5 CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June Units 22,000 383,000 361,000 44,000 Materials $ 22,000 $304,000 Percentage Completed Conversion 25% Materials 75% 50% Conversion $ 20,500 $167,000 Required: Assume that the company uses the FIFO method. 1. Determine the equivalent units for June for the first process. 25%

5 CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The information shown in the table below is available about work in the first department, the Mixing Department, during June: Work in process, beginning Started into production Completed and transferred out Work in process, ending Work in process, beginning Cost added during June Units 22,000 383,000 361,000 44,000 Materials $ 22,000 $304,000 Percentage Completed Conversion 25% Materials 75% 50% Conversion $ 20,500 $167,000 Required: Assume that the company uses the FIFO method. 1. Determine the equivalent units for June for the first process. 25%

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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2 Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 11,700 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Materials Units Conversion 2,000 11,700 9,000 4,700 Percent Complete for Direct Materials 65% Equivalent units of production: Weighted $ 1,407 1,241 25,053 25,959 90% Complete this question by entering your answers in the tabs below. Percent Complete for Conversion 35% $ 2,648 Required: Calculate the Assembly department's equivalent units of production for materials and for conversion for November. Use the weighted average method. 51,012 40% Calculate the Assembly department's…
Honeybutter Pty Ltd manufactures a product that goes through two departments prior to completion—the Mixing Department followed by the Packaging Department. The following information is available about work in the first department, the Mixing Department, during June. Percent completed Units Materials Conversion Work in process, beginning 70,000 70% 40% Units started during June 460,000 Completed and transferred out 450,000 Work in process, ending 75% 25% Work in process, beginning $36,550 $13,500 Cost added during June $391,850 $287,300 Required: Assume that the company uses the weighted-average method. (a) Determine the physical units of the ending inventory in June for the Mixing Department (b) Determine the equivalent units for June for the Mixing Department (c) Compute the costs per equivalent unit…
Betty DeRose, Inc. operates two departments, the handling department a nd the packaging department. During April, the handling department report ed. the following information: work in process, April 1 units started during April work in process, April 30 units 27,000 59,000 34,000 t work in process, April 1 costs added during April total costs. % complete DM 60% 70% The cost of beginning work in process and the costs added during April were as follows: DM $ 25,310 $190,720 $216,030 % complete conversion 85% 40% Conversion $191,175 $208,985 $400, 160 Total cos $216,485 $399,705 $616, 190 Calculate the equivalent units with respect to conversion costs using the FIFO process costing method.
1 Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow: Work in process inventory, November 1 Work in process inventory, November 30 Materials cost in work in process inventory, November 1 Conversion cost in work in process inventory, November 1 Units started into production Units transferred to the next process Materials cost added during November Conversion cost added during November Units Completion with Respect to Materials 114,000 50% Completion with Respect to Conversion 25% 92,000 45% 20% $ 57,000 $ 5,700 407,500 429,500 $366,810 $151,065 Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for November for the first process. Equivalent units of production Materials Conversion 2. Compute the costs per equivalent unit for November for the first process. (Round your answers to 2 decimal places.)…
Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company: Quantity Work in process, May 1 Started in May Completed during May Work in process, May 31 80 500 460 120 Stage of Completion Materials WIP-Beg. 90% 40% WIP-End 60% 30% Conversion Costs Cost Data: Materials P49,336 322,000 Conversion Costs Work in process, May 1 Cost added during May P9,104 139,200 The Assembly Department uses the average method of process costing. What are the equivalent units of production for direct materials and conversion costs? 5. FIFO METHOD -EUP AS TO MATERIALS: 6. FIFO METHOD -EUP AS TO CC:
Foley Manufacturing uses a process costing system. The following for one department in April: Units 15,000 40,000 Percent Completed Materials 65% 70% Work in Process April 1 Work in Process April 30 The department started 145,000 units during the month. Conversion 45% 50% Required: 1. Determine the physical flow of products. Show reconciliation below. 2. Compute the equivalent units of production for April assuming the company used the weighted-average method of accounting for units and costs.
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Problem The Molding Department is the second department in Paxton Company production process. The data below summarize the operations in January. Cost for January Work in process, January 1 Added during the month Beginning work in process inventory Started in January Completed and transferred to the next department during January Ending work in process inventory All materials are added at the start of the process. Materials (Php) Conversion Costs (Php) 35,000 54,000 165,000 315,000 Units Percentage Complete 5,000 55,000 48,000 12,000 Prepare Cost of Production Report using Weighted Average and FIFO Method. 80% 20%
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