This courseware includes resources copyrighted and openly licensed by this courseware violates your copyright, Harrelson Company Problem Data … View Homework Help - 7th Edition Chapter 3 Process Costing exercises and solutions(1) from ACCT 2120 at Stockton University. Note: Ending work in process percent complete can be different for direct materials, direct labor, or overhead. Get step-by-step explanations, verified by experts. Chapter 1: Nature of Managerial Accounting and Costs, 1.1 The Role of Accounting in the Basic Management Process, 1.2 Characteristics of Managerial Accounting Reports, 1.4 Cost Classifications Used for Planning and Control, 1.6 The Statement of Cost of Goods Manufactured, 2.2 Subsidiary Ledgers Needed for Job Order Costing, 2.3 Job Costing Process with Journal Entries, 3.1 Process Costing Vs. Job Order Costing, 3.4 Journal Entries For the Flow of Production Costs, 3.6 Process Cost Demonstration (FIFO Method), 4.1 Activity-Based Costing and Management, Chapter 5: Cost Behavior and Cost-Volume-Profit Analysis, 5.5 Cost-Volume-Profit Analysis In Planning, 5.6 Break - Even Point for a single product, 5.7 Break Even Point for Multiple Products, 5.9 Accounting in the Headlines: Breakeven, Chapter 6: Variable and Absorption Costing, 6.3 Comparing Absorption and Variable Costing, 7.1 Introduction to Budgeting and Budgeting Processes, 8.1 The Role of Standard Costs in Management, 8.2 Calculations for Direct Materials and Labor, 8.4 Advantages and Disadvantages of Standard Costing, Chapter 9: Responsibility Accounting for Cost, Profit and Investment Centers, 9.2 Responsibility Accounting in Management, Chapter 10: Differential Analysis (or Relevant Costs), 10.2 Applying Differential Analysis in Managerial Decision Making, 10.3 Applying Differential Analysis to Quality Decisions, 11.3 Accounting in the Headlines - Payback, 11.5 Controlling Capital Investment Expenditures, 12.1 Analyzing Comparative Financial Statements, 12.5 Calculate Ratios That Analyze a Company's Short-Term Debt-Paying Ability, 12.6 Ratios That Analyze a Company's Long-Term Debt Paying Ability, 12.7 Ratios That Analyze a Company's Earnings Performance, www.flickr.com/photos/library_of_congress/2162720993/. Process costing is done in a 5-step Process. 3-2 The first step is to estimate the Under the weighted average method, we use only the Units completed and transferred and Ending work in process units from Step 2. For the month of April, the work in process accounts show the following d. The ledger of American Company has the following work in process account. This preview shows page 1 - 5 out of 28 pages. Lumen Learning provides a simple, supported path for faculty members to (a) How many units are in process at May 31. chapter systems design: costing solutions to lquestions ev manufacturing overhead consists of costs that cannot be practicallv traced to jobs. In this section, you will use the equivalent units calculated in Step 3 and multiply by the cost per equivalent unit calculated in Step 4. Now, repeat the process using your equivalent units calculated based on Ending Work in Process. Introducing Textbook Solutions. Click the words "Licenses and Course Hero is not sponsored or endorsed by any college or university. 7th Edition Chapter 3 Process Costing exercises and solutions(1) - Harrelson Company Problem Data Harrelson Company manufactures pizza sauce through two, 37 out of 40 people found this document helpful, Harrelson Company manufactures pizza sauce through two production department, Canning. Materials added at the beginning means 100% complete since it has received all its materials. Managerial Accounting Chapter 3: Process Cost System Search for: Chapter 3 Key Points Process Costing Key Points Process costing is used for mass production – high volumes of standardized product. The calculation is: Beginning work in process units + units started this period = Units completed and transferred + Ending work in process units, Step 3: Equivalent Units – Weighted Average. You will calculated equivalent units for direct materials, direct labor and overhead. In each process, materials and conversion costs are incurred evenly throug, process. Remember, conversion costs means direct labor and overhead. The calculations look like this: Direct Materials (equivalent units for direct materials units completed in step 3 x direct material cost per equivalent unit in step 4).