1-Jul 31-Jul Raw materials inventory $5,000 Work in process inventory ? $4,000 Finished goods inventory $12,000 ? Other data: Cost of goods manufactured $105,000 Raw materials used $40,000 Manufacturing overhead costs 20,000 Direct labor costs 39,000 Gross profit 100,000 Sales 210,000 The beginning work in process inventory was:

1-Jul 31-Jul Raw materials inventory $5,000 Work in process inventory ? $4,000 Finished goods inventory $12,000 ? Other data: Cost of goods manufactured $105,000 Raw materials used $40,000 Manufacturing overhead costs 20,000 Direct labor costs 39,000 Gross profit 100,000 Sales 210,000 The beginning work in process inventory was:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $11,000 Beginning inventory: conversion 20,000 Direct material 37,000 Direct labor 76,000 Applied overhead 24,384 Total costs to account for $168,384 Units to Account For Beginning work in process 4,000 Units started into production 20,000 Transferred out 18,000 Production Cost Report Completed and transferred out fill in the blank 1 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 20% Material Units Conversion Units Total Units Completed and transferred out fill in the blank 4 fill in the blank 5 fill in the blank 6 Ending work in…
Materials are added at the beginning of a production process, and ending work in process inventory is 40% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $9,000 Beginning inventory: conversion 18,000 Direct material 41,000 Direct labor 74,000 Applied overhead 42,392 Total costs to account for $184,392 Units to ACcount For Beginning work in process 6,000 Units started into production 19,000 Transferred out 19,000 Production Cost Report Completed and transferred out Ending work in process Total units to account for 40% 100% Work in process completion percent Material Units Conversion Units Total Units Completed and transferred out Next Previous
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5 a. Determine the number of units in progress inventory at December 31. _______ units b. Determine the equivalent units of production for direct materials and conversion costs in December. If an amount is zero, enter in "0".
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out. Ending work in process inventory Beginning work in process inventory Direct materials Units The production department had the cost information below. Conversion Costs added this period Direct materials Conversion Total costs to account for 60,000 322,000 300,000 82,000 $ 118,472 48,594 850,368 649,296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $1,666,730 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Percent Complete 40% 30%
How to find: * Cost of beginning work in process inventory completed this period. *Cost of units transferred to finished goods during the period. * Cost of ending work in process inventory. * Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. Work in Process—Assembly Department Bal., 6,000 units, 55% completed 18,540 To Finished Goods, 138,000 units ? Direct materials, 141,000 units @ $2.1 296,100 Direct labor 192,900 Factory overhead 75,000 Bal. ? units, 70% completed ?
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 67,000 357,000 335,000 89,000 Completed and transferred out Ending work in process Total Direct Materials Percent Units 335,000 89,000 424.000 Complete Percent Complete 70% 30% 85% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Conversion Equivalent units of production: Weighted average method Direct Materials Percent Complete 85% 35% EUP Percent Complete Conversion EUP
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (40,000 units): Percentage complete with respect to Costs Ending work in process (56,000 units): Percentage complete with respect to Costs Answer is complete but not entirely correct. Direct Materials Cost per equivalent unit Materials Conversion 3.05 Conversion 100% $ 90,600 4.58 22 100% The Remington Plant started 230,000 units and transferred out 214,000 in July. Materials costs incurred in July were $734,000 and conversion costs were $1,119,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the weighted-average method. Note: Round your answers to 2 decimal places. 20% $ 25,636 77 60%
Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (37% completed) Completed units during June Ending Inventory (58% complete) 5,000 units 63,000 units 3,700 units What is the number of material equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process? a. 66,700 units Ob. 61.700 units Oc. 3.700 units Od. 58,000 units
Sterling's records show the work in process inventory had a beginning balance of $5,000 and an ending balance of $4,000. How much direct labor was incurred if the records also show: Materials used $1,600 Overhead applied 400 Cost of goods manufactured 7,700 $fill in the blank 1
Inventory in process, March 1 (35% completed) 2,000 Started and completed in March 35,000 35,000 35,000 Transferred to Baking Department in March 37,000 Inventory in process, March 31 (80% completed) 3,000 Total units to be assigned costs 40,000 Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for March in Mixing Department $40,660 $36,765 Total equivalent units Cost per equivalent unit Costs assigned to production: