A production department's beginning inventory cost includes $450,000 of conversion costs. This departmentincurs an additional $927,500 in conversion costs in the month of March. Equivalent units of production forconversion total 850,000 for March.Calculate the cost per equivalent unit of conversion using the weighted-average method.Choose NumeratorCost per equivalent unit of conversionChoose DenominatorICost per equivalent unit of production

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Description: A production department's beginning inventory cost includes $450,000 of conversion costs. This departmentincurs an additional $927,500 in conversion costs in the month of March. Equivalent units of production forconversion total 850,000 for March.Ca

Introduction:- The following formula used to calculate Cost per equivalent unit of conversion as…

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A production department's beginning inventory cost includes $450,000 of conversion costs. This di incurs an additional $927,500 in conversion costs in the month of March. Equivalent units of produc conversion total 850,000 for March. Calculate the cost per equivalent unit of conversion using the weighted-average method. Choose Numerator Cost per equivalent unit of conversion Choose Denominator Cost per equivalent unit of production

A production department's beginning inventory cost includes $450,000 of conversion costs. This di incurs an additional $927,500 in conversion costs in the month of March. Equivalent units of produc conversion total 850,000 for March. Calculate the cost per equivalent unit of conversion using the weighted-average method. Choose Numerator Cost per equivalent unit of conversion Choose Denominator Cost per equivalent unit of production

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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Department M had 2,000 units 60% completed in process at the beginning of June, 12,000 units completed during June, and 800 units 33% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories?
Assembly department of Zahra Technologies had 100 units as work in process at the beginning of the month. These units were 60% complete. It has 300 units which are 35% 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. Zahra uses weighted-average process-costing method. Calculate the total equivalent units in ending inventory for assignment of conversion costs? A) 100 units B) 105 units C) 195 units D) 300 units
Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 20, 553 Conversion costs 6, 805 Current period costs Direct materials 225, 147 Conversion costs 117,460 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,000 units Ending inventory 11,000 units (75% complete as to materials, 35% complete as to conversion) Exercise 8-44 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8 -5) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.
Lights Incorporated calculates cost for an equivalent unit of production using the weighted - average method. Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) $ 122, 650 Conversion (55% completed) 77, 100 Balance in work in process inventory, July 1 $ 199, 750 Units started during July 92, 500 Units completed and transferred 106, 500 Work - in - process inventory, July 31: Direct materials (95% completed ) 24, 500 Conversion (55% completed) Cost incurred during July: Direct materials $ 182, 500 Conversion costs 290, 500 The cost of goods completed and transferred out under the weighted average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $ 586,860. $96,800. $586, 070. $615,320. $576,165.
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Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and $5,000 in conversion costs before $8,450 of materials and $9,450 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 50% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values. Production Cost Report Work in process completion percent 100% 50% Material Units Conversion Units Total UnitS Completed and transferred out Ending work in process Total units to account for Materials Conversion Total Costs to account for $4 $4 Beginning work in process Incurred during the period $4 Total costs to account for Equivalent units Cost per equivalent unit for department $ %24 %24 %24
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Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 27,553 Conversion costs 8,905 Current period costs Direct materials 166,592 Conversion costs 86,000 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 45,400 units Ending inventory 25,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations.
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