A company has 1,400 units in ending work in process that are 20% complete after transferring out 11,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $8 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? Cost of units transferred out 132,000 Ending work in process inventory $

A company has 1,400 units in ending work in process that are 20% complete after transferring out 11,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $8 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? Cost of units transferred out 132,000 Ending work in process inventory $

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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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Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 57,000 units were started in production; and 64,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 25% complete with respect to conversion. Equivalent Units of Materials fill in the blank 1 Equivalent Units of Conversion fill in the blank 2
Assembly department of TT Corp had 100 units as work in process at the beginning of the month. These units were 50% complete. It has 200 units which are 25% complete at the end of the month. During the month, it completed and transferred 500 units. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. TT uses weighted-average process-costing method. What is the total equivalent units in ending inventory for assignment of direct materials cost?
Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (40,000 units): Direct materials (92% completed) $ 122,800 Conversion (58% completed) 77,250 Balance in work in process inventory, July 1 $ 200,050 Units started during July 94,000 Units completed and transferred 109,200 Work-in-process inventory, July 31: Direct materials (92% completed) 24,800 Conversion (58% completed) Cost incurred during July: Direct materials $ 184,000 Conversion costs 292,000 1. Cost per equivalent unit for materials under the weighted-average method is calculated to be: 2. Cost per equivalent unit for conversion under the FIFO method is calculated to be:
Acme Company uses process costing. During the current month, the first processing department had 650 units in beginning work in process inventory, started 6,200 units into production, and completed and transferred out 5,800 units. Here are data regarding costs: Beginning WIP inventory Costs added during the month Total production costs 40% If the cost per equivalent unit for direct materials is $48, what is the percentage of completion with respect to direct materials for the units in ending work in process inventory? 50% 60% Direct materials $ 8,260 290,300 $298,560 O 70% Conversion costs $ 25,700 385,550 $411,250
The Filling Department of Eve Cosmetics Company had 4,000 ounces in beginning work in process inventory (60% complete). During the period, 46,000 ounces were completed. The ending work in process inventory was 8,000 ounces (25% complete). What are the total equivalent units for conversion costs?
A company has 1,300 units in ending work in process that are 30% complete after transferring out 12,000 units. All materials are added at the beginning of the process. If the cost per unit is $3 for materials and $6 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? Cost of units transferred out $fill in the blank 1 Ending work in process inventory $fill in the blank 2
Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $9,000 Beginning inventory: conversion 19,000 Direct material 58,600 Direct labor 75,000 Applied overhead 39,772 Total costs to account for $201,372 Units to Account For Beginning work in process 6,000 Units started into production 20,000 Transferred out 20,000 Costs to account for Materials Conversion Total Beginning work in process $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 Incurred during the period fill in the blank 16 fill in the blank 17 fill in the blank 18 Total costs to account for $fill in the blank 19 $fill in the blank 20 $fill in the blank 21 Equivalent units fill in the blank 22 fill in the blank 23…
Carmelita Inc., has the following information available: Direct materials Conversion costs Costs from Costs from Beginning Inventory Current Period $2,000 6,200 $22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for direct materials and conversion costs, respectively, were a. 5,340 for direct materials and 4,902 for conversion costs b. 4,902 for direct materials and 4,802 for conversion costs c. 4,602 for direct materials and 4,802 for conversion costs d. 4,840 for direct materials and 4,802 for conversion costs
Antoinette Nunally Company uses the weighted average method of process costing. It had 30,000 units in beginning inventory, which were 80% complete as to materials and 65% complete as to conversion. During the month, it started 90,000 units. At the end of the month, 20,000 units were in inventory, which were 60% complete as to materials and 25% complete as to conversion. Cost information is as follows: Beginning work in process inventory: Direct materials costs Conversion costs Total beginning inventory cost Costs added during the month: Direct materials costs Conversion costs Total costs added during the month Total production costs Beginning Inventory Units Started Ending Inventory Equivalent Units of Production Equivalent units completed and transferred out Equivalent units for ending work in process Total equivalent units of production Cost per Equivalent Unit of Production $75.600 90,675 Costs of beginning work in process inventory Costs added during month Total costs 282,800…
Vernon Company had 250 units of product in its work in process inventory at the beginning of the period and started 2,100 additional units during the period. At the end of the period, 790 units were in work in process inventory. The ending work in process inventory was estimated to be 60 percent complete. The cost of work in process inventory at the beginning of the period was $6,280, and $25,044 of product costs was added during the period. Required a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. c. Calculate the total cost allocated between the ending Work in Process Inventory and Finished Goods Inventory accounts. Complete this question by entering your answers in the tabs below. Req A and B Req C a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. Note: Round "Cost per equivalent unit" answer to 2 decimal places. a. Equivalent units b. Cost per equivalent unit
Bonita Company's Assembly Department has materials cost at $5 per unit and conversion cost at $10 per unit. There are 29500 units in ending work in process, all of which are 70% complete as to conversion costs. Materials are added at the beginning of the process. How much are total costs to be assigned to inventory? $442500. $354000. $147500. $206500.
The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $1.80 and $1.95, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 4,100 Started and completed during the period 51,000 51,000 Transferred out of Filling (completed) 51,000 55,100 Inventory in process, end of period 3,000 900 Total units to be assigned costs 54,000 56,000 The beginning work in process inventory had a cost of $2,870. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred-out production Inventory in process, ending