Posted: April 11th, 2016

Prepare a process cost report using the FIFO costing method for the Molding Department using five steps. Include T accounts to recap both costs and units for the Work in Process Inventory account?

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the controller’s role in strategy implementation
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What is the controller’s role in strategy implementation? Be sure to provide specific examples in your answer.
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What skills / attributes / expertise should a modern controller possess?
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Depletion slides contain an example problem, calculations
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This solution contains a Microsoft Power Point presentation with 55 slides that explains plant assets, depreciation, disposal of plant assets and depletion. Determining the cost of land, land improvements, buildings, and equipment is discussed. Each of these topics contains slides which explain and teach the concept, illustrate journal entries required and demonstrate the calculations necessary. How to calculate a change in the periodic rate is also shown. Plant asset disposal slides illustrate the following situations: retirement, loss on sale, and gain on sale. Depletion slides contain an example problem, calculations and a partial end of period balance sheet.
30
Sep
Gabel Company spent money to train its employees
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Gabel Company spent money to train its employees so that they can be productive workers. Such expenditures are often referred to as investments in human capital.

Required:

a. Do you think that Gabel Company’s trained employees meet the definition of an asset? Explain. In your answer, discuss the characteristics of an asset and whether you think they meet each of those characteristics.

b. Most accountants would say that human capital is valuable, but that it is difficult, or even impossible, to measure the value of human capital. Given that you cannot determine an amount to place a value on the Gabel Company’s employees, but you think that they are assets, what would SFAC No. 5 tell you to do? Should you report them as an asset in the company’s balance sheet? Explain.

c. If a value can be estimated for Gabel Company’s trained employees,
i. Would that value be more relevant or more reliable to a prospective investor? Explain.
ii. Would the company’s assets reported in its balance sheet be more representationally faithful if they include the human capital than they would be without reporting an amount for the employees? Explain.

I need the most direction on answering part c.
30
Sep
Ending work in process inventory
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I need assistance with the “Units Completed and Transferred out (Cost of Goods Manufactured)”.

1. Data for Osaka Corporation for the month of June 20xx are as follows:
Beginning work in process inventory: Operations for the month of June:
Units – 800 Units started- 14,000
Direct materials – 100% complete Direct materials costs – $57,400
Conversion costs – 70% complete Conversion costs – $50,122
Direct materials costs – $2,860 Conversion costs – $2,150
Ending work in process inventory:
Units – 1,500
Direct materials – 100% complete
Conversion costs – 30% complete

Assume the company uses average costing method.
Prepare a process cost report for June.

a.
Osaka Corporation
Process Cost Report: Average Costing Method
For the Month Ended June 30, 20xx

[See attachment parts 1 & 2.]

2. n’2. Plastics, Inc., manufactures a line of office desk accessories. The company’s newest and most popular product is a plastic paper holder for holding the paper up while working at the computer. Production began on February 1, 20xx. Plastic is poured into molds to form the product, and the entire process takes place in the Molding Department. After the liquid plastic is poured (signifying the beginning of the process), the molds must be cooled slowly before the paper holder is separated from the mold. Statistics for 20xx are shown below.

Beginning inventory 0
Units started 77,000
Costs: Direct materials costs 6,400
Conversion costs $334,840
Units completed and transferred to the
Packaging Department 72,500

Ending work in process inventory: All direct materials were added at the beginning of the process, and the average stage of completion of these units as to conversion costs is 80 percent.
No units were lost or spoiled during the year.

a. Prepare a process cost report using the FIFO costing method for the Molding Department using five steps. Include T accounts to recap both costs and units for the Work in Process Inventory account.
b. Identify the amount to be transferred out of Work in Process Inventory and prepare the necessary entry in journal form to do so.
a. Plastics Inc. Process Cost Report (FIFO)

[See attachments parts 3 & 4]

b. Transfer $_________ to __________ and prepare the necessary journal entry in good form to make the transfer