The Finishing Department started the month with 200 units in process, received 3,500 units from the Assembly Department, and transferred 3,600 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: Transferred inSDirect MaterialsConversion CostsTotalBeginning WIPAdded ThisMonthTotal2,720 $47,600 $50,3204207,3507,7701,1506,1407,290$4,290 $61,090 $65,380 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.

8. Units in process at the end of the monthBeginning work in process (WIP): 200 unitsUnits started…

Transferred in S Direct Materials Conversion Costs Total Beginning WIP Added This Month Total 2,720 $ 47,600 $ 50,320 420 7,350 7,770 1,150 6,140 7,290 $ 4,290 $ 61,090 $ 65,380 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.

Transferred in S Direct Materials Conversion Costs Total Beginning WIP Added This Month Total 2,720 $ 47,600 $ 50,320 420 7,350 7,770 1,150 6,140 7,290 $ 4,290 $ 61,090 $ 65,380 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.

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?
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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.
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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. Based on the above data, determine the different costs listed below. 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, rounded to the nearest cent.