9. Malaviya Corporation uses the FIFO method in its processcosting system. Operating data for the Casting Department for themonth of September appear below:JA 0008UnitsBeginning work in process inventory..... 17,000Transferred in from the prior departmentduring September......Ending work in process inventory.72,00018,000Percent Complete withRespect to Conversion40%30%bus odi in beschavoilggevo 080,52 AAccording to the company's records, the conversion cost inbeginning work in process inventory was $63,104 at the beginningof September. Additional conversion costs of $654,240 wereincurred in the department during the month.aWhat would be the cost per equivalent unit for conversion costs forSeptember? (Round off to three decimal places.)A. $8.060B. $9.280los ni sessioob & diw ogas liv alebo doidW.SIC. $9.087D. $9.400ting sidensy istot bra 21200 baxit finu 8

Process costing is the method of allocating manufacturing costs to units produced. This is used when…

9. Malaviya Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the month of September appear below: Units Beginning work in process inventory..... 17,000 Transferred in from the prior department during September...... Ending work in process inventory. *********** 72,000 18,000 Percent Complete with Respect to Conversion 40% 30% bus odi in beschavo boilggewyo 080,552 A According to the company's records, the conversion cost in beginning work in process inventory was $63,104 at the beginning of September. Additional conversion costs of $654,240 were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for September? (Round off to three decimal places.) A. $8.060 B. $9.280 įtos ni sénstoob & diw ogasilo Hiwaleoo doidW C. $9.087 $0.100 hoxit Imo

9. Malaviya Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the month of September appear below: Units Beginning work in process inventory..... 17,000 Transferred in from the prior department during September...... Ending work in process inventory. *********** 72,000 18,000 Percent Complete with Respect to Conversion 40% 30% bus odi in beschavo boilggewyo 080,552 A According to the company's records, the conversion cost in beginning work in process inventory was $63,104 at the beginning of September. Additional conversion costs of $654,240 were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for September? (Round off to three decimal places.) A. $8.060 B. $9.280 įtos ni sénstoob & diw ogasilo Hiwaleoo doidW C. $9.087 $0.100 hoxit Imo

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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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.…
Marvellous Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month: Work in process, beginning: Units in process Stage of completion with respect to materials Stage of completion with respect to conversion Costs in the beginning inventory: Materials cost 800 50% 20% $2,440 $4,928 Conversion cost Units started into production during the month Units completed and transferred out 15,000 15,600 Costs added to production during the month: Materials cost $96,470 $476,362 Conversion cost Work in process, ending: Units in process Stage of completion with respect to materials Stage of completion with respect to conversion 200 50% 90% Using the weighted-average method, a. Determine the equivalent units of production for materials and conversation costs b. Determine the cost per equivalent unit for materials and conversion costs c. Determine the cost of units transferred out of…
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 57,000 539,000 560,000 36,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 238,370 $ 344,290 The beginning work in process inventory was 75% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 55% complete with respect to materials and 35% complete with respect to labor and overhead. Materials $ 51,000 Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for…
Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Units 51,000 26,000 Percent Completed Conversion 60 46 Materials 90 Work in process, October 1 Work in process, October 31 711 The department started 388,000 units into production dering the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion Equivalent units of production
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
Peridot Company's grinding department had the following data for the month of January: Production: Units in process, January 1, 75% complete Units completed and transferred out Units in process, January 31, 45% complete Costs: Work in process, January 1 13,000 tons 39,000 tons 20,000 tons Costs added during January $6,265 $20,135 Determine the cost to be assigned to ending work-in-process (EWIP) using the weighted average method. (Note: Round the unit cost to two decimal places.) a. $4,950 Ob. $7,565 ○ c. $8,984 Od. $3,790
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding department: Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Molding department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 58,000 Units 40,000 140,000 180,000 37,500 63,850 $ 121,850 $ 302,000 614, 150 Calculate equivalent units of production for conversion. 916,150 Direct materials Percent Complete. 100% 100% Conversion Percent Complete 55% 25%
Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. Units Costs Beginning work in process inventory Started 3,000 Beginning work in process inventory 30,000 Direct materials $ 3,180 Ending work in process inventory 6,000 Conversion 13,896 status of ending work in process inventory Direct materials added Materials-Percent complete Direct labor added $ 17,076 212,310 170,910 239,274 $639,570 Conversion-Percent complete Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 61,500 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Total Costs to Account for: Total costs to account for: $ 0 Total costs accounted for $ 0 Difference due to rounding cost/unit Unit Reconciliation: *********** *********** OLO 100% 25% 5 of 5 ی
Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 49,000 29,000 Equivalent units of production Percent Completed Materials 85% 70% The department started 391,000 units into production during the month and transferred 411,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion 55% 49% Conversion
Sarfina Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the month of September appear below: Units Percent Complete with Respect to Conversion Beginning work-in-process inventory 15,000 20 % Transferred in from the prior departmentduring September 89,000 Ending work-in-process inventory 24,000 90 % According to the company's records, the conversion cost in beginning work-in-process inventory was $15,660 at the beginning of September. Additional conversion costs of $526,524 were incurred in the department during the month.What would be the cost per equivalent unit for conversion costs for September? (Round your answer to 3 decimal places.) $5.220. $5.916. $5.213. $5.340.
1) A company uses process costing and provides the following information for the month of August: Physical Flow in August Cost Data for August Units in Process, Aug. 1 100 Materials Conversion Total Units Started in August 1100 Beg. WIP: $734 $1,547 $2,281 Units Completed in August 1120 Current Period: 12,708 $13,897 $26,605 Units in Process, Aug. 30 80 Total: $13,442 $15,444 $28,886 Units in process at the end of August were 30% complete with respect to materials and conversion costs. How much cost should be assigned to ending work-in-process inventory for the month of August? (Round all intermediate calculations and the final answer to the nearest dollar and cents.)2) A company uses process costing. The following information pertains to the Assembly Department for the month of June: Assembly Department physical inventory for June: 100 units completed and transferred out 20 units in ending work‐in‐process inventory Ending work-in-process inventory is 10% complete with respect to…
Accounting Use the FIFO method of process costing. Prepare schedules to accomplish each of the following process-costing steps for the month of April. l. Analysis of physical flow of units. 2. Calculation of equivalent units. 3. Computation of unit costs. 4. Analysis of total costs Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process. Work in process, April 1—10,000 units: Direct material: 100% complete, cost of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,000 Conversion: 20% complete, cost of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 Balance in work in process, April 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,500 Units started during April . . . . . . . . . . . . . . . . . . . . . . . . .…