Answered: a. Determine the number of units in…

Business

Accounting

a. Determine the number of units in work in process inventory at August 31.

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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Weat Subject: accounting
What is the balance work in process inventory at the end of the month
1. The number of units in work in process inventory at the end of the period. 2. Equivalent units of production for direct materials and conversion 3. Costs per equivalent unit for direct materials and conversion. 4. Cost of the units started and completed during the period.
Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units
The first production department of Stone Incorporated reports the following for April Direct Materials Percent Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required a Cost per equivalent unit of production: FIFO method Costs added this period Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-FIFO Beginning work in process To complete beginning work in process Direct materials Conversion Units 83,000 437,000 415,000 105,000 Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion #253,655 39,000 Total costs accounted for 1,529,595 1,012,100 (a) Calculate the costs per…
Present the journal entry for (b) manufacturing labor incurred.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process. Quarter BeginningWIP Started TransferredOut Conversion(%) 1 — 134,150 133,250 25 2 524 132,594 132,493 24 3 339 133,246 133,445 20 4 489 134,845 134,434 23 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4 Units for material costs fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Units for conversion costs fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8
3. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2,500 units is 100% complete with regard to materials and 60% complete with regard to conversion 18,000 units were started during the period 17,500 units were completed and transferred ending inventory is 100% complete with materials and 65% complete with conversion PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units ? ? ? ? ? ? Units Accounted For: Total Units…
Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory Started during the month Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Completed and transferred out Ending work in process Total units to account for Costs to account for Beginning work in process Transferred in Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Costs to account for 20,000 75,000 71,000 100% 25% Materials Units Conversion Units Total Units 71,000 71,000 71,000 Materials $3,000 25,500 Conversion $17,000 37,075 0000 00 Total $20,000 62,875