1. Armor Company had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $22,700. Work in Process Inventory Beginning balance @ 12/1: 420 units, 10% completed $ 26,000 Completed 1,050 units and transferred them to finished goods inventory $ 217,291 Direct materials 74,000 Direct labor 50,000 Overhead Property taxes 16,000 Depreciation 47,000 Utilities 31,000 Indirect labor 14,000 Ending balance @ 12/31: 405 units, 20% completed $ 40,709 Cost per equivalent unit for conversion under the FIFO method is calculated to be (rounded): 2. Shyne Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (38,000 units): Direct materials (96% completed) $ 122,600 Conversion (54% completed) 77,050 Balance in work in process inventory, July 1 $ 199,650 Units started during July 92,000 Units completed and transferred 105,600 Work-in-process inventory, July 31: Direct materials (96% completed) 24,400 Conversion (54% completed) Cost incurred during July: Direct materials $ 182,000 Conversion costs 290,000 The cost of goods completed and transferred out under the weighted-average method is calculated to be: 3. Shyne Incorporated calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work-in-process inventory, July 1 (39,000 units): Direct materials (94% completed) $ 122,700 Conversion (56% completed) 77,150 Balance in work in process inventory, July 1 $ 199,850 Units started during July 93,000 Units completed and transferred 107,700 Work-in-process inventory, July 31: Direct materials (94% completed) 24,300 Conversion (56% completed) Cost incurred during July: Direct materials $ 183,000 Conversion costs 291,000 Cost per equivalent unit for conversion under the FIFO method is calculated to be: 4. 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):

1. Armor Company had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $22,700. Work in Process Inventory Beginning balance @ 12/1: 420 units, 10% completed $ 26,000 Completed 1,050 units and transferred them to finished goods inventory $ 217,291 Direct materials 74,000 Direct labor 50,000 Overhead Property taxes 16,000 Depreciation 47,000 Utilities 31,000 Indirect labor 14,000 Ending balance @ 12/31: 405 units, 20% completed $ 40,709 Cost per equivalent unit for conversion under the FIFO method is calculated to be (rounded): 2. Shyne Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (38,000 units): Direct materials (96% completed) $ 122,600 Conversion (54% completed) 77,050 Balance in work in process inventory, July 1 $ 199,650 Units started during July 92,000 Units completed and transferred 105,600 Work-in-process inventory, July 31: Direct materials (96% completed) 24,400 Conversion (54% completed) Cost incurred during July: Direct materials $ 182,000 Conversion costs 290,000 The cost of goods completed and transferred out under the weighted-average method is calculated to be: 3. Shyne Incorporated calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work-in-process inventory, July 1 (39,000 units): Direct materials (94% completed) $ 122,700 Conversion (56% completed) 77,150 Balance in work in process inventory, July 1 $ 199,850 Units started during July 93,000 Units completed and transferred 107,700 Work-in-process inventory, July 31: Direct materials (94% completed) 24,300 Conversion (56% completed) Cost incurred during July: Direct materials $ 183,000 Conversion costs 291,000 Cost per equivalent unit for conversion under the FIFO method is calculated to be: 4. 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):

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 $22,700.

Work in Process Inventory
Beginning balance @ 12/1: 420 units, 10% completed	$ 26,000	Completed 1,050 units and transferred them to finished goods inventory	$ 217,291
Direct materials	74,000
Direct labor	50,000
Overhead Property taxes	16,000
Depreciation	47,000
Utilities	31,000
Indirect labor	14,000
Ending balance @ 12/31: 405 units, 20% completed	$ 40,709

Cost per equivalent unit for conversion under the FIFO method is calculated to be (rounded):

2. Shyne Incorporated calculates cost for an equivalent unit of production using the weighted-average method.

Data for July:
Work-in-process inventory, July 1 (38,000 units):
Direct materials (96% completed)	$ 122,600
Conversion (54% completed)	77,050
Balance in work in process inventory, July 1	$ 199,650
Units started during July	92,000
Units completed and transferred	105,600
Work-in-process inventory, July 31:
Direct materials (96% completed)	24,400
Conversion (54% completed)
Cost incurred during July:
Direct materials	$ 182,000
Conversion costs	290,000

The cost of goods completed and transferred out under the weighted-average method is calculated to be:

3. Shyne Incorporated calculates cost for an equivalent unit of production using the FIFO method.

Data for July:
Work-in-process inventory, July 1 (39,000 units):
Direct materials (94% completed)	$ 122,700
Conversion (56% completed)	77,150
Balance in work in process inventory, July 1	$ 199,850
Units started during July	93,000
Units completed and transferred	107,700
Work-in-process inventory, July 31:
Direct materials (94% completed)	24,300
Conversion (56% completed)
Cost incurred during July:
Direct materials	$ 183,000
Conversion costs	291,000

Cost per equivalent unit for conversion under the FIFO method is calculated to be:

4. 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):

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