31 pointThere were 20,000 units completed and transferred out and 5,000 units that are 20% completed for conversion costs. All materials costs are added at the beginning ofproduction. Using the weighted average method, the total equivalent units of production accounted for is 21,000 units for conversion costs.TrueFalseA3

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Answered: 3 1 point There were 20,000 units…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 11EA: Mazomanie Farm completed 20,000 units during the quarter and has 2,500 units still in process. The...

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The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
The cost of direct materials transferred into the Rolling Department of Kraus Company is 3,000,000. The conversion cost for the period in the Rolling Department is 462,600. The total equivalent units for direct materials and conversion are 4,000 tons and 3,855 tons, respectively. Determine the direct materials and conversion costs per equivalent unit.
The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Mazomanie Farm completed 20,000 units during the quarter and has 2,500 units still in process. The units are 100% complete with regard to materials and 55% complete with regard to conversion costs. What are the equivalent units for materials and conversion?
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Department S had 600 units 69% completed in process at the beginning of the period, 8,300 units completed during the period, and 800 units 43% completed at the end of the period. What was the number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories? Assume the completion percentage applies to both direct materials and conversion cost. а. 8,230 b. 7,886 Ос. 7,700 od. 9,030
Department W had 2,820 units, one-third completed at the beginning of the period; 12,100 units were transferred to Department X from Department W during the period; and 1,050 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs. What is the equivalent units of production used to compute unit conversion cost on the cost of production report for Department W? Assume the company uses FIFO. a.11,685 units b.11,160 units c.15,970 units d.9,280 units The following information pertains to Tanzi Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $35,855 Accounts receivable (net) 29,267 Inventory 26,611 Property, plant and equipment 210,452 Total Assets $302,185 Liabilities and Stockholders' Equity Current liabilities $56,968 Long-term liabilities…
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Department S had 500 units 70% completed in process at the beginning of the period, 8,600 units completed during the period, and 800 units 35% completed at the end of the period. Assume the completion percentage applies to both direct materials and conversion costs, and the first-in-first-out cost flow method is used. The conversion equivalent units of production for the period are a. 8,100 O b. 9,330 Oc. 8,530 O d. 8,250
Department S had 500 units 70% completed in process at the beginning of the period, 8,600 units completed during the period, and 800 units 35% completed at the end of the period. Assume the completion percentage applies to both direct materials and conversion costs, and the first-in-first-out cost flow method is used. The conversion equivalent units of production for the period are Oa. 8,100 O b. 9,330 Oc. 8,530 O d. 8,250
A production department reports the following conversion costs. Equivalent units of production for conversion total 501,000 for this period. Calculate the cost per equivalent unit of production for conversion. The company uses the weighted-average method. Cost of beginning work in process Costs added this period 251,000 851,200

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