?? 10. All material is added at the beginning of theprocess.Costs Material ConversionBeginning inventory $ 30,000 $3,600 $ 33,600Current period 885,1201,220,208Totalcosts $915,120 $338,688 $1,253,808conversion)6,000UNITSBeginning inventory (30% complete-Started 180,000unitsconversion)20,000unitsTotal335,088Completed 152,000 unitsEnding inventory (70% complete-unitsunitsNormal spoilage4,800Required: Find ending WIP inventory,abnormal loss, and COGM. Assume that, forconversion costs, abnormal shrinkage is 60percent.

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Description: ?? 10. All material is added at the beginning of theprocess.Costs Material ConversionBeginning inventory $ 30,000 $3,600 $ 33,600Current period 885,1201,220,208Totalcosts $915,120 $338,688 $1,253,808conversion)6,000UNITSBeginning inventory (30% compl

Equivalent units: Equivalent units of production are an indication to show the work in process…

Business

Accounting

10. process. All material is added at the beginning of the Costs Material 3,600 Conversion Beginning inventory $ 30,000 $ $ 33,600 Current period 885,120 1,220,208 Total Total 335,088 costs $915.120 $338.688 $1,253,808

10. process. All material is added at the beginning of the Costs Material 3,600 Conversion Beginning inventory $ 30,000 $ $ 33,600 Current period 885,120 1,220,208 Total Total 335,088 costs $915.120 $338.688 $1,253,808

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 11MC: Beginning inventory and direct material cost added during the month total $55,000. What is the value...

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Physical Units Transferred-in costs (from Production Dept.) Direct Material Conversion Costs Beginning inventory, WIP (June 1) 90 $105,000 $0 $55,000 % of completion, beginning WIP 100% 0% 60% Transferred-in during June 150 Completed and transferred-out in June 155 Ending inventory, WIP (June 30) ??? % of completion, ending WIP 100% 20% 80% Total costs added during June $205,000 $55,000 $99,000 XYZ Co. operates two departments: Production and Assembly. This exercise focuses on the Assembly department. Direct Materials are added at the end of the process but conversion costs are added evenly during the process. Required: Using FORMULAS, prepare a worksheet to assign total costs to units completed and to units in ending work in process using weighted-average method of process costing. Rules/steps to consider: Prepare first the hand-written assignment Then, work on your Excel spreadsheet
Subject :- Accounting
Fill in the missing data (ignore indirect materials). Beginning balance Materials purchased Raw Materials Inventory $150,000 805,000 Direct materials used $800,000 Ending balance (a) WIP-Department 1 Beginning balance Direct materials used Conversion costs incurred $60,000 630,000 516.000 Transfers of $1,100,000 completed units Ending balance (b) WIP-Department 2 Beginning balance $51,000 Direct materials used (c) Conversion costs incurred 180,000 Transfers of completed units (d) Ending balance Transfers of completed units (e) $31,000 Finished Goods Inventory $250,000 Beginning balance Transfers of completed units (f) Ending balance Cost of goods sold (g) $150,000
Merder Ihc had the folowing informaton for the preceding year. Beginning Ending Inventory Inventory (1/1) (12/31) Rark in Process Inventory $ 22 $ 35,000 Finisbed Goods Inventory $ 72 $ 30,000 Additoral information for the jear is as follows Direct materials used $200,000 Direct labor $150,000 Yamfacturing overhead applied $160,000 Cost of goods manufactured $525,000 $54,00 Cost of goods sold What was the begirning Work in Process Inventory balance on 1?
Beginning WIP Inventory: 5,000 calendars (30 percent complete as to conversion); transferred in cost, $7,550, conversion cost, $1,093 . Transferred in during September: 80,000 calendars • Current period costs: transferred in, $80,000, direct material, $10,270; conversion, $13,991 • Ending WIP Inventory: 6,000 calendars (80 percent complete as to conversion) . For the Assembly Department, compute the following: a Equivalent units of production for each cost component EU for transferred in EU for direct materials EU for conversion b. Cost per EUP for each cost component Note: Round your answers to two decimal places. Transferred in cost per EUP $ Material cost per EUP $ Conversion cost per EUP $ c. Cost transferred to Finished Goods Inventory Note: Round your final answer to the nearest whole dollar. Note: Use the rounded rates from part (b) in your calculations. $ d. Cost of ending WIP Inventory Note: Round your final answer to the nearest whole dollar. Note: Use the rounded rates from…
18. Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. Using FIFO method, the started in process units?
Compute: Total Cost of Ending Inventory WIP, beginning 20,000 units Units started during the month WIP, ending (materials complete; 60% complete as to conversion cost) 600,000 units 40,000 Conversion Cost of WIP, beginning P 100,000 Conversion cost for the month P 655,000 Materials Cost of WIP, beginning P 140,000 Materials cost for the month P 790,000
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Carmelita, Inc., has the following information available: Costs from Beginning Inventory Direct materials. Conversion costs $5,000 5,200 Costs from Current Period The cost of completing a unit during the current period was Oa. $45.95 Ob. $36.76 Oc. $30.63 Od. $25.62 $29,600 149,800 At the beginning of the period, there were 400 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,500 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method.
Required information Skip to question [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method.
BASE DATA: UNITS: Beginning WIP Inventory (20% complete as to CC) 5,000 Units started 20,000 Units completed and transferred out 15,000 Ending WIP Inventory (Mat 100 %, CC 50 % complete) 10,000 Costs: Beginning inventory: Materials $ 4,000 CC $ 1,000 Current period: Materials $ 16,000 CC $ 4,000 All materials are added at the beginning of the process WITH THE ABOVE DATA SOLVE THE FOLLOWING QUESTIONS REGARDING YOUR PRODUCT: What is your Product's Equivalent units (EUP) for Mat & CC using Weighted Average? Materials EUP CC EUP Record your answers here What is your…