A company started a new product, and in the first month started 124,575 units. The ending work in process inventory was 14,775 units that were 100% complete with materials and 65% complete with conversion costs. There were 14,775 units to account for, and the equivalent units for materials was $5 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?

A company started a new product, and in the first month started 124,575 units. The ending work in process inventory was 14,775 units that were 100% complete with materials and 65% complete with conversion costs. There were 14,775 units to account for, and the equivalent units for materials was $5 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Zaria Inc. provides the following cost information for producing 10,000 units of inventory during the current period: Cost Information Accounts Amounts Direct materials costs $30,000 Direct labor costs 55,000 Variable manufacturing overhead costs 20,000 Fixed manufacturing overhead costs 25,000 Variable Selling and Administrative expenses 15,000 Fixed Selling and Administrative expenses 10,000 There was no inventory at the beginning of the period. If 1,500 units of inventory remain unsold at the end of the period, compute the amount of inventory to be reported in the balance sheet at the end of the current month under absorption costing. Group of answer choices $15,750 $19,500 $23,250 $18,000
Bellevue Chemicals had beginning work-in-process inventory of $256,535 on March 1. Of this amount, $102,215 was the cost of direct materials and $154,320 was the cost of conversion. The 24,360 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,540 units were transferred out and 15,800 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $969,625 for direct materials and $1,069,971 for conversion. Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for March using the weighted-average method. Complete this question by entering your answers in the tabs below. Required A Required B Compute…
A company started a new product, and in the first month started 64,735 units. The ending work in process inventory was 16,040 units that were 100% complete with materials and 67% complete with conversion costs. There were 16,040 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $9 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
Gore’s Green Chemicals inventory goes through 2 distinct processes. Process 1 had beginning WIP inventory of $98,260 on October 1. Of this amount, $31,400 was the cost of direct materials, and $66,860 was for conversion costs. The 8,000 units in the beginning inventory were 30% complete with respect to both direct materials and conversion costs. During October 17,000 units were transferred out, 500 were spoiled, and 4,500 units remain in ending inventory. Spoiled units were 100% complete with respect to materials and 50% complete with respect to conversion costs. The units in ending WIP were 80% complete with respect to direct materials and 40% complete with respect to conversion costs. Cost incurred during the period amounted to $390,600 for direct materials and $504,640 for conversion costs. Required: Prepare a production cost report for Process 1 using weighted-average costing. What journal entry would be made after preparing the production cost report for process 1?
A company uses the weighted average method for inventory at the end of the period 20,000 units were in the end he work in process inventory in or 100% complete for materials and 85% complete for conversion the quality cost per unit or materials $2.75 in conversion $2.26 computer cost would be assigned to the end he work in process inventory for the.
Bellevue Chemicals had beginning work-in-process inventory of $253,885 on March 1. Of this amount, $102,205 was the cost of direct materials and $151,680 was the cost of conversion. The 24,300 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,450 units were transferred out and 15,500 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $944,225 for direct materials and $1,051,665 for conversion. Compute the costs of goods transferred out and the ending inventory for March using the weighted-average method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out= Ending Inventory=
Fortune Company had beginning raw materials inventory of $9,900. During the period, the company purchased $55,500 of raw materials on account. If the ending balance in raw materials was $6,900, the amount of raw materials transferred to work in process is: Multiple Choice $52,500. $58,500. $55,500. $62,400.