ACCOUNT Work in Process-Forging Department ate Item v. 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed Debit 123,840 21,650 16,870 Credit ACCOUNT NO. Balance Debit 10,566 134,406 156,056 172,926 ? Credi ost per equivalent units of $9.60 for Direct Materials nd $3.00 for Conversion Costs.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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ACCOUNT Work in Process-Forging
Department
Nov.
Item
1 Bal., 900 units, 60% completed
30 Direct materials, 12,900 units
30 Direct labor
30 Factory overhead
30 Goods transferred, 2 units
30 Bal., 1,400 units, 70% completed
$
Debit
123,840
21,650
16,870
$
Credit
?
ACCOUNT NO.
Balance
Debit
Direct materials cost per equivalent unit
Conversion cost per equivalent unit
10,566
134,406
156,056
172,926
?
Cost per equivalent units of $9.60 for Direct Materials
and $3.00 for Conversion Costs.
Based on the above data, determine each of the
following amounts.
?
If required, round your interim calculations to two
decimal places. Round final answers (a-c) to the nearest
dollar.
a. Cost of beginning work in process inventory
completed in November.
Credit
b. Cost of units transferred to the next department
during November.
$
c. Cost of ending work in process inventory on
November 30.
d. Costs per equivalent unit of direct materials and
conversion included in the November 1 beginning work
in process. If required, round your answers to two
decimal places.
Transcribed Image Text:Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. ? If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process. If required, round your answers to two decimal places.
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