Homework Help is Here – Start Your Trial Now!
Business
Accounting
6. A-Lumber Company uses the weighted-average method in its process costing system. Information for the month of June presented below: Units Percentage Completion In Respect to Conversion Costs Beginning WIP Started during June Completed and Transferred Out 20,000 Ending WIP 12,000 90% 18,000 10,000 40% The conversion cost in beginning work in process inventory was $20,000 at the beginning of June. Additional conversion costs of $70,000 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? A. $3.75 B. $3.00 C. $3.46 D. $4.40

6. A-Lumber Company uses the weighted-average method in its process costing system. Information for the month of June presented below: Units Percentage Completion In Respect to Conversion Costs Beginning WIP Started during June Completed and Transferred Out 20,000 Ending WIP 12,000 90% 18,000 10,000 40% The conversion cost in beginning work in process inventory was $20,000 at the beginning of June. Additional conversion costs of $70,000 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? A. $3.75 B. $3.00 C. $3.46 D. $4.40

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Solve 5 questions with steps and reasons . The subject is Managerial Accounting.
8. The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method: A. its applied when there is significant difference in cost between two periods. B. does not require the use of predetermined overhead rates. C. keeps costs in the beginning inventory separate from current period costs. D. does not consider the number of units in the beginning work in process inventory when computing equivalent units of production. 9. The Al Nabras Company uses the weighted average method in its process costing system. The company's ending work in process equivalent units were calculated as 11,000 units in respect to direct materials, and 9,000 units in respect to conversion. Also, total company's completed and transferred out equivalent units were calculated as 12,000 units for both direct materials and conversation cost. If the costs per equivalent unit are $8.00 for the materials and $5.20 for conversion, the total cost of the ending work in process inventory account would be: A. $160,000 B. $158,400 C. $293,200 D. $134,800 10. Which of the following months will be covered under Quarter three: A. June, July, August B. July, August, September C. July, August, October D. August, September, October
Transcribed Image Text:8. The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method: A. its applied when there is significant difference in cost between two periods. B. does not require the use of predetermined overhead rates. C. keeps costs in the beginning inventory separate from current period costs. D. does not consider the number of units in the beginning work in process inventory when computing equivalent units of production. 9. The Al Nabras Company uses the weighted average method in its process costing system. The company's ending work in process equivalent units were calculated as 11,000 units in respect to direct materials, and 9,000 units in respect to conversion. Also, total company's completed and transferred out equivalent units were calculated as 12,000 units for both direct materials and conversation cost. If the costs per equivalent unit are $8.00 for the materials and $5.20 for conversion, the total cost of the ending work in process inventory account would be: A. $160,000 B. $158,400 C. $293,200 D. $134,800 10. Which of the following months will be covered under Quarter three: A. June, July, August B. July, August, September C. July, August, October D. August, September, October
6. A-Lumber Company uses the weighted-average method in its process costing system. Information for the month of June presented below: Units Percentage Completion In Respect to Conversion Costs Beginning WIP Started during June 12,000 90% 18,000 Completed and Transferred Out 20,000 Ending WIP 10,000 40% The conversion cost in beginning work in process inventory was $20,000 at the beginning of June. Additional conversion costs of $70,000 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? A. $3.75 B. $3.00 C. $3.46 D. $4.40 7. The Qabool Company uses the weighted average method in its process costing system. The company recorded 15,000 units for conversion costs on 1 January in a department, 20% complete with respect to conversion costs. During the month, 25,000 units were provided to the department to work on. There were 8,000 units work in process inventory by the end of January, 75% complete with respect to conversion costs. Total number of equivalent units in respect to conversion cost: A. 40,000 units B. 38,000 units C. 35,000 units D. 30,000 units
Transcribed Image Text:6. A-Lumber Company uses the weighted-average method in its process costing system. Information for the month of June presented below: Units Percentage Completion In Respect to Conversion Costs Beginning WIP Started during June 12,000 90% 18,000 Completed and Transferred Out 20,000 Ending WIP 10,000 40% The conversion cost in beginning work in process inventory was $20,000 at the beginning of June. Additional conversion costs of $70,000 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? A. $3.75 B. $3.00 C. $3.46 D. $4.40 7. The Qabool Company uses the weighted average method in its process costing system. The company recorded 15,000 units for conversion costs on 1 January in a department, 20% complete with respect to conversion costs. During the month, 25,000 units were provided to the department to work on. There were 8,000 units work in process inventory by the end of January, 75% complete with respect to conversion costs. Total number of equivalent units in respect to conversion cost: A. 40,000 units B. 38,000 units C. 35,000 units D. 30,000 units
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Business analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS