1. Armor Company had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $33,700. Work in Process Inventory Beginning balance @ 12/1: 640 units, 10% completed $ 37,000 Completed 1,160 units and transferred them to finished goods inventory $ 278,607 Direct materials 85,000 Direct labor 61,000 Overhead Property taxes 27,000 Depreciation 58,000 Utilities 42,000 Indirect labor 25,000 Ending balance @ 12/31: 460 units, 20% completed $ 56,393 Cost per equivalent unit for materials under the FIFO method is calculated to be (rounded): 2. Clean Angling Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 2,300 94 84 Work-in-process inventory — June 30 3,600 64 45 Started processing during June 8,600 Total equivalent units for materials under the FIFO method are calculated to be:
1. Armor Company had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $33,700. Work in Process Inventory Beginning balance @ 12/1: 640 units, 10% completed $ 37,000 Completed 1,160 units and transferred them to finished goods inventory $ 278,607 Direct materials 85,000 Direct labor 61,000 Overhead Property taxes 27,000 Depreciation 58,000 Utilities 42,000 Indirect labor 25,000 Ending balance @ 12/31: 460 units, 20% completed $ 56,393 Cost per equivalent unit for materials under the FIFO method is calculated to be (rounded): 2. Clean Angling Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 2,300 94 84 Work-in-process inventory — June 30 3,600 64 45 Started processing during June 8,600 Total equivalent units for materials under the FIFO method are calculated to be:
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...
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1. Armor Company had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $33,700.
| Work in Process Inventory | |||
| Beginning balance @ 12/1: 640 units, 10% completed | $ 37,000 | Completed 1,160 units and transferred them to finished goods inventory | $ 278,607 |
| Direct materials | 85,000 | ||
| Direct labor | 61,000 | ||
| Overhead Property taxes | 27,000 | ||
| Depreciation | 58,000 | ||
| Utilities | 42,000 | ||
| Indirect labor | 25,000 | ||
| Ending balance @ 12/31: 460 units, 20% completed | $ 56,393 |
Cost per equivalent unit for materials under the FIFO method is calculated to be (rounded):
2. Clean Angling Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June are provided below:
| Tons of King Salmon | Percent Completed | ||
|---|---|---|---|
| Materials | Conversion | ||
| Work-in-process inventory — June 1 | 2,300 | 94 | 84 |
| Work-in-process inventory — June 30 | 3,600 | 64 | 45 |
| Started processing during June | 8,600 |
Total equivalent units for materials under the FIFO method are calculated to be:
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