost System for Making

Question 90
Essay

The Skate Board Company uses a process cost system for making skateboard wheels.Materials are added at the beginning of the process and conversion costs are uniformly incurred.At the beginning of September the work-in-process is 40 percent complete and at the end of the month it is 60 percent complete.Spoilage is detected at the end of the process.Other data for the month include: img img Beginning work-in-process costs: img Required: a.Prepare a production cost worksheet assuming that spoilage is recognized and the weighted-average method is used. b.Prepare journal entries to record transferring out of cost from the work-in-process accounts.

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Q 91
The Skate Board Company uses a process cost system for making skateboard wheels.Materials are added at the beginning of the process and conversion costs are uniformly incurred.At the beginning of September the work-in-process is 40 percent complete and at the end of the month it is 60 percent complete.Spoilage is detected at the end of the process.Other data for the month include: Beginning work-in-process costs: Required: a.Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used. b.Prepare journal entries to record transferring out of cost from the work-in-process accounts.
Q 92
New Image Sports uses a process costing system.Direct materials are placed into production at the beginning of the process.All spoilage is normal and is detected at the end of the process.For March the company had the following activities: Required: Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used.
Q 93
Wilson Sports uses a process costing system.Direct material A is placed into production at the beginning of the process, while direct material B is placed into production at the end of the process.Inspection occurs at the end of the process, before the addition of direct material B.Normal spoilage is 5% of good units.For March the company had the following activities: Required: Prepare a production cost worksheet assuming that spoilage is recognized and the weighted-average method is used.
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