The Finishing Department started the month with 500 units in process, received 2,000 units from the Assembly Department, and transferred 2,100 units to the finished goods storage area. All direct materials are added at the beginning of the process. The units in process at the end of the month are 45% complete with respect to conversion costs. The department uses the weighted-average method. The Finishing Department incurred the following costs: 8. How many units are still in process at the end of the month?9. Compute the equivalent units of production for the Finishing Department.10. Determine the cost per equivalent unit for transferred in, direct materials, andconversion costs.11. Determine the cost to be transferred to Finished Goods Inventory. Beginning WIPAdded ThisMonthTotalTransferred In$6,250 $25,000 $31,250Direct Materials5002,0002,500Conversion Costs1,2505,5906,840$8,000 $32,590 $40,590Total

8. Units in process at the end of the monthBeginning work in process (WIP) units: 500Units started…

8. How many units are still in process at the end of the month? 9. Compute the equivalent units of production for the Finishing Department. 10. Determine the cost per equivalent unit for transferred in, direct materials, and conversion costs. 11. Determine the cost to be transferred to Finished Goods Inventory. Beginning WIP Added This Month Total Transferred In $ 6,250 $ 25,000 $ 31,250 Direct Materials 500 2,000 2,500 Conversion Costs 1,250 5,590 6,840 $ 8,000 $ 32,590 $ 40,590 Total

8. How many units are still in process at the end of the month? 9. Compute the equivalent units of production for the Finishing Department. 10. Determine the cost per equivalent unit for transferred in, direct materials, and conversion costs. 11. Determine the cost to be transferred to Finished Goods Inventory. Beginning WIP Added This Month Total Transferred In $ 6,250 $ 25,000 $ 31,250 Direct Materials 500 2,000 2,500 Conversion Costs 1,250 5,590 6,840 $ 8,000 $ 32,590 $ 40,590 Total

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 32P: Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a...

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Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
Production information shows these costs and units for the smoothing department in August. What is the value of the inventory transferred out to finished goods and the value of the WIP inventory at the end of the month, assuming conversion costs are 30% complete?
The following information concerns production in the Finishing Department for May. The Finishing Department uses the weighted average method. a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production.
The following information concerns production in the Forging Department for June. The Forging Department uses the weighted average method. a. Determine the cost per equivalent unit. b. Determine cost of units transferred to Finished Goods. c. Determine the cost of units in ending Work in Process.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory b. Did the production costs change from the preceding period? Explain. c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
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 9,000 of direct materials. A. Determine the number of units transferred to the next department. B. Determine the costs per equivalent unit of direct materials and conversion. C. Determine the cost of units started and completed in November.
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% 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?
Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the following: A. Cost of beginning work in process inventory completed in November B. Cost of units transferred to the next department during November C. Cost of ending work in process inventory on November 30 D. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process E. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month
a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May.