A2 Company has a process cost system and uses the average costingmethod. Production cycle starts in the Mixing Department. Thefollowing information is available for April:WIP, April (50% complete)40,000 unitsStarted in April240,000 unitsWIP, April 30 (60% complete)25,000 unitsMaterials are added at 55% stage of completion in the MixingDepartment while conversion costs are incurred evenly.What is the equivalent units of production for CONVERSION?

Ending units=Total ending Units×Completion %=25,000×60%=15,000

Answered: A2 Company has a process cost system…

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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Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Percent Completed Units Materials 49,000 31,000 95% 65% Conversion 55% 54% Work in process, October 1 Work in process, October 31 The department started 390,000 units into production during the month and transferred 408,000 completed units to the next department. Required: Compute the equivalent units of production for October. Equivalent units of production Materials Conversion
Lukluk Company uses the FIFO method in its process costing system. The conversion cost for the month of April is P5.00 per equivalent unit and the material cost is P2.90 per equivalent unit. At the beginning of the month, 1,000 units were in process that were 100% complete with respect to materials and 30% complete with respect to conversion, with a total cost at that point of P2,400. If these units are fully complete by the end of the month, their total cost will be: A. 3,500 b. 5,900 c. 3,900
Sanchez Corporation uses the weighted-average method in its process costing system. The Fitting Department is the second department in its production process. The data below summarize the department's operations in March. Units CC % Completion Beg WiP 7,000 60% Transferred in from the prior deptduring March 52,000 End Wip 3,500 80% The Fitting Department's cost per equivalent unit for conversion cost for March was $8.66. How much conversion cost was assigned to the units transferred out of the Fitting Department during March?
How much is the cost of WIP, end using FIFO Dmahirap company add all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in WIP, beg and 50% complete as to 6,000 units in WIP, end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for October follows: Materials Conversion WIP, Beg P9,600 P4,800 Cost added this month 15,600 14,400
How much is the cost of WIP, end using FIFO
Clonex Labs, Incorporated, uses the weighted - average method in its process costing system. The following data are available for one department for October: Units Percent Completed Materials Conversion Work in process, October 1 52,000 85 % 55% Work in process, October 31 30,000 70 % 49% The department started 391,000 units into production during the month and transferred 413, 000 completed units to the next department. Required: Compute the equivalent units of production for October for materials and conversion
Red Company adds materials at the beginning of the process in Department O. The following data pertains to Department O's work in process during March: Units work in process on March 1: ( 60% complete as to conversion cost ) 3,000 25,000 20,000 Units started in March Units completed in March Units work in process on March 31: ( 75% complete as to conversion cost) 8,000 Under the average costing method, the equivalent units for conversion cost is: а. 21,800 b. 26,000 с. 24,000 d. 25,000
compute the equivalent units of production for direct materials and conversion costs for each independent scenario: 2. units in process at the end of August are 90% complete; materials are added at the beginning of the process.
Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Units Percent Completed Materials Conversion Work in process, October 1 49,000 95% 60% Work in process, October 31 31,000 68% 49% The department started 391,000 units into production during the month and transferred 409,000 completed units to the next department. Required: Compute the equivalent units of production for October.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost ofthe goods sold is $4,698,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.
Longboard Company has a process costing system. All materials are introduced at the beginning of the process in Department One. The following information is available for the month of January: Units Work in process, July 1 (40% complete for conversion) 460 Started 2,300 Completed and transferred to Department 2 2,200 Work in process, July 31 (60% complete for conversion) 560 What are the equivalent units for the month of July if the company uses the FIFO method? Multiple Choice Materials 2,760 and Conversion 2,300 Materials 2,760 and Conversion 2,352 Materials 2,760 and Conversion 2,536 Materials 2,300 and Conversion 2,352 Materials 2,300 and Conversion 2,536

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