A company has the following information:### Milling Department**1. Percent Complete:**- **Beginning work in process inventory:** - Units: 200 - Materials: 40% - Conversion: 30%- **Units started into production during the period:** - Units: 6,200- **Units completed during the period and transferred to the next department:** - Units: ? - Materials: 100% - Conversion: 100%- **Ending work in process inventory:** - Units: 600 - Materials: 70% - Conversion: 60%---### Costs**Milling Department**- **Cost of beginning work in process inventory:** - Materials: $21,000 - Conversion: $15,000- **Costs added during the period:** - Materials: $290,000 - Conversion: $385,000- **Total cost:** - Materials: $311,000 - Conversion: $400,000---**Question:**Using the weighted-average method, the total cost of the units completed and transferred out that would be reported on the cost reconciliation report is closest to which of the following? Do not round intermediate calculations.- $672,423- None of the answers listed- $660,823- $678,223- $666,623

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Answered: A company has the following…

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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Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. Look at images. for the chart Whole units direct materials conversion inventory march 1 6600 0 1320 started and completed 120,300-6,600 113700 113700 113700 transferred to finish goods 120300 113700 115020 inventory in process 5100 5100 3060 total 125400 118800 1188080 6,600 units(1-.80%)=1320 6,600 + 118,800-120,300= 5100(60%)= 3060 Help solve for: Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 3. Cost of the beginning work in process completed during March. $____ 4. Cost of units started and completed during March. $____ 5. Cost of the ending work in process. $_____
[The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 875,840 $ 27,150 3,658 $ 30,800 552,450 323,390 5906,640 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,500 100% 20% Units started this period 43,500 Completed and transferred out 43,000 Ending work in process inventory 3,000 100% без Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Equivalent units of production Cost per EUP Total costs -Equivalent units of production Cost per equivalent…
Given the following information, calculate the direct materials equivalent units for the period (assume all materials are added at the beginning of the process): % Complete as to Conversion costs Beginning work in process 15,000 units 25% Ending work in process 20,000 units 70% Units started during the period 53,000 units Units completed and transferred out 48,000 units Multiple choice question. A. 62,000 B. 50,000 C. 68,000 D. 42,000
At the beginning of the month, the Painting department of Skye Manufacturing reported the following: Direct materials Percent Complete Conversion Percent Units 20,000 115,000 120,000 15,000 Complete 20% Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory 70% 40% 10% Production cost information for the Painting department follows, Beginning work in process Direct materials $ 22,400 6,250 Conversion $ 28,650 Costs added this period Direct materials Conversion $ 229,600 540,500 770, 100 If Skye Manufacturing uses the weighted-average method of process costing, compute the cost per equivalent unit for direct materials and conversion respectively for the Painting department.
he following details are provided for a company operating a process costing system: - Process 1 Opening work in process (WIP) Nil Units introduced into the process 15,000 Units completed and transferred to next Process 2 10,000 Closing WIP (50% complete) 5,000 Materials cost (introduced at start of process) 70,000 Conversion cost 50,000 Process 2 Opening WIP Nil Units transferred from Process 1 10,000 Closing WIP (50% complete) 1,000 Completed units transferred to finished goods stock 9,000 Previous…
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 $2.30 and $0.40, respectively. The equivalent units to be assigned costs are as follows: 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 Equivalent Units Equivalent Units Direct Materials Conversion 0 Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 3,900 55,000 58,900 3,000 61,900 55,000 55,000 6,000 61,000 The beginning work in process inventory on October 1 had a cost of $2,220. Determine the cost of completed and transferred-out production, the ending work in process
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 Kraus Steel Company are $0.50 and $1.00, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 4,800 Started and completed during October 69,000 69,000 Transferred out of Rolling (completed) 69,000 73,800 Inventory in process, October 31 6,000 3,000 Total units to be assigned costs 75,000 76,800 The beginning work in process inventory on October 1 had a cost of $2,640. 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 $
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 $0.55 and $1.25, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Equivalent Units Conversion 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 0 5,400 67,000 67,000 67,000 72,400 6,000 73,000 2,400 74,800 The beginning work in process inventory on October 1 had a cost of $3,670. 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
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 $11,000 Beginning inventory: conversion 20,000 Direct material 37,000 Direct labor 76,000 Applied overhead 24,384 Total costs to account for $168,384 Units to Account For Beginning work in process 4,000 Units started into production 20,000 Transferred out 18,000 Production Cost Report Completed and transferred out fill in the blank 1 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 20% Material Units Conversion Units Total Units Completed and transferred out fill in the blank 4 fill in the blank 5 fill in the blank 6 Ending work in…
Accounting Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 3,000 100% 40% Units started this period 21,600 Units completed and transferred out 22,200 Ending work in process inventory 2,400 100% 80% Beginning work in process inventory Direct materials $ 19,800 Conversion 221,940 $ 241,740 Costs added this period Direct materials 496,800 Conversion 2,165,940 2,662,740 Total costs to account for $ 2,904,480 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
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 Blackrock Steel Company are $45 and $12, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Started and completed during the period Transferred out of Rolling (completed) Inventory in process, end of period Total units to be assigned costs Equivalent Units Direct Materials Conversion 0 11,900 11,900 2,000 13,900 LA 640 LA 11,900 12,540 600 The beginning work in process inventory had a cost of $38,020. Determine the cost of completed and transferred-out production and the ending work in process inventory. Completed and transferred out of production Inventory in process, ending 13,140
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 Oak Ridge Steel Company are $1.05 and $0.80, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 3,500 Started and completed during July 50,000 50,000 Transferred out of Rolling (completed) 50,000 53,500 Inventory in process, July 31 5,000 2,000 Total units to be assigned costs 55,000 55,500 The beginning work in process inventory on July 1 had a cost of $2,000. 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 $fill in the blank 1 Inventory in process, ending $fill in the blank 2 Total costs assigned by the Rolling Department $fill in the blank 3

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