3. The inventory at May 1 and the costs charged to Work in Process--Department B during May forOlga Company are as follows:Beginning WIP – Dept B, 12,000 units, 60% completedFrom Department A, 55,000 units started this periodDirect materials added$ 62,400115,500523,160Conversion costs incurredDuring May, all direct materials are transferred from Department A, the units in process at May 1 werecompleted, and of the 55,000 units entering the department, all were completed except 6,000 units which were70% completed. Assume inventories are managed by the first-in, first-out method.a) Determine the Cost per Equivalent Units for both Direct Materials and Conversion Costs forthe month of May.b) Determine the total cost of production transferred to Department C and provide the journalentry.c) What is the ending balance in WIP – Dept. B?

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Description: 3. The inventory at May 1 and the costs charged to Work in Process--Department B during May forOlga Company are as follows:Beginning WIP – Dept B, 12,000 units, 60% completedFrom Department A, 55,000 units started this periodDirect materials added$

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3. The inventory at May 1 and the costs charged to Work in Process--Department B Olga Company are as follows: ginning WIP - Dept B, 12,000 units, 60% completed om Department A, 55,000 units started this period rect materials added nversion costs incurred pring May, all direct materials are transferred from Department A, the units in process at mpleted, and of the 55,000 units entering the department, all were completed except 6,00 % completed. Assume inventories are managed by the first-in, first-out method. a) Determine the Cost per Equivalent Units for both Direct Materials and Conve

3. The inventory at May 1 and the costs charged to Work in Process--Department B Olga Company are as follows: ginning WIP - Dept B, 12,000 units, 60% completed om Department A, 55,000 units started this period rect materials added nversion costs incurred pring May, all direct materials are transferred from Department A, the units in process at mpleted, and of the 55,000 units entering the department, all were completed except 6,00 % completed. Assume inventories are managed by the first-in, first-out method. a) Determine the Cost per Equivalent Units for both Direct Materials and Conve

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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. . Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2, 5) . The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 49,500 partially complete gallons, 15 percent complete with respect to conversion costs. Units started in July, 89,500 gallons. . Units transferred out in July, 99,500 gallons. Ending inventory, 39,500 gallons, 65 percent complete with respect to conversion costs. $ 65,500 44,500 $ 110,000 Direct Materials Conversion Costs $ 215,000 465,000 $ 680,000 Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. 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 $82,770 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 8,900 units, 50% completed 98,790 30 Direct materials, 81,000 units 729,000 827,790 30 Direct labor 130,580 958,370 30 Factory overhead 180,331 ? 1,138,701 ? 30 Goods finished, ? units ? 30 Bal., 7,100 units, 80% completed
How to find: * Cost of beginning work in process inventory completed this period. *Cost of units transferred to finished goods during the period. * Cost of ending work in process inventory. * Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. Work in Process—Assembly Department Bal., 6,000 units, 55% completed 18,540 To Finished Goods, 138,000 units ? Direct materials, 141,000 units @ $2.1 296,100 Direct labor 192,900 Factory overhead 75,000 Bal. ? units, 70% completed ?
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Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $1.70 and $2.40, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials 0 Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs 72,000 The beginning work in process inventory on October 1 had a cost of $2,900. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 65,000 65,000 7,000 Equivalent Units Conversion 4,600 65,000 69,600 S 2,800 72,400
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Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows: Beginning work in process, 12,000 units, 60% completed $62,400 From Department A, 55,000 units started this period Direct materials added 115,500 Direct labor incurred 384,915 Factory overhead incurred 138,000 During March, all direct materials were transferred in from Department A; the units in process at March 1 were completed and transferred to finished goods; and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Stevens uses the first-in, first-out cost flow method. Prepare a cost of production report for March. If required, round your cost per equivalent unit amounts to four decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer. Stevens CompanyCost of Production Report—Department BFor the Month Ended March 31…
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Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Winding Department Drawing Department 6,100 units, 30% completed 3,000 units, 90% completed Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 4,600 units, 55% completed Production begins in the Drawing Department and finishes in the Winding Department. Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June Inventory in process, June 30 Total a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and Conversion Equivalent Units of Production For June Feedback 83,600 units Inventory in process, June 1 Started and completed in June…
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