2. Department A had 16,000 units in the beginning work in process that is 45% with respect to material and 80% completed with respect to conversion costs. 12,000 units were added during the period; 20,000 units were completed and transferred and the remaining units in ending work-in-process were 65% completed with respect to materials and 35% completed with respect to conversion cost. The following additional information relate to the cost incurred: Work in Process (Material is $750,000; Conversion $1,250,000) Cost Added this period (Material is $2,000,000; Conversion $1,000,000) Required: Given the quantity schedule that has been prepared for you below, a. What is the cost of units completed and transferred? b. What is the cost of the units in ending work-in-process? Quantity Schedule (Weighted Average Process Costing Method) WIP beginning Units added this period Units to be accounted for Completed and Transferred Ending WIP Material 65%; Conversion 35% Total units accounted for Total equivalent units of production Total Materials Conversion Units 16,000 12,000 28,000 20,000 8,000 28,000 Equivalent Units of Production Materials Conversion 20,000 20,000 5,200 25,200 2,800 22,800

2. Department A had 16,000 units in the beginning work in process that is 45% with respect to material and 80% completed with respect to conversion costs. 12,000 units were added during the period; 20,000 units were completed and transferred and the remaining units in ending work-in-process were 65% completed with respect to materials and 35% completed with respect to conversion cost. The following additional information relate to the cost incurred: Work in Process (Material is $750,000; Conversion $1,250,000) Cost Added this period (Material is $2,000,000; Conversion $1,000,000) Required: Given the quantity schedule that has been prepared for you below, a. What is the cost of units completed and transferred? b. What is the cost of the units in ending work-in-process? Quantity Schedule (Weighted Average Process Costing Method) WIP beginning Units added this period Units to be accounted for Completed and Transferred Ending WIP Material 65%; Conversion 35% Total units accounted for Total equivalent units of production Total Materials Conversion Units 16,000 12,000 28,000 20,000 8,000 28,000 Equivalent Units of Production Materials Conversion 20,000 20,000 5,200 25,200 2,800 22,800

Name: 2. Department A had 16,000 units in the beginning work in process tha
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Description: 2. Department A had 16,000 units in the beginning work in process that is 45% with respect tomaterial and 80% completed with respect to conversion costs. 12,000 units were addedduring the period; 20,000 units were completed and transferred and the r

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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A production department within a company received materials of $8,000 and conversion costs of $11,000 from the prior department. It added material of $23,280 and conversion costs of $42,550. The equivalent units are 17,000 for material and 15,300 for conversion. What is the unit cost for materials and conversion? When required, round final answers to two decimal places. Unit Cost Materials $ Conversion $
Johnson Company adds materials, 50% at the start of the process and 50% at the end of the process in Department A. Conversion costs were 70% complete as to the 8,000 units in process on January 1 and 50% complete as to the 6,000 units in process on January 31. During the month of January, 12,000 units were transferred to Department B. An analysis of the costs relating to Work in Process is as follows:Work in process, 1/1: Materials, P12,000; Conversion costs, P25,000Costs added during the month: Materials, P79,800; Conversion costs, P125,000The cost of ending inventory under WAM (weighted average method) is:
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Department A had 4,300 units in work in process that were 62% completed as to labor and overhead at the beginning of the period, 34,700 units of direct materials were added during the period, 36,200 units were completed during the period; and 2,800 units were 20% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories.The number of equivalent units of production for material costs for the period was
Lazada Inc. adds materials at the beginning of the process in department USB. Conversion costs were 70% complete as to the 9,500 work-in-process units on September 1 and 40% incomplete as to the 7,000 work-in-process units on September 30. During September, 12,000 units were completed and transferred to the next department. An analysis of the cost relating to work-in-process on September 1 and to production activity for September is as follows: Work-in-process, September 1Materials P10,000Conversion Costs P12,000Costs incurred during SeptemberMaterials P45,000Conversion Costs P60,000The total cost per equivalent unit for September under FIFO is:
Department A had 4,400 units in work in process that were 76% completed as to labor and overhead at the beginning of the period, 30,800 units of direct materials were added during the period, 33,200 units were completed during the period; and 2,000 units were 28% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories.The number of equivalent units of production for material costs for the period was a. 28,800 b. 33,200 c. 30,800 d. 35,200
Equivalent Units of Conversion Costs The Rolling Department of Blackrock Steel Company had 800 tons in beginning work in process inventory (20% complete). During the period, 12,700 tons were completed. The ending work in process inventory was 2,000 tons (30% complete). What are the total equivalent units for conversion costs? units
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Oak Ridge Steel Company is $525,200. The conversion cost for the period in the Rolling Department is $300,800. The total equivalent units for direct materials and conversion are 2,600 tons and 4,700 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: $ per ton Conversion cost per equivalent unit: $ per ton
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