6. A-Lumber Company uses the weighted-average methodin its process costing system. Information for the monthof June presented below:Percentage Completion InRespect to Conversion CostsUnitsBeginning WIPStarted during June12,00090%18,000Completed and Transferred Out 20,000Ending WIP10,00040%The conversion cost in beginning work in process inventorywas $20,000 at the beginning of June. Additionalconversion costs of $70,000 were incurred in the departmentduring the month. What was the cost per equivalent unit forconversion costs for the month?A. $3.75B. $3.00C. $3.46D. $4.40

The equivalent units are calculated on the basis of percentage of work completed during the period.

6. A-Lumber Company uses the weighted-average method in its process costing system. Information for the month of June presented below: Percentage Completion In Respect to Conversion Costs Units 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: Percentage Completion In Respect to Conversion Costs Units 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Current Attempt in Progress Monty Company has the following production data for June: units completed and transferred out, 49,000 and ending work in process inventory, 5,880 units that are 100% complete for materials and 30% complete for conversion costs. Unit materials cost is $5 and unit conversion cost is $7. Determine the costs to be assigned to the units completed and transferred out and the units in ending work in process inventory. Cost assigned to units completed and transferred out Cost assigned to the units in ending work in process inventory Save for Later $ $ Attempts: 0 of 1 used Submit Answer
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 $2.55 and $1.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials 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 The beginning work in process inventory on October 1 had a cost of $1,300. 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 0 39,000 39,000 2,000 41,000 $ $ Equivalent Units Conversion 2,000 39,000 41,000 1,000 42,000 X X X
Production information shows the following costs and units for the smoothing department in August. Cost Units Work in process Beginning balance: materials $1,500 Beginning units 640 Beginning balance: conversion 2,300 Transferred in 1,750 Materials 7,104 Transferred out 1,730 Labor 14,500 Overhead 6,548 All materials are added at the beginning of the period. The ending work in process is 10% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month? Transferred out $4 Ending inventory $
in details
Goody Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. The company uses the weighted-average method for process costing. Data for the finishing department follows: WIP, April 1 Transferred-in costs in WIP, April 1 Direct materials (100%) in WIP, April 1 Conversion costs (70%) in WIP, April 1 Units transferred-in Transferred-in costs during April Units completed April direct materials cost April conversion costs WIP, April 30 (100% for materials and 60% for conversion costs) 12,000 units $78,940 $22,420 $21,385 45,000 $4.80 $4.42 $5.13 $4.95 $540,900 42,000 $157,500 $230,837 15,000 units At the Goody Company the cost per equivalent unit for conversion costs would be closest to
What would be the cost per equivalent unit for conversion costs for September? (Round off to three decimal places.)
Question: Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below. Work in process, beginning: Units in beginning work-in-process inventory 400 Materials costs $6,900 Conversion costs $2,500 Percentage complete for materials 80% Percentage complete for conversion 15% Units started into production during the month 6,000 Units transferred to the next department during the month 5,000 Materials costs added during the month $112,500 Conversion costs added during the month $210,300 Ending work in process: Units in ending work-in-process inventory 1,200 Percentage complete for materials 60% Percentage complete for conversion 30% Required: Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.
1.(8) 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 $98,310 of direct materials.
Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company’s Assembly Department for the month of June. Materials Conversion Cost per equivalent unit $ 25.30 $ 28.10 Equivalent units in ending work in process 730 275 During the month, 6,400 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method.
1. Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below.Work in process, beginning: Units in beginning work-in-process inventory400Materials costs$6,900Conversion costs$2,500Percentage complete for materials80%Percentage complete for conversion15%Units started into production during the month6,000Units transferred to the next department during the month5,000Materials costs added during the month$112,500Conversion costs added during the month$210,300Ending work in process:Units in ending work-in-process inventory1,200Percentage complete for materials60%Percentage complete for conversion30%Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.2. (Ignore income taxes in this problem.) Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E.…
Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company's Assembly Department for the month of June. Materials $ 29.30 1,130 Conversion $ 32.10 475 Cost per equivalent unit Equivalent units in ending work in process During the month, 7,200 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method. (Round your answers to 2 decimal places.) Materials Conversion $ 33,109.00 $ 15,248.00 $ 210,960.00 $ 231,120.00 Cost of ending work in process inventory Cost of units completed and transferred out
Bettie Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October: Units completed and transferred out Equivalent units: work in process, October 31 Total equivalent units Materials Conversion 50,000 50,000 10,000 4,000 60,000 54,000 Materials $ 9,000 243,000 $ 252,000 Conversion $ 5,400 513,000 $518,400 Costs in work in process on October 1 Costs added to production during October Total cost All materials at Bettie are added at the beginning of the production process. What total amount of cost should be assigned to the units completed and transferred out during October?