(15) Data for Kretsmart Company are as follows:ดDirectPercentConversionUnitsMaterialsCompletedCostsCostsBeginning work in process 10,000 30%$10,000$30,000Units started and completed20,000during the periodCosts added this period$110,000$200,000Ending work in process80,000 40%Units completed andtransferred during the30,000periodMaterials are added at the beginning of the production process. Conversioncosts are added uniformly throughout the production process.Assuming a FIFO flow of costs, what is Kretsmart Company's computed totalproduction cost per equivalent unit for work done during the period?$3.77O $3.92$4.49O $4.74Copy

This question involves cost accounting for a manufacturing process using the FIFO (First-In,…

Answered: (15) Data for Kretsmart Company are as…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14EA: A production department within a company received materials of $10,000 and conversion costs of...

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Similar questions

A production department within a company received materials of $10,000 and conversion costs of $10,000 from the prior department. It added material of $27,200 and conversion costs of $53,000. The equivalent units are 20,000 for material and 18,000 for conversion. What is the unit cost for materials and conversion?
A company is using process costing with the first-in, first-out (FIFO) method, and all costs are added evenly throughout the manufacturing process. If there are 5,000 units in beginning work in process inventory (30% complete), 10,000 units in ending work in process inventory (60% complete), and 25,000 units started in process this period, how many equivalent units are there for this period? a. 22,500 units. b. 26,000 units. c. 24,500 units. d. 25,000 units.
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.
Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
Use the following information for Brief Exercises 11-23 and 11-24: Theta Company has the following data for one of its manufacturing plants: Maximum units produced in a quarter (3-month period): 400,000 units Actual units produced in a quarter (3-month period): 375,000 units Productive hours in one quarter: 20,000 hours 11-24 (Appendix 11A) Calculating Manufacturing Cycle Efficiency Refer to the information for Theta Company on the previous page. The actual cycle time for Theta Company is 3.2 minutes, and the theoretical cycle time is 3 minutes. Required: 1. Calculate the amount of processing time and the amount of nonprocessing time. 2. Calculate the MCE. (Round to two decimal places.)
1. Gena Company has several processing departments. Costs charged to Department A or January 2020 were as follows. Work in process, January 1: Materials =$37,000 Conversion costs =$18,000 Costs added during the month: Materials $1,462,600 Labor $392,000 Overhead $127,240 Production records show that 25,000 units were in beginning work in process 40% complete as to conversion cost, 435,000 units were started into production, and 40,000 units were in ending work in process, 100% complete as to materials, and 60% complete as to conversion costs. Instructions: • Determine the physical and equivalent units of production • Determine the cost per equivalent unit for Department A • Determine the assignment of costs to goods transferred out and in ending work in process • Do a cost reconciliation. • Prepare the journal entry necessary to transfer the cost of the completed units from Department A to Department B.
Assume the following information for a company with two production departments. The first department is Milling. Milling Department Beginning work-in-process inventory Units 200 Percent Complete Materials 40% Conversion 30% Units started into production during March units 6,200 Units completed during the period and transferred out units 5800 Ending work-in-process inventory Units 400 Materials 30% Conversion 70% Milling Department cost data: Cost of beginning work-in-process inventory Materials $20,000 Conversion $15,000 Costs added during the period Materials $260,000 Conversion $335,000 Total cost Materials $280,000 Conversion $350,000 1 Using the weighted-average method, the total cost of the ending work-in-process inventory would be closest to: A $597,938 B $32,062 C $8,428 D $184,949 E None of the above.
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 284,000 385,000 Total cost $ 294,000 $ 400,000 Using the weighted-average method, the cost per equivalent unit for materials is closest to
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Assume the following information: Percent Complete Milling Department Units Materials Conversion Beginning work in process inventory Units started into production during March 200 40% 30% 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 287,000 385,000 Total cost $ 297,000 $ 400,e00 Using the weighted-average method, the total cost of the units completed during the period and transferred out to the next department with respect to materials is closest to: Multiple Cholce $276,950. $275,536. $276,386. $274.285.
A process manufacturer reports the following: Units Conversion Percent Complete Beginning work in process inventory 186,000 80% Units started this period 400,000 Units completed and transferred out 430,000 Ending work in process inventory 156,000 35% (a) Compute the number of units started and completed this period. (b) Compute the total equivalent units of production for conversion. The company uses the FIFO method.

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