**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.
Waling-waling Company had 6,400 units of work-in-process inventory in department A on October 1, 2022. These units were 60% complete as to conversion. Direct materials are added at the beginning of the process. During the month of October, 27,200 units were started and 28,800 units were completed. Waling-Waling had 4,800 units of work-in-process inventory on October 31, 2022. These units were 20% incomplete as to conversion cost. 1.) 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? 2.) By how much did the direct materials EUP for the month of October using average method exceed the direct materials EUP for the same month using FIFO method?
A company has 1,900 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 $7 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 Ending work in process inventory $
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.
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.…
Vista Vacuum Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process. Units • Beginning inventory of 3,500 units that are 100 percent complete for materials and 23 percent complete for conversion. • 15,400 units started during the period. • Ending inventory of 3,400 units that are 14 percent complete for conversion. Manufacturing Costs • Beginning inventory was $20,200 ($8,900 materials and $11,300 conversion costs). • Costs added during the month were $29,600 for materials and $54,300 for conversion ($28,200 labor and $26,100 applied overhead). Assume the company uses Weighted-Average Method. Required: 1. Calculate the number of equivalent units of production for materials and conversion for March. 2. Calculate the cost per equivalent unit for materials and conversion for March. 3. Determine the costs to be assigned to the units transferred out and the units still in process. Complete this question…
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?
The following information summarizes the activities in the Mixing Department for the month of March. Beginning inventory 8,000 units, 80% complete Started and completed 196,000 units Ending inventory 24,000 units, 25% complete Material is added at the beginning of the process, and conversion costs are incurred evenly throughout the process. Calculate the equivalent units of production with respect to materials during the month of March using the weighted average method. Select one: a. 228,000 b. 212,000 c. 208,000 d. 244,000 e. 210,000