**Inventory Management Calculation Example**A company started the month with 8,333 units in work in process inventory. It started 23,146 units and had an ending inventory of 9,322. The units were 100% complete to materials and 67% complete with conversion. How many units were transferred out during the period?Units transferred out: [ ]**Explanation of Calculation:**To find the units transferred out, you can use the formula:\[ \text{Units Transferred Out} = (\text{Beginning Inventory} + \text{Units Started}) - \text{Ending Inventory} \]In this case:- **Beginning Inventory**: 8,333 units- **Units Started**: 23,146 units- **Ending Inventory**: 9,322 unitsBy plugging in the values:\[ \text{Units Transferred Out} = (8,333 + 23,146) - 9,322 \]Perform the arithmetic to find the number of units transferred out during the period.**Note on Completion**:- The units were 100% complete concerning materials.- The units were 67% complete concerning conversion. This information might be necessary for further analysis beyond calculating the units transferred out.

A company started the month with 8,333 units in work in process inventory. It started 23,146 units and had an ending inventory of 9,322. The units were 100% complete to materials and 67% complete with conversion. How many units were transferred out during the period? Units transferred out

A company started the month with 8,333 units in work in process inventory. It started 23,146 units and had an ending inventory of 9,322. The units were 100% complete to materials and 67% complete with conversion. How many units were transferred out during the period? Units transferred out

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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During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 52,000 were in process in the production department at the beginning of April, and 210,000 were started and completed in April. April's beginning inventory units were 40% complete with respect to materials and 60% complete with respect to labor. At the end of April, 58,000 additional units were in process in the production department and were 70% complete with respect to materials and 50% complete with respect to labor. Compute the number of units transferred to finished goods.
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Materials Conversion Beginning work in process (26,000 units): Percentage complete with respect to 100 % 20% Costs $ 83,600 $ 18, 636 Ending work in process (42,000 units): Percentage complete with respect to 100 % 60% Costs ? ? ? ? The Remington Plant started 216,000 units and transferred out 200,000 in July. Materials costs incurred in July were $594,000 and conversion costs were $979,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method.
Harson Co. manufactures a single product in two departments: Forming and Assembly. During May, the Forming department completed a number of units of a product and transferred them to Assembly. Of these transferred units, 62,500 were in process in the Forming department at the beginning of May and 175,000 were started and completed in May. May’s Forming department beginning inventory units were 40% complete with respect to materials and 80% complete with respect to conversion. At the end of May, 76,250 additional units were in process in the Forming department and were 80% complete with respect to materials and 20% complete with respect to conversion. The Forming department had $683,750 of direct materials and $446,050 of conversion cost charged to it during May. Its beginning inventory included $99,075 of direct materials cost and $53,493 of conversion cost. 1. Compute the number of units transferred to Assembly. 2. Compute the number of equivalent units with respect to both materials…
At the start of June, the Polishing Department of Corona Counters, Inc. had 15,000 units in beginning inventory. During the month, it received 25,000 units from the Machining Department. It started and completed 17,000 units and transferred 32,000 units to the Packaging Department. It had 8,000 units in ending Work-in-Process Inventory. Direct materials are added at the beginning of the process. Units in beginning Work-in-Process Inventory were 50% complete in respect to conversion costs. Units in ending Work-in-Process Inventory were 40% complete with respect to conversion costs. Prepare the production cost report for the Polishing Department for the equivalent units of production for the month of June. Use the FIFO method.
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The Rolling Department of Jabari Steel Company had 2,300 tons in beginning work in process inventory (90% complete) on October 1. During October, 38,000 tons were completed. The ending work in process inventory on October 31 was 1,900 tons (80% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? units
Following is information about the assembly department of a company: 1. There were 203,700 units in work in process inventory on August 1. With respect to units transferred in, 100% were complete and costs incurred amounted to $126,500. With respect to conversion, 80% of the units were complete and costs incurred amounted to $56,200. 2. 513,400 units were transferred in from the cutting department during August. 3. 586,100 units were completed during August and transferred to the finished goods inventory. 4. During August, costs incurred were as follows: $511,719 for units transferred in from cutting, $474,741 for direct materials used, and $147,140 for conversion costs. 5. There are 131,000 units in work in process inventory on August 31. With respect to the units transferred in, 100% are complete and 70% are complete with respect to conversion. Prepare a production cost report. (Round unit costs to 7 decimal places, e.g. 0.1287345 and all other answers to 0 decimal places, e.g.…
During January, the production department of a process operations system completed and transferred to finished goods a total of 70,000 units. At the end of January, 14,000 additional units were in process in the production department and were 50% complete with respect to conversion. The beginning inventory included conversion cost of $40,700 and the production department incurred conversion costs of $323,100 during January. Compute the cost per equivalent unit for conversion for the department using the weighted-average method.
In EASY company on November 1, 10,000 units of product that were 30% complete were in process. During the month, 104,000 units were placed into production and 106,000 units were transferred out to the next department. The ending work in process inventory is 70% complete. Compute for the equivalent units of production using FIFO. Compute for the equivalent units of production using Average.
By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method?