2. Muffy Painting Company has the following production data forMarch.End. Work in Process Inv.Beg. WorkUnits Completed% Complete astoMonthin Process Inv.and Transferred OutUnitsConversion CostMarch 3,00042,00012,00075%InstructionsCompute equivalent units of production for March for both materialsand conversion costs. Materials are entered at the beginning of theprocess. Conversion costs are incurred uniformly throughout theprocess.Equivalent Units of ProductionQuantitiesPhysical UnitsUnits to be accounted forWork in process inventory, 3/1Started into productionTotal units to be accounted forUnits accounted forCompleted and transferred outWork in process inventory, 3/31Total units accounted forMaterialsConversion Costs

When a company produces goods, it often has units that are partially completed at the end of the…

Answered: 2. Muffy Painting Company has the…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 17E: K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the...

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K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
Seacrest Company uses a process-costing system. The company manufactures a product that is processed in two departments: A and B. As work is completed, it is transferred out. All inputs are added uniformly in Department A. The following summarizes the production activity and costs for November: Required: 1. Using the weighted average method, prepare the following for Department A: (a) a physical flow schedule, (b) an equivalent unit calculation, (c) calculation of unit costs (Note: Round to four decimal places.), (d) cost of EWIP and cost of goods transferred out, and (e) a cost reconciliation. 2. CONCEPTUAL CONNECTION Prepare journal entries that show the flow of manufacturing costs for Department A. Use a conversion cost control account for conversion costs. Many firms are now combining direct labor and overhead costs into one category. They are not tracking direct labor separately. Offer some reasons for this practice.
Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process. b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. d. Started in process, 95,000 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method.
Cost per equivalent unit The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of 9,000 of direct materials. A. Determine the number of units transferred to the next department. B. Determine the costs per equivalent unit of direct materials and conversion. C. Determine the cost of units started and completed in November.
The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 units in work in process that were 60% complete at the beginning of the period. During the period, 15,800 units were completed and transferred to the Packing Department. There were 1,200 units in process that were 30% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period. b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production.
Transferred-In Cost Goldings finishing department had the following data for July: Required: 1. Calculate unit costs for the following categories: transferred-in, materials, and conversion. 2. Calculate total unit cost.
Cost of production report The debits to Work in ProcessRoasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: All direct materials are placed in process at the beginning of production. A. Prepare a cost of production report, presenting the following computations: 1. Direct materials and conversion equivalent units of production for August 2. Direct materials and conversion costs per equivalent unit for August 3. Cost of goods finished during August 4. Cost of work in process at August 31 B. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July).
Muffy Painting Company has the following production data for March. Ending Work In Process % Complete as to Month Beglnning Work In Process Units Units Converslon Cost Transferred Out March 3,000 42,000 12,000 759% Compute equivalent units of production for March for both materials and conversion costs. Materials are entered at the beginning of the process. Equlvalent Units Quantitles Physlcal Units Materlals Converslon Costs Units to be accounted for Work in process, March 1 Started into production Total units Units accounted for Transferred out Work in process, March 31 Total units
End. Work in Process Inv. % Complete as to Beg. Work Units Completed in Process Month Inv. and Transferred Out Units Conversion Cost March 2,820 39,480 11,280 75% Compute equivalent units of production for March for both materials and conversion costs using the weighted-average method of process costing. Materials are entered at the beginning of the process. Quantities Units to be accounted for Work in process inventory, 3/1 Started into production Total units to be accounted for Equivalent Units of Production Physical Units Materials Conversion Costs
3C.
Weighted Average Method, FIFO Method, Physical Flow, EquivalentUnits Heap Company manufactures a product that passes through two processes: Fabrication and As-sembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process.b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversioncosts.c. Ending work in process had 17,000 units, 25 percent complete with respect to conversioncosts.d. Started in process, 95,000 units.Required:1. Prepare a physical flow schedule.2. Compute equivalent units using the weighted average method.3. Compute equivalent units using the FIFO method.
What is the direct materials cost per equivalent unit? What is the conversion cost per equivalent unit? What is the cost of beginning work in process completed during may? What is the cost of the ending work in process? What is the amount of costs transferred o finished goods (or next department)?

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